Market Outlook for the day – Considering the market situation, traders are advised to keep extra caution in the long trades and maintain strict stop losses.
Indian Bank has reported a 35% drop in net profit at Rs 207 crore for the first quarter ended June 30, 2014, against Rs 317 crore reported in the comparable previous year quarter. Total Income during the quarter under consideration has decreased to Rs 4,144 crore from Rs 4195 crore for the quarter ended June 30, 2013.
Punjab National Bank reported 10% growth in net profit at Rs 1,405.12 crore for the April-June quarter of 2014-15. The bank’s total income increased to Rs 12,825.13 crore during the first quarter ended June 30 from Rs 11,746.59 crore in the same period last year.
LIC Housing Finance’s first quarter net profit increased to Rs. 322 crore from Rs. 311 crore a year ago. Expenses rose 17% to Rs. 2,055 crore. The bulk of this increase was on account of higher finance costs, which increased to Rs. 1,976 crore from Rs. 1,676 crore.
Results on July 28,2014: Blue Star, Bank of Baroda, Dabur India, Havells India, HUL, L&T, NOIDA Toll, Vijaya Bank.
The market snapped eight-day winning streak and closed on a negative note. The monsoon rains were reportedly 24% above average in the week ended July 23. FMCG stocks rose on revival of monsoon rains. Shares of organized retailers and jewellery retailers declined. Going forward, stock-specific action based on April-June 2014 corporate earnings announcements will hold the key. On the global economic front, the outcome of the two-day Federal Open Market Committee (FOMC) monetary policy review which concludes on 30 July 2014 will be closely watched.