The outlook is a flat open. Global indices are up. The minutes from the Federal Reserve's July meeting indicate that the Fed is in no hurry to raise interest rates. The Dow added 0.35% while S&P was up 0.25%. Nasdaq ended marginally lower. Asian indices are mixed with Nikkei up almost a percent while Hong Kong's Hang Seng index is lower. South Korea's Kospi index and China's Shanghai index are also in the red.
The outlook is a positive start but indices may struggle as the Nifty approaches the 8000 mark in the coming days. Global cues are positive for now. US stocks ended higher as housing data and strong earnings kept the mood upbeat and investors chose to ignore some of the concerns about Ukraine.
The outlook is a healthy start. Heavyweights including many of the leading banks will see some buying even as some reshuffle of stocks take place. The US market gained on upbeat housing data and reports that Russia and Ukraine were speaking in a somewhat peaceful tone. The National Association of Home Builders/Wells Fargo index rose two points to 55, indicating the recent downturn in the housing market may have bottomed, says a report.
Q1 revenues declined 0.9% qoq vs our estimate for a 1.8% qoq on the back of weakness in global operations whose revenues declined 14.9% qoq and 5.1% yoy.
A higher depreciation and interest charge was offset by rise in other income but a smaller FX gain resulted in 5% yoy decline in net profit.
NALCOs quarterly revenues were marginally above our estimate due to higher metal premiums and a marginal increase in aluminium sales volume.
|Company||CMP (Rs.)||Chg (%)||Supp 1||Supp 2||Pivot||Res 1||Res 2|
|B P C L||683.80||2.52||669.07||660.53||673.53||682.07||686.53|
|Bank of Baroda||901.85||2.45||875.07||866.13||881.33||890.27||896.53|
|St Bk of India||2,471||2.33||2,419.57||2,394.13||2,433.93||2,459.37||2,473.73|
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