INDIAN EQUITY MARKET WRAP UP-10 FEB

INDIAN BENCHMARKS ended marginally lower, amid a volatile trading session.

INDIAN EQUITY BENCHMARKS ended marginally lower amidst a volatile trading session and fluctuating levels, as sales by foreign institutional investors in index heavyweights capped upside gains. Tata Motors announced a 195% increase in third-quarter net profit which was boosted by strong demand for its luxury Jaguar Land Rover vehicles. Consolidated net profit for the October-December quarter was 48.05 billion rupees, compared to 16.3 billion rupees a year ago.

Further, Indraprastha Gas Ltd (IGL) has posted a net profit after tax of Rs. 894.60 million for the quarter ended December 31, 2013 as compared to Rs. 863.20 million for the quarter ended December 31, 2012. Total Income has increased from Rs. 8720.40 million. Shares of Ceat Ltd were up by 6 percent after reported its net profit stood at Rs. 60.85 crore as against Rs. 16.93 crore in the December 2013 quarter.

The crucial resistance for Nifty is now seen at 6100 and above this 6170. Support for the immediate term is now placed at 6030 and next support will be 5965.

News to watch:

·         Watch out for the quarterly earnings of Tata Steel & Dr. Reddy’s Lab on 11^th Feb.

·         Watch out for the Consumer Price Index (CPI) & Indian Industrial Production (IIP) on 12^th Feb.

·         Watch out for the Wholesale Price Index (WPI) on 14^th Feb.