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Friday, January 17, 2014

INDIAN BENCHMARKS ended on a lower note.

INDIAN EQUITY BENCHMARKS ended on a lower note after the rupee hit over five week low against the US Dollar. Banking heavyweight HDFC Bank came out with its quarterly numbers which came in better than market expectation. The bank posted a 25% increase in net profit to Rs. 23.26bn from Rs. 18.59bn a year ago. Federal Bank reported 9 percent growth in profit after tax and 9.71 percent in net interest income for the quarter ended December 2013 compared to a year ago period

Further, TCS shares crashed 5 percent post lower-than-expected revenues and margin in the quarter ended December 2013. ITC Quarterly net profit rose more than 16 percent year-on-year to Rs 2,385 crore led by huge rise in other income. Revenues jumped 13 percent to Rs 8,623 crore in the quarter ended December 2013 as against Rs 7,627 crore in a year ago period

The crucial resistance for Nifty is now seen at 6330 and above this 6365. Support for the immediate term is now placed at 6230 and next support will be 6190.

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