Market Outlook for the day – Participation from mid and small cap stocks hold the key for further upmove in Nifty. On the higher side 7880 is the next level.
Axis Bank reported an 18 per cent rise in net profit at Rs 1,667 crore for the first quarter ended June 30, 2014, as compared to Rs 1,409 crore in the year ago quarter on the back of lower provisions and stable interest income.
Asian Paints, on a consolidated basis, has posted a 23% rise in net profit at Rs. 338.70 crore (Rs 275.2 crore) for the first quarter ended June 30, 2014. Income from operations rose 18.3% to Rs. 3,362.20 crore from Rs. 2,841.10 crore.
Results on July 23,2014: ABB India, Alstom T&D, Cairn India, JSW Energy, Yes bank, GIC Housing, L&T Finance Holdings, Liberty Shoes
Key benchmark indices extended intraday gains in late trade as IT, telecom stocks and index heavyweight Reliance Industries (RIL) led rally on the bourses. BSE Sensex, moved past the 26,000 level and Nifty closed near to all time high levels. Gains for the key benchmark indices were driven by up move in Asian and European stocks. However, the board market lacked strength. The market breadth indicating the overall health of the market turned negative from positive in late trade. The Small-Cap index was almost unchanged for the day and BSE Mid-Cap index was up just a tad.