TOP CORPORATE NEWS

·        Kotak Mahindra Bank up 2%, RBI allows FIIs to buy shares

Shares of Kotak Mahindra Bank gained as much as 1.77 percent after the Reserve Bank of India allowed FIIs to buy shares of the bank through primary market and stock exchanges.

·        Infosys Q1 net falls 3.5%, FY15 $ revenue to grow 7-9%

Infosys has reported a consolidated net profit of Rs 2,886 crore in April-June quarter, degrowth of 3.5 percent compared to Rs 2,992 crore in previous quarter. Year-on-year growth in profit was 21.6 percent.

·        Sun Pharma recalls antidepressant drug from US market

Sun Pharma has initiated recall of some lots of Venlafaxine Hydrochloride extended-release tablets from the US market. According to a notification by the FDA, the recall of 26,530 units of 30-count bottles and 14,597 units of 90-count bottles is voluntarily initiated by the company through a letter to the regulator last month under 'Class-II' classification.

·        Polaris slumps as key shareholder cuts stake

Polaris Financial Technology tumbled 7.17%, after the company's second largest shareholder trimmed its stake on Thursday, 10 July 2014.

INDIAN BENCHMARK opened on record high levels

INDIAN BENCHMARK opened on record high levels after the government decided to take bold decisions and pursue path of fiscal prudence to revive the economy. In addition, firm global cues boosted the market sentiments.

FURTHER, Aban Offshore is in the process of raising about Rs 2,500 crore through the qualified institutional placement route. Tata Motors total sales (including exports) of Tata commercial and passenger vehicles in June 2014 were 38,557 vehicles, a decline of 27% over 52,712 vehicles sold in June 2013.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Tuesday while the DIIs were net sellers of Rs. 774cr, as per the provisional figures released by the NSE.

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INDIAN BENCHMARKS gains led by auto, metal shares.

INDIAN EQUITY BENCHMARKS gained for the third straight day, amid strong buying interest from foreign institutional investors, with auto and metal shares leading the gains.

Further, Maruti Suzuki ended up 6% , after reporting a 33.5% year on year increase in its total sales for June at 1,12,773 units. It had sold 84,455 units in the same month last year. Sterlite Technologies gain after it bagged nearly Rs 2500 crore of contracts from BSNL to implement end-to-end rollout of optical fiber network for defense services.

The crucial resistance for Nifty is now seen at 7665 and above this 7700. Support for the immediate term is now placed at 7600 and next support will be 7530.

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