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Equity Research Report: Religare Morning Digest

7660 spot is the immediate hurdle on the higher side, upside will be limited until this level is crossed and sustained on closing basis.
21 Jul 2014 | 07:00 AM

Market Outlook for the day 7660 spot is the immediate hurdle on the higher side, upside will be limited until this level is crossed and sustained on closing basis.


Corporate News: 

Wipro has bagged a $1.2 billion 10-year deal to manage information technology outsourcing of Canadian energy and utilities firm ATCO. 

Adani Enterprises announced that the company and POSCO E&C, a subsidiary of the South Korean giant POSCO signed a binding agreement to develop a greenfield non-electrified standard gauge heavy haul rail line to open up the Galilee Basin coal reserves in Queensland, Australia. 

Zee Entertainment Enterprises’ consolidated operating revenue rose 11.6% to Rs 1085.70 crore in Q1 June 2014 over Q1 June 2013. Operating profit (EBITDA) rose 6.1% to Rs 309.20 crore in Q1 June 2014 over Q1 June 2013. 


Market Roundup 

Fall in world stocks on rising geopolitical tension after news on  17 July 2014 of a downed Malaysian airlines jet at the Ukraine-Russia border capped gains on the domestic bourses. Nevertheless, the key domestic indices managed to settle the week on a positive note.  IT stocks were in demand on good Q1 earnings from TCS and weakness in rupee against the dollar. PSU OMCs dropped as crude oil futures jumped amid Europe's worst geopolitical crisis since the end of the cold war. Shares of IDFC, which is in the process of converting into a bank and which has a large exposure to the infrastructure sector, hit 52-week high. Realty stocks declined. The BSE Mid-Cap index fell 0.42%, and BSE Small-Cap index fell 0.12%,  both these indices underperformed the Sensex.