INDIAN BENCHMARKS snaps 3-day winning streak
INDIAN BENCHMARKS break its three day winning streak as investors booked profits at higher levels. Apollo Tyres has consolidated sales turnover of Rs 3,559.32 crore and a net profit of Rs 338.01 crore for the quarter ended Dec '13. Other income for the quarter was Rs 49.62 crore.
Further, Sun Pharmaceutical net profit shooting up 73.7 percent and revenue growing 50.5 percent during October-December quarter, driven by strong growth in US business. Hindalco Industries reported a 23 percent decline in third quarter (October-December) consolidated net profit. The company attributed fall in profitability to higher effective tax rate for the quarter.
The crucial resistance for Nifty is now seen at 6110 and above this 6175. Support for the immediate term is now placed at 5965 and next support will be 5930
News to watch:
· Watch out for the quarterly earnings of Den Network, DLF, Elder Pharma, HDIL, M&M, SBI on 14th Feb.
· Watch out for the Wholesale Price Index (WPI) on 14th Feb.