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Equity Research Report: Religare Morning Digest

Market Outlook for the day – The current chart patterns suggest more down side move if Nifty spot falls and sustains below 7220 mark.
30 May 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day The current chat patterns suggest more down side move if Nifty spot falls and sustains below 7220 mark.


Corporate News:

BPCL net profit fell 15.19% to Rs 4068.37 crore on 12.54% increase in total income to Rs 75194.71 crore in Q4 March 2014 over Q4 March 2013.

Hindalco industry’s net profit declined 48.51% to Rs 248.15 crore on 19.68% growth in total income to Rs 8647.53 crore in Q4 March 2014 over Q4 March 2013.

Indian Oil Corporation’s net profit fell 35.30% to Rs 9389.85 crore on 5.32% increase in total income to Rs 135465.86 crore in Q4 March 2014 over Q4 March 2013.

Ipca Laboratories posted 84.1% jump in net profit at Rs. 137.03 crore for the fourth quarter ended March 31, 2013-14. The company had reported a net profit of Rs. 74.43 crore during the January-March quarter of the 2012-13 fiscal.

Results on May 30, 2014: Apar Industries, Bayer Crop, BGR Energy, Bhushan Steel, Binani Industries, Blue Star, CESC, Cox Kings.


Market Roundup 

The markets have tanked on the day of expiry as the persistent selling on heavyweights continued the entire session. Lower start by European stocks and mostly negative Asian stocks weighed on  sentiments. Metal and mining stocks declined. IT stocks also edged lower as Infosys slumped after the company post market hours on Wednesday, 28 May 2014, announced the resignation of its President and Member of the Board B. G. Srinivas. The BSE Mid-Cap index was down 28.69 points or 0.34%. The BSE Small-Cap index was off 43.45 points or 0.48% at 8,985.37. Both these indices outperformed the Sensex.

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