INDIAN BENCHMARKS hit record high on FDI hike in insurance.

INDIAN EQUITY BENCHMARKS rose to a record high for a second straight session after cabinet approval for a higher FDI limit in insurance and a reorganization in foreign debt limits reinforced optimism about the government's reform agenda.

·         Further, Wipro has announced the results for the quarter ended June 30, 2014 net profit of the company rose by 54.49% to Rs 2067.20 crore Vs Rs 1338.00 crore YoY. Total Income increased by 18.62% to Rs 10574.50 crore Vs Rs 8914.30 crore YoY.

·         Ambuja Cements has announced results for the quarter ended June 30, 2014 net profit of the company rose by 26.06% to Rs 408.70 crore Vs Rs 324.20 crore YoY. Total Income increased by 16.61% to Rs 2858.14 crore Vs Rs 2450.91 crore YoY.

The crucial resistance for Nifty is now seen at 7850 and above this 7880. Support for the immediate term is now placed at 7770 and next support will be 7750.

 

NEWS TO WATCH:

·         Watch out Quarterly Earnings of Allahabad bank, Indian Bank, Just Dial, Kalindee Rail , PNB, UCO bank, Colgate, LIC Hsg Finance, Shriram Transport Finance  25^TH July 2014.