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Tuesday, May 13, 2014

 INDIAN BENCHMARKS end at record highs… Nifty ends above 7,100.

INDIAN EQUITY BENCHMARKS ended at record closing highs for the third straight session as exit polls showed that the BJP-led NDA is set to form a stable government and set the reforms process in motion to stimulate growth.

Dr Reddy’s Laboratories dipped 4%, after reporting a lower-than-expected 15.6% year on year drop in consolidated net profit at Rs 482 crore for the quarter ended March 31, 2014, mainly due to higher operating expenses. Punjab National Bank ended down 4.1% after the bank reported a 28.69% decline in net profit at Rs 806.35 crore for the quarter ended March 31, because of higher provisioning for bad loans.

The crucial resistance for Nifty is now seen at 7160 and above this 7200. Support for the immediate term is now placed at 7060 and next support will be 7000.

Watch out for the quarterly earnings of Tata Steel, Asian Paints, Tech Mahindra, and Mphasis on 14TH May 2014.

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