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Tuesday, April 29, 2014

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INDIAN BENCHMARKS slump as banks, metals drag.

INDIAN EQUITY BENCHMARKS closed in red for the third consecutive day with the weakness in banks, metals and FMCG. Sesa Sterlite has reported net profit at Rs 1,621.6 crore in the quarter ended March 2014, a growth of 13.2 percent compared to previous quarter on higher revenues & other income and partly impacted by exceptional loss & slow growth in operational performance.

Further, Hexaware Technologies declined nearly 11% after reporting 32% sequential drop in consolidated net profit at Rs 70 crore for the quarter ended March 31, 2014, due to decline in revenues from some of its top customers. Jindal Steel and Power has tanked more than 9% after reporting a sharp 47% year-on-year drop in consolidated net profit at Rs 403 crore for the quarter ended March 31, 2014.

The crucial resistance for Nifty is now seen at 6780 and above this 6800. Support for the immediate term is now placed at 6685 and next support will be 6665.

NEWS TO WATCH:


Watch out for the quarterly earnings of IDBI bank, Oriental bank, Polaris Tech, Kotak Mahindra bank on 30TH April.

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