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Equity Research Report: Religare Morning Digest

Market Outlook for the day – The prevailing positive momentum of Nifty halted on Friday, the index is looking weak hence bounce can be utilized to create fresh short positions.
27 Jan 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day The prevailing positive momentum of Nifty halted on Friday, the index is looking weak hence bounce can be utilized to create fresh short positions.


Corporate News

Mahindra Lifespace Developers consolidated net profit surged 70.58% to Rs 29 crore on 18.18% growth in total income to Rs 156 crore in Q3 December 2013 over Q3 December 2012.

Bharat Electronics net profit fell 2.96% to Rs 191.74 crore on 18.29% decline in total income to Rs 1303.11 crore in Q3 December 2013 over Q3 December 2012.

Vakrangee Ltd. said that the Reserve Bank of India has granted the company the final authorization of the White Label ATM license today, 24 January 2014. Under the White Label ATM (WLA) license, Vakrangee is entitled to set up and run minimum 15,000 ATMs across the country in next three years.

Ranbaxy Laboratories slumped 19.54% on BSE after the US drug regulator banned the company from manufacturing and distributing active pharmaceutical ingredients from its facility in Toansa in India to the US market.

Results on 27th January 2014: Adani Ports, Adani Power, AIA Engineering, Allahabad Bank, Escorts, HUL, Idea Cellular, Just Dial, Tata Elxi, Welcorp, Welspun India, Wyeth


Market Roundup 

Key benchmark indices edged lower on the last trading session of the week as the market sentiment was hit adversely by Reserve Bank of India (RBI) governor Raghuram Rajan's comments on Thursday, 23 January 2014, that inflation is a destructive disease which is forcing the central bank to keep interest rates high. Weakness in Asian and European stocks and overnight losses for US stocks also hit sentiment on the domestic bourses adversely. The market breadth, indicating the overall health of the market, was weak. All the thirteen sectoral indices on BSE dropped.