Market Outlook for the day – Nifty has crossed and sustained above 7750 resistance barrier, going ahead dip till that level can be utilized as fresh buying opportunity.
Hindalco Industries’ net profit declined 31.01 per cent to Rs 327 crore on 36.96 per cent growth in revenue from operations to Rs 7996 crore in Q1 June 2014 over Q1 June 2013.
IFCI plans to disinvest 2.5 per cent of its equity shareholding in the National Stock Exchange through a competitive bidding process.
The Wholesale Price Index (WPI) inflation for July came in at 5.19 per cent lower than the 5.43 per cent seen in the previous month. May WPI inflation has now been revised upwards to 6.18 per cent from 6.01 per cent estimated earlier. Food articles inflation for July came in at 8.43 per cent against 8.13 per cent in the previous month.
The markets have gained in four consecutive day, with the barometer index, the BSE Sensex, regaining the psychological 26,000 level for the first time since 31 July 2014. The key trigger for this gain was weaker than expected US retail sales data which reinforced speculation that the Federal Reserve will not rush to raise rates (the Fed has kept short-term US interest rates near zero since December 2008, bolstering demand for emerging market assets as investors seek higher yield). The BSE Mid-Cap index was up by 1.2% and BSE Small-Cap index was up by 1.16%, both these indices outperformed the Sensex.