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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty closing above 6150 level is positive development, 6210-6240 are important levels to watch for on the higher side.
20 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Nifty closing above 6150 level is positive development, 6210-6240 are important levels to watch for on the higher side.

 

Corporate News:

Bharti Airtel has crossed the 200 million mobile subscribers mark in India. Airtel is the largest telecom operator in India, both in terms of customers and revenues. The company ranks as the fourth largest mobile operator in the world in terms of subscribers.

Sugar stocks rose as India's sugar output fell over 13% to 14.4 million tonnes so far this year on delayed crushing.

HMT spurted 8.6% after the Government of India has approved its revival and restructuring plans which envisages financial support of Rs 1083.48 crore.

Sun Pharmaceutical has received US Food and Drug Administration approval to sell a drug to treat osteoporosis.

 

Market Roundup 

Key benchmark indices extended gains and hit fresh intraday high in late trade. The market sentiment was boosted by the Reserve Bank of India's announcement after trading hours on Tuesday, 18 February 2014, that it will conduct term repo auctions in March 2014 to address the liquidity tightness in the banking system. BSE Sensex, and CNX Nifty, both, hit 3-week high. IT and Pharma stocks rose and its BSE indices closed 1.48% and 1.17% up respectively. The market breadth, indicating the overall health of the market was positive.

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