INDIAN BENCHMARKS end higher led by RIL on robust Q1 earnings

INDIAN EQUITY BENCHMARKS gained for the fifth straight session amid encouraging first quarter earnings from index heavyweights Reliance Industries and HDFC. Meanwhile, foreign institutional investors turned focus to the broader markets where valuations are seen reasonable at current levels.

·         Further, Idea Cellular reported a 57.2 percent jump in quarterly profit, consolidated first-quarter profit was 7.28 billion rupees ($120.8 million), up from 4.63 billion rupees a year earlier.

·         HDFC reported a 14.7 percent growth, in first quarter net profit at Rs 1,345 crore compared to Rs 1,173 crore in same quarter last year.

The crucial resistance for Nifty is now seen at 7730 and above this 7800. Support for the immediate term is now placed at 7675 and next support will be 7615.

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INDIAN BENCHMARKS end at 5- week low…Broader markets crash

INDIAN EQUITY BENCHMARKS ended at 5-week closing low dragged by heavy profit booking even investors sought the safety of defensive shares. Market fell after government said that General Anti-Avoidance Rules (GAAR) will be applicable from April 1, 2015. Market was hoping the government would defer GAAR to 2017.

·        1.  Further, Banking shares mainly PSUs fell for seventh straight session, touching over one-month low as the government has decided to reduce its stake in the public sector banks.

·        2.  Jain Irrigation Systems saw selling pressure on a 21 percent reduction in overall subsidy under National Mission on Sustainable Agriculture by Finance Minister Arun Jaitley in maiden Union Budget 2014-15.

The crucial resistance for Nifty is now seen at 7625 and above this 7730. Support for the immediate term is now placed at 7440 and next support will be 7360.

INDIAN EQUITY MARKET STRATEGY-10 JULY 2014

INDIAN BENCHMARK have opened flat after the sharp fall in the previous two sessions even as market participants adopted a wait-and-watch stance ahead of Finance Minister Arun Jaitley's maiden Budget presentation later today.

FURTHER, ITC is likely to remain in focus after Union health minister Harsh Vardhan urged Finance Minister Arun Jaitley to raise tax on cigarettes in the upcoming final Union Budget for 2014-15 to deter people from smoking. Sebi imposed a fine of Rs10.3mn on Apollo Tyres for allegedly failing to comply with buyback regulations.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Wednesday while the DIIs were net sellers of Rs. 265cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS

·       IndusInd Bank turns volatile after Q1 earnings

IndusInd Bank lost 0.28% after net profit surged 25.74% to Rs 421.06 crore on 20.6% growth in total income to Rs 2873.68 crore in Q1 June 2014 over Q1 June 2013.

·       Indiabulls Real Estate rises after large bulk deal

Indiabulls Real Estate rose 0.89% after 2.29% equity changed hands in a bulk deal on BSE today, 9 2014. July                                                                                                           

·       Petronet LNG slips 6%, Barclays downgrades to underweight

Shares of Petronet LNG fell as much as 5.9 percent. Barclays has downgraded the stock to underweight from equal weight with an unchanged target price of Rs 150 as valuations are rich and the shares appear over-owned by foreign investors.

·       ITC gains as foreign brokerage maintains outperform rating

ITC rose 1.7% to Rs 341.50 after foreign brokerages maintained outperform rating on the stock with a target of Rs 400.

INDIAN BENCHMARKS end at record highs… Nifty tops 7,750.

INDIAN EQUITY BENCHMARKS recouped from their day's lows in late trades to end at fresh record closing highs on hopes that the Finance Minister in his maiden Budget next week would announce reforms to revive economic growth.

Further, Jain Irrigation Systems ended up 5% after the company said it has been issued a Letter of Intent for project by Himachal government involving an outlay of approximately Rs 100 crore. Amtek Auto has dipped 3.7% after Citigroup sold over two million shares worth Rs 53 crore of the company through open market.

The crucial resistance for Nifty is now seen at 7785 and above this 7820.Support for the immediate term is now placed at 7660 and next support will be 7620.

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TOP CORPORATE NEWS

·        GMR Infra, JP Associates fall after launching QIP

Shares of GMR Infrastructure and Jaiprakash Associates have declined more than 4% each after both these companies announced launch of qualified institutional placement on July 2 to raise funds.

·        HDIL to divest 100% shareholding in HDIL Entertainment

Housing Development and Infrastructure Ltd has entered into definitive agreements with respect to transfer of its 100% shareholding of its wholly owned subsidiary company, viz HDIL Entertainment.

                                                                                                        

·        Reliance Cap up 1% on plans to sell non-core assets

Shares of Reliance Capital jumped over 1 percent it is beginning the process of unlocking value from investments in non-core sectors to focus on its key financial services businesses.

·        Ranbaxy Laboratories too has gained 3.8%

Ranbaxy Laboratories has gained 3.8% to Rs 543, its highest level since November 2012 after USFDA granted approval to Ranbaxy's subsidiary Ohm Laboratories to manufacture and sell generic Diovan in the US.

INDIAN BENCHMARKS end tad lower amid consolidation.

INDIAN EQUITY BENCHMARKS ended with marginal losses, amid a lacklustre trading session, as investors booked profits after the sharp rally yesterday which saw the Sensex and Nifty hitting fresh record highs. The losses were led by oil and gas shares.

Further, Ranbaxy Laboratories has gained 3.8%, its highest level since November 2012 after after USFDA granted approval to Ranbaxy's subsidiary Ohm Laboratories to manufacture and sell generic Diovan in the US. Sesa Sterlite closed 2% higher after the company was permitted to resume production in the Goa state in September.

The crucial resistance for Nifty is now seen at 7755 and above this 7785. Support for the immediate term is now placed at 7675 and next support will be 7620.

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