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Equity Research Report: Religare Morning Digest

Bullish bias will persist till Nifty is trading above 7825 spot level.
20 Aug 2014 | 07:00 AM

Market Outlook for the day Bullish bias will persist till Nifty is trading above 7825 spot level.


Corporate News: 

JSW Steel has entered into an agreement with Welspun Enterprise to acquire entire equity shares of Welspun Maxsteel for Rs 1,000 crore.

Tata Power is raising $560 million (Rs 3,360 crore) from the international market to refinance old debts due in the next few months.

Adani port has soared nearly 5% on reports that the company is planning to expand Dhamra Port's capacity to 100 million tonnes (MT) per annum. The expanded capacity will be four times the port’s current capacity of 25 MT a year.


Market Roundup 

The markets again ended the session on a new record high after a persistent northward movement from six consecutive days. A continuous buying interest was witnessed in the Auto stocks, which rose across the board on the back of promising sales growth in July. Shares of PSU OMCs also extended Monday’s gain as Brent crude oil futures stayed near 14-month low. Among metal & mining pack; Sesa Sterlite rose on reports that the Goa state government will allot at least 27 iron ore mining leases from 30 September to 10 October this year. The BSE Mid-Cap index was up 1.10% and BSE Small-Cap index was up 1.21%, both these indices outperformed the Sensex.

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