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Friday, May 23, 2014

Weekly fundamental speaks

INDIAN BENCHMARKS ended at new closing highs, but shed much of the intra-day gains despite the BJP-led NDA coalition winning by a much bigger margin than expected. IIP shrinks 0.5% in March, April WPI inflation at 5.20%. 
 
Punjab National Bank reported a 28.69 per cent decline in net profit at Rs 806.35 crore for the quarter ended March 31, mainly on account of higher provisioning for bad loans. Adani Power Ltd has posted a net profit after taxes & minority interest of Rs. 25285.50 million for the year ended March 31, 2014. 
 
The INDIAN BENCHMARKS SENSEX ended 0.9 per cent up at 24121.74 and the 50-share NIFTY closed 1.12 percent up at 7203.

GLOBAL MARKET CHASE
 
ASIAN STOCKS surged, as anticipation of a new government pushed the Sensex to an all-time high, while Japanese stocks led the rest of Asia lower. 
 
U.S. STOCKS finished session in positive territory buoyed by upbeat housing data and demand for tech shares among bottom fishers. 

EUROPEAN STOCKS were steady, as Thursday's downbeat euro zone data continued to weigh.

Week ahead 
 
INDIAN INDICES may consolidate after rising to record highs on Friday. Domestic-oriented shares could continue to support markets as focus shifts to the cabinet of likely Prime Minister Narendra Modi and any signals about his economic or fiscal plans. 
 
Earnings will continue to be in focus with SBI, Reliance Power, Reliance Infra, Jubilant food among the companies set to post earnings. 
 
Further, Foreign flows would remain on watch. Overseas investors have pumped in $6.5 billion rupees in India stock in 2014 so far.  

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