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Monday, July 21, 2014

INDIAN BENCHMARKS end higher led by RIL on robust Q1 earnings

INDIAN EQUITY BENCHMARKS gained for the fifth straight session amid encouraging first quarter earnings from index heavyweights Reliance Industries and HDFC. Meanwhile, foreign institutional investors turned focus to the broader markets where valuations are seen reasonable at current levels.

Further, Idea Cellular reported a 57.2 percent jump in quarterly profit, consolidated first-quarter profit was 7.28 billion rupees ($120.8 million), up from 4.63 billion rupees a year earlier.

HDFC reported a 14.7 percent growth, in first quarter net profit at Rs 1,345 crore compared to Rs 1,173 crore in same quarter last year.

The crucial resistance for Nifty is now seen at 7730 and above this 7800. Support for the immediate term is now placed at 7675 and next support will be 7615.

NEWS TO WATCH:

Watch out Quarterly Earnings of Axis Bank, Dish TV, Ceat, Tata Coffee, Asian Paints, Hexaware, KPIT 22ND July 2014.

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