TOP CORPORATE NEWS

·        Sesa Sterlite jumps on buzz Supreme Court lifts Goa mining ban

Sesa Sterlite jumped 5.27% on reports Supreme Court allows resumption of iron ore mining in Goa with conditions.

·        Oil India inches up on pact with PetroNeft Resources Plc

Oil India rose 0.72% after the company has entered into an agreement with PetroNeft Resources Plc, in respect of 50% non-operating interest in License 61, Tomsk Oblast, Russian Federation.

·        LIC Housing Fin Q4 FY14 net profit at Rs. 3,700mn

LIC HSG Fin has posted a net profit of Rs. 3700.228 million for the quarter ended March 31, 2014 as compared to Rs. 3161.570 million for the quarter ended March 31, 2013.

·        Hindustan Zinc Q4 FY14 net profit at Rs. 18.81bn

Hindustan Zinc has posted a net profit of Rs. 18812 million for the quarter ended March 31, 2014 as compared to Rs. 21658.10 million for the quarter ended March 31, 2013. Total Income has decreased from Rs. 43096.90 million for the quarter ended March 31, 2013 to Rs. 42313.40 million for the quarter ended March 31, 2014.

Crude oil prices down in Asian trade

Singapore, April 21:  

Oil prices were down in subdued post-holiday Asian trade today, but retained support from the escalating Ukraine crisis following a deadly gunfight over the week-end, analysts said. 

New York’s main contract, West Texas Intermediate crude for May delivery, dipped 22 cents to $104.08 in mid-morning trade and Brent North Sea crude for June eased 44 cents to $109.09 a barrel.

Desmond Chua, market analyst at CMC Markets in Singapore, said that the trading volumes are thin in Asian trade after the long Easter week-end. 

Financial markets in Hong Kong, Australia and New Zealand are closed for public holidays. However, investors were increasingly concerned about the Ukraine crisis, Chua said. 

INDIAN BENCHMARK open with marginal gains

INDIAN BENCHMARK open with marginal gains with index heavyweight Reliance Industries in focus after the company reported its highest quarterly profits in two years.

FURTHER, Reliance Industries has divested its 30% stake in an oil and gas block in Peru to Australia’s Woodside Petroleum and Pluspetrol of Argentina to trim its overseas properties. JSW Steel is in talks to acquire Welspun Maxsteel for about 1,000 crore.

Trend in FII flows: The FIIs were net buyers of Rs.433cr in the cash segment on Thursday while the domestic institutional investors (DIIs) were net sellers of Rs. 122cr, as per the provisional figures released by the NSE.

 

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The index continues to remain in a range between 6670 on the lower end and 6800 as the resistance. Bank Nifty is trading inside a trading range. Trend is still up so we should look for buying in Banking Stocks. CNX IT remained inside its trading range. A close above or below this range will decide the next direction in IT Sector.

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INDIAN BENCHMARKS have an upbeat closing.

INDIAN BENCHMARKS ended on a strong note with active participation by auto, realty and metals.

Further, Mindtree has rallied nearly 5% after its board recommended the issue of bonus shares in the ratio of one equity share for every equity share held. Shares of Radico Khaitan was down 5% after company clarified that from time to time, pursues discussions with various third parties to explore various types of relationships aimed at developing and promoting the business and growth of the Company.

The crucial resistance for Nifty is now seen at 6810 and above this 6850. Support for the immediate term is now placed at 6650 and next support will be 6600.