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Equity Research Report: Religare Morning Digest

Market Outlook for the day – The current chart patterns suggest possibility of profit taking to continue.
28 May 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day The current chart patterns suggest possibility of profit taking to continue.

 

Corporate News:

Bharat Forge Ltd has posted a net profit of Rs. 119 crore for the quarter ended March 31, 2014 as compared to Rs. 50 crore for the same quarter of last year, translating into a rise of 138 per cent.

TVS Motor reported that the company expects to increase its overall market share in two-wheelers this year from 13 per cent to over 14 per cent.

Kotak Mahindra Bank fell on charts after the Reserve Bank of India ordered the bank to reduce its promoter holding to 40% by the end of September 2014.

Results on May 28, 2014: Aban Offshore, Apollo Hospitals, BEML, Delta Corp, Dishman Pharma, Escorts, GHCL, Godrej Industries, Havells India, Hero Motocorp, HPCL, Karur Vysya Bank, Pidilite Industries, SAIL.

 

Market Roundup

The Sensex slipped into the red after opening higher. Key benchmark indices extended initial losses and hit fresh intraday low in morning trade. A bout of volatility was witnessed as the key indices trimmed intraday losses in mid-morning trade. Weakness continued on the bourses in early afternoon trade. Volatility continued as the market weakened once again after trimming intraday losses in mid-afternoon trade. The Sensex languished in negative terrain in late trade.  The BSE Mid-Cap index was off 55.86 points or 0.66% at 8,429.20. The BSE Small-Cap index was off 40 points or 0.45% at 8,883.65. Both these indices outperformed the Sensex.

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