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Thursday, January 16, 2014

INDIAN BENCHMARKS fell after earlier marking their highest levels.


INDIAN EQUITY BENCHMARKS fell after earlier marking their highest levels in five weeks as mobile carriers such as Idea Cellular slumped on possible high bidding prices at a spectrum auction next month after eight companies applied to bid. Shares of HCL Tech gained after they reported a net profit of Rs 1,496 crore. Axis Bank, the country's third largest private sector lender, reports a 19 percent growth in third quarter net profit to Rs 1,604.11 crore.


Further, Bajaj Auto Ltd has posted a net profit after tax of Rs. 9045.50 million for the quarter ended December 31, 2013 as compared to Rs. 8187.40 million for the quarter ended December 31, 2012. Shares in Ranbaxy Laboratories gained as reports the company has partnered with an unnamed multinational drug maker. Specialty Restaurants jumped 6% to Rs 135.50 after the company said it has incorporated a joint venture company with Al-Mohannadi Group in Doha.



The crucial resistance for Nifty is now seen at 6360 and above this 6415. Support for the immediate term is now placed at 6295 and next support will be 6265.





News to watch:

·         Watch out for the quarterly earnings of Wipro, Reliance and Federal Bank on 17th Jan.

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