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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty rallied 6% in March series, it is important that the index consolidates at the current levels before taking any further run-up.
28 Mar 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Nifty rallied 6% in March series, it is important that the index consolidates at the current levels before taking any further run-up.

 

Corporate News:

Dena Bank has allotted total shares aggregating about 6.90 crore shares at Rs 52.91 per share to Life Insurance Corporation of India and GIC of India on preferential allotment basis.

Lupin announced the acquisition of 100% equity stake in Laboratories Grin S.A. De C.V., Mexico, subject to certain closing conditions. The acquisition marks Lupin's foray into the high growth Mexican and the larger Latin American pharmaceuticals market.

IFCI said that the Government of India has authorized the company to issue tax free, secured, redeemable, non-convertible bonds upto Rs 430 crore during the current financial year.

L&T said L&T Construction has won new orders worth Rs 1981 crore in March 2014.

 

Market Roundup 

Volatility ruled the roost in late trade as the key benchmark indices trimmed steep gains after hitting intraday high. Volatility was high as traders rolled over positions in the futures & options (F&O) segment from the near-month March 2014 series to April 2014 series. BSE Sensex and the CNX Nifty, both, hit record high in late trade. The market breadth, indicating the overall health of the market, was positive.

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