INDIAN BENCHMARKS closed lower on profit booking.

INDIAN EQUITY BENCHMARKS closed the trading session on a lower note as investors turned cautious ahead of derivatives contract expiry on Thursday and booked profits with oil and financial shares. Dish TV India Ltd has posted a net loss of Rs. 1490.50 mn for the quarter ended March 31, 2014 as compared to net loss of Rs.436.20 mn for the quarter ended March 31, 2013.

Further, Bharat Forge's net profit more than doubled to Rs 119 crore in the quarter ended March 2014 from Rs 50.1 crore in same quarter last year. Power Finance Corporation Ltd has posted a net profit of Rs. 54618.40 mn for the year ended March 31, 2014 as compared to Rs. 44377.40 million for the year ended March 31, 2013.

The crucial resistance for Nifty is now seen at 7380 and above this 7430. Support for the immediate term is now placed at 7250 and next support will be 7200

NEWS TO WATCH:

·       1.   Watch out for the quarterly earnings of Aban Offshore, Amara Raja Batteries, BHEL, Havells India, IGL, SAIL, Tata Global, Apollo Hospital, Hero Motocorp on 28^TH May 2014.   

·     2.     Watch out for the Indian GDP annual and quarterly data on 30^TH May 2014.