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Tuesday, January 28, 2014

INDIAN BENCHMARKS ended flat, amid a volatile trading session.


INDIAN EQUITY BENCHMARKS ended flat, amid a volatile trading session, shrugging of the surprise move by the central bank which hiked the repo rate by 25 bps to 8% in its third quarter monetary policy review today. The Cash Reserve Ratio (CRR) was kept unchanged at 4% of Net Demand and Time Liabilities (NDTL). JSW Steel Ltd has posted a net profit after Tax, Minority Interest & Share of Profit of Associates of Rs. 4664.90 mn for the quarter ended December 31, 2013 whereas the same was at net loss of Rs. (737.00) mn for the quarter ended December 31, 2012.



Further, Maruti Suzuki surpassed street expectations with the third quarter net profit rising 36 percent year-on-year, driven by strong operational performance, higher localization and favorable forex. Jindal Steel & Power has posted a net profit after tax, of Rs. 5615.10 mn for the quarter ended December 31, 2013 as compared to Rs. 8672.70 mn for the quarter ended December 31, 2012.



The crucial resistance for Nifty is now seen at 6165 and above this 6190. Support for the immediate term is now placed at 6065 and next support will be 6030.





News to watch:


·         Watch out for the quarterly earnings of ICICI Bank, Bharti Airtel, Havells & GAIL India on 29th Jan.

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