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Equity Research Report: Religare Morning Digest

There are higher chances that Nifty will either witnesses profit taking or the recent up move will halt near 7660 spot level.
18 Jul 2014 | 07:00 AM

Market Outlook for the day There are higher chances that Nifty will either witnesses profit taking or the recent up move will halt near 7660 spot level.


Corporate News: 

Bajaj Auto Ltd reported a marginal increase in its net profit at Rs. 739.98 crore for the first quarter ended June 30, 2014.The company had posted a net profit of Rs. 737.68 crore in the same quarter last fiscal. Net sales during the period under review stood at Rs. 5,133.37 crore against Rs. 4,808.73 crore in the year-ago quarter.  

 

The Delhi Electricity Regulatory Commission has approved a tariff hike of 8.32% for the three electricity distribution utilities (discoms), BSES Yamuna, BSES Rajdhani and Tata Power Delhi Distribution Ltd for the fiscal 2014-15. Tariffs in the New Delhi Municipal Corporation area has also been hiked by 9.52%. 

 

Economy News:

The southwest monsoon has managed to cover the whole country today; as per the MET department, this is only two days behind the normal schedule, marking a major turnaround after the rain system progressed at best in fits and starts in the first month of June. 


Market Roundup 

The key indices ended the session on a flat note. On the back of positive Chinese GDP growth data; stock from the Metal basket witnessed heavy buying with Hindalco and Tata Steel followed by Coal India and Sesa Sterlite. On the flip side, stocks from the banking and Realty segments which had firmed up post the RBI measures, witnessed profit booking during the session. The BSE Mid-Cap index was up 1.37%. The BSE Small-Cap index was up 1.35%, both these indices outperformed the Sensex.