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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Some more selling is possible as Nifty is still looking weak on the short term charts.
29 Apr 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Some more selling is possible as Nifty is still looking weak on the short term charts.

 

Corporate News:

Godrej Consumer Products consolidated net profit declined 29.28% to Rs 236.28 crore on 12.19% growth in total income from operations (net) to Rs 1931.52 crore in Q4 March 2014 over Q4 March 2013.

Hindustan Unilever Ltd has posted a net profit of Rs 872 crore for the quarter ended March 31, 2014, up 10.8 per cent as compared with Rs 787 crore in the year ago period. Total income stood at Rs 7,244 crore in the January-March quarter, up 10.2 per cent from Rs 6,571 crore in the same period last fiscal.

Rural Electrification Corporation board approved proposals for raising funds upto Rs 30000 crore during FY 2015.

Results on April 29, 2014: Alstom T&D, Bharti Airtel, Ceat, Dabur India, Federal bank, Hexaware Tech, IFCI, ING Vysya Bank, IOB, Jindal steel, Kesoram Ind, Shriram Trans, SSLT & TVS Motor.

 

Market Roundup 

Key benchmark indices edged lower for the second day in a row in the absence of directional cues. Profit-booking by funds and retail investors at higher levels amid forecast of below normal rains dampened the trading sentiment. Market slipped into the red in morning trade. It weakened again in afternoon trade and languished in the negative terrain in late trade. Buying support witnessed in Pharma stocks while profit booking emerged in Capital goods, FMCG and IT stocks.