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Wednesday, February 5, 2014

INDIAN BENCHMARKS end higher amid volatility

INDIAN BENCHMARKS rebounded from their four month lows, amid a volatile trading session, to end marginally higher on value buying by investors at lower levels. The HSBC service sector PMI improved at 48.3% , but remained below the waterline .Shares of Voltas were up nearly 7% after a foreign brokerage upgraded the stock to 'buy' from 'sell', because of improvement seen in unitary cooling and engineering agency divisions.

Further, Ranbaxy Labs ended up nearly 6% after the company reported lower loss of Rs 158.94 crore for the fourth quarter ended December 2013 compared with Rs 492.44 crore in the same quarter last year for the quarter ended December 2013 on the back of higher US sales boosted by acne products. BHEL net profit fell 41 percent year-on-year to Rs 695 crore during October-December quarter on account of lower revenues in its power and industry segment.

The crucial resistance for Nifty is now seen at 6075 and above this 6100. Support for the immediate term is now placed at 5960 and next support will be 5930.
News to watch:

·         Watch out for the quarterly earnings of Aurobindo Pharma, Aban Offshore, Ambuja Cement, Reliance Infra, Bank of Baroda  on 6th Feb.


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