Market Outlook for the day – 7600 Nifty spot level will be acting as immediate support, till the index is sustaining above this level dips can be utilized for fresh entry.
HDFC Bank has posted 21% jump in its net profit at Rs. 2233 crore for the quarter ended June 30, 2014 as compared to Rs. 1843.8 crore for the quarter ended June 30, 2013.Total Income has increased from Rs. 11588.56 crore for the quarter ended June 30, 2013 to Rs. 13070.6 crore for the quarter ended June 30, 2014.
Housing Development Finance Corporation (HDFC), has posted a 15% increase in its standalone net profit helped by robust demand for home loans from individuals. Total income increased 16 % to Rs. 6,447 crore.
The USD 4-billion merger of Ranbaxy Labs with Sun Pharmaceutical has got clearance from the two leading stock exchanges - BSE and NSE. The 'no-objection' from the two exchanges would allow the two companies to file their scheme of amalgamation with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun Pharma and Ranbaxy need to consummate for the transaction.
Results on July 22,2014: Asian Paints, Axis Bank, Dish TV, ING Vysya Bank, KPIT Cummin, Orient Paper
The Sensex and the Nifty closed positive on fresh buying in select stocks buoyed by encouraging corporate earnings. However, key benchmark indices trimmed gains in late trade. The benchmark indices remained in positive zone throughout the day following improvement in rains last week. But, higher level could not be sustained due to weakness in European shares. The market breadth indicating the overall health of the market was positive.