Indian benchmark exhibited high amount of volatility due to
RBI policy outcome. However bulls manage to keep the momentum and closed
unchanged. The broader market had a stellar run with Midcap and Small cap
stocks outshining the benchmark indices. Major event like RBI policy meet had
not much impact on market on closing basis, so going forward we expect market
to consolidate in range of 8540-8710 as market will wait for fresh cues which
may come in from quarterly results. For day trading resistance for the bulls is
around levels of 8710, if bulls manage to sustain above this level expect it to
surge up to levels of 8780. On downside first major support is around 8610 and
next around 8540.
The State Bank of India (SBI), country’s largest commercial
bank has cut its base rate by 15 basis points to 9.85% from 10 % which is
effective from 10th April, 2015.
Pharmaceutical major Glenmark and Aurobindo’s foreign
proposals worth Rs 4,187 crore were approved by the government. Glenmark
Pharmaceuticals had sought to raise the cap of foreign institutional investor
holding to 49% from present 35.07%. The move would facilitate the drug firm’s
bringing in Rs 2,022 crore of foreign funding into the country. On other hand
Aurobindo Pharma proposed to bring in Rs 2,165 crore worth foreign investments
by Qualified Institutional Buyers.
Drug major Dr Reddy’s Laboratories said it has filed three
new drug applications (NDAs), aimed to be used in the treatment of psoriasis,
rosacea, migraine, with the US health regulator.
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