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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Post Tuesday’s upmove, our bias will be in favor of the bulls till the index is holding above 6100 mark.
19 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Post Tuesday’s upmove, our bias will be in favor of the bulls till the index is holding above 6100 mark.

 

Corporate News :

GlaxoSmithkline Pharmaceuticals' net profit fell 15.61% to Rs 116.88 crore on 2.74% decline in total income to Rs 685.04 in Q4 December 2013 over Q4 December 2012. The board has recommended a dividend of Rs. 50 per share. GlaxoSmithKline Plc's voluntary open offer to the shareholders of its Indian subsidiary GlaxoSmithKline Pharmaceuticals started on 18 February 2014. The offer will end on 5 March 2014.

Shares of public sector banks rose after the Union Finance Minister Mr. P Chidambaram proposed to provide Rs 11200 crore for capital infusion in public sector banks in the fiscal year ending March 2015.

Bharti Airtel and Loop Mobile announced a strategic agreement for their operations in Mumbai service area. The proposed transaction will bring together Loop Mobile's 2G/EDGE enabled network supported by 2,500 plus cell sites, and Airtel's 2G and 3G network supported by over 4000 cell sites across Mumbai.

 

Market Roundup

Key benchmark indices edged higher for the second day in a row after Finance Minister P Chidambaram cut the fiscal deficit target to 4.1% of GDP for 2014-15 at the time of announcement of the Interim Budget. Bank stocks were in demand. Shares of metal companies rose on value-buying as investors bet on higher global prices and a spurt in Chinese buying. The market sentiment was boosted by data showing that foreign funds were net buyers of Indian stocks on Monday. The market breadth, indicating the overall health of the market, was positive.

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