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Wednesday, May 7, 2014

INDIAN BENCHMARKS slipped on weak global cues and poll outcome.
 
INDIAN BENCHMARKS
slipped tracking weak global cues, amid uncertainty ahead of election results on May 16. Investors worldwide remained wary of US Federal Reserve Chair Janet Yellen's congressional testimony later today.

Further, Allahabad Bank has plunged 8%, after the bank said its gross NPA, as a percentage of total assets, increased to 5.73% in the March quarter from 5.47% at the end of December quarter. Syndicate Bank posted a net profit of Rs. 4093mn for the quarter ended March 31, 2014 as compared to Rs. 5923.40 million for the quarter ended March 31, 2013.

The crucial resistance for Nifty is now seen at 6720 and above this 6740. Support for the immediate term is now placed at 6600 and next support will be 6580.

NEWS TO WATCH:

Watch out for the quarterly earnings of Glenmark Pharma, Amtek Auto, Amtek India, Finolex cables on 8TH May 2014.

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