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Thursday, May 8, 2014

INDIAN BENCHMARKS ends flat as caution prevails

INDIAN EQUITY BENCHMARKS ended flat, amid a range bound session, as investors turned cautious and booked profits at higher levels in intra-day trades.

Further, Union Bank reported a nearly 27 percent fall in its net profit at Rs 578.88 crore for the quarter ended March 31, 2014. Total revenue of the bank stood at Rs 8,444.91 crore for the (January-March) quarter in 2014, as against Rs 7,500.59 crore in the same period last fiscal. Aditya Birla Chemicals has reported sales turnover of Rs 281.74 crore and a net profit of Rs 0.74 crore for the quarter ended Mar '14. Other income for the quarter was Rs 2.80 crore.

The crucial resistance for Nifty is now seen at 6680 and above this 6720. Support for the immediate term is now placed at 6630 and next support will be 6600.

Watch out for the quarterly earnings of Ranbaxy, Eicher Motors, NIIT Tech, Torrent Pharma, and Timken India on 9TH May 2014. 

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