Equity benchmarks continued to see buying
interest on first day of June series. The Nifty is inching towards 8150 level,
up 55.65 points or 0.69 percent at 8125.30. The Sensex rose 168.30 points or
0.64 percent to 26534.98, led by pharma, banks and technology stocks.
The broader markets also participated in rally
with the BSE Midcap and Smallcap indices rising 0.7 percent each. The market
breadth remained strong as about two shares advanced for every share declining
on Bombay Stock Exchange.
Sun Pharma surged 4 percent after Taro earnings.
Its subsidiary's profit declined 24.5 percent but operational performance was
strong due to a 16.4 percent fall in R&D cost. Operating margin expanded by
400 basis points at 69 percent YoY.
Country's largest lender State Bank of India (SBI) is likely to disappoint analysts with its fourth quarter earnings as pressure on asset quality may continue for the bank given the high rate of slippages. Earnings will be announced on May 27.
Country's largest lender State Bank of India (SBI) is likely to disappoint analysts with its fourth quarter earnings as pressure on asset quality may continue for the bank given the high rate of slippages. Earnings will be announced on May 27.
Overall slippages can be in the range of Rs
20,000-25,000 crore for the quarter, including likely slippages through asset
quality review of Rs 15,000 crore, against Rs 20,692 crore in Q3FY16 and Rs
4,769 crore in Q4FY15.
BUY IBREAL 102.50 CALL
ABOVE 5.50 TG 5.90, 6.40, 7.30 SL 4.90,
BUY RELIANCE POWER FUTURE ABOVE 54 TG 55.50, 57 SL 52.45,
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