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Thursday, January 30, 2014

INDIAN BENCHMARKS drag fifth straight day on weak global cues

INDIAN BENCHMARKS ended lower for fifth straight day after further tapering by the US Fed led to a sell-off in emerging markets on concerns that foreign fund inflows would slowdown going forward. Further, expiry of January derivative contracts also weighed.

Further, Arvind reported 35.5 percent (year-on-year) growth in third quarter consolidated net profit driven by higher revenues in textile and retail segments. Hero MotoCorp has the third quarter net profit growing 7.5 percent, less-than-expected, to Rs 524.6 crore compared to same quarter last year. Higher raw material cost, tax expenses and advertisement spends dented profitability.
The crucial resistance for Nifty is now seen at 6175 and above this 6200. Support for the immediate term is now placed at 6030 and next support will be 5970.

News to watch:

·         Watch out for the quarterly earnings of Canara Bank, IDFC, Oriental Bank, PNB, Union Bank on 31 st  Jan. 


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