Market Outlook for the day – Currently, Nifty is trading in a range of 7480-7570;either side break from this range will trigger the next directional move.
Bank of Baroda has sold its entire stake in the Multi-Commodity Exchange of India (MCX). The exchange did not disclose how much stake the public sector bank held in it.
Ranbaxy Laboratories received the US Food and Drug Administration (US FDA)'s approval to sell a generic version of Novartis's hypertension medicine Diovan.
The markets ended on a flat note on last trading day of the week. On the BSE sectoral front, Pharma and IT remain the front-runners and were up by 2.48% and 2.45% respectively. On the flip side Metals, Banking and Capital goods remain the key laggards and were down by 1.3%, 0.46% and 0.36% respectively. Meanwhile, rain shortfall shrank in the third week since the onset of monsoon, recovering a little after a poor start. Rains were 31% below average in the week to June 25, improving from 45% below average in the second week of the monsoon. The BSE Mid-Cap index was up by 0.27% and BSE Small-Cap index was up by 0.41% , both these indices outperformed the Sensex.