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Friday, May 16, 2014

INDIAN BENCHMARKS celebrates BJP win with heavy gain

INDIAN EQUITY BENCHMARKS gained but ended way off their intra-day record highs as investors booked profits ahead of the new cabinet formation by the BJP-led NDA and its key policy measures to stimulate growth.

Further, L&T Infrastructure Development and Tata Steel announced that they have executed a definitive agreement with Adani Ports to sell 100% stake in the Dhamra Port Company Limited for an Enterprise Value of around Rs 5500 crore. Tata Steel fell 4.30% on reports the Supreme Court passed a limited mining ban on Odisha.

The crucial resistance for Nifty is now seen at 7460 and above this 7730. Support for the immediate term is now placed at 7060 and next support will be 7000.

Watch out for the quarterly earnings of Reliance Infra, Reliance Power and Jubilant Food on 19TH May 2014.   

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