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INDIAN EQUITY MARKET STRATEGY-10 JULY 2014
INDIAN BENCHMARK have opened flat after
the sharp fall in the previous two sessions even as market participants adopted
a wait-and-watch stance ahead of Finance Minister Arun Jaitley's maiden Budget
presentation later today.
FURTHER, ITC is likely
to remain in focus after Union health minister Harsh Vardhan urged Finance
Minister Arun Jaitley to raise tax on cigarettes in the upcoming final Union
Budget for 2014-15 to deter people from smoking. Sebi imposed a fine of Rs10.3mn
on Apollo Tyres for allegedly failing to comply with buyback regulations.
Trend in FII flows: The FIIs
were net buyers of Rs 192cr in the cash segment on Wednesday while the
DIIs were net sellers of Rs. 265cr, as per the provisional figures
released by the NSE.
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TOP CORPORATE NEWS
·
Sun Pharma at record high as Taro
gains 17% post price hike
Shares of
Sun Pharma up 3 percent after Taro rallied 17 percent in the US markets,
reacting to its price hike of 11 products. Sun Pharma owns a
70 percent stake in Taro.
·
ONGC to invest Rs 5,700 cr in
Mumbai High North development
Oil and Natural Gas Corp
will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High
(North) oil and gas field off the west coast.
·
HDIL gains 4% on Citigroup stake
buy
Housing
Development & Infrastructure Ltd has moved higher by 4% as Citigroup bought
4 million shares of the Mumbai-based real estate developer for about Rs 38
crore through open market.
·
Union Bank surges 6%,
shareholders' approval for QIP
Shares of
Union Bank of India rallied as much as 5.6 percent after its shareholders
approved raising of capital up to Rs 1,386 crore via qualified institutional
placement.
INDIAN BENCHMARK started on a very quiet note
INDIAN BENCHMARK started on a very quiet
note with the benchmark indices hovering around yesterday's close.
FURTHER, HDFC Bank seeks
shareholder approval in order to raise Rs 10,000 crore in the AGM meet to be
held later during the day. Reliance Communication plans to raise Rs 4,300 crore
by way of a qualified institutional placement of shares and a preferential
offer to promoters.
Trend in FII flows: The FIIs were net buyers of Rs 192cr
in the cash segment on Monday while the DIIs were net sellers
of Rs. 216cr, as per the provisional figures released by the NSE.
