Published on 21/03/2017 9:00:46 AM | Source: Religare Securities Ltd
It`s a normal profit taking phase & we advise to utilise it for adding quality counters gradually - Religare Sec
Nifty inched marginally lower today as profit taking continues citing weak global cues. In line with the benchmark index, sectoral indices too had a dull session and majority ended on flat note. Amid all, movement continued on the stock specific front which kept the participants occupied till the end.
With no major event lined up in near future, global cues will largely dictate our market trend. Nifty has cushion at 9000 and upside also seems capped to 9300 in near term. Traders should use this phase to gradually add quality counters and wait for the market to regain momentum.
* Idea Cellular’s board approved the merger of Vodafone India and its subsidiary Vodafone Mobile Services with itself in a bid to create the country's largest telecom entity. The combined entity will have roughly Rs. 80,000 Cr of annual revenues, 400 million customers and a 41% market share in terms of revenues. Vodafone will hold 45% in the combined entity, Idea promoters will hold 26%, and the rest will be held by the public.
* Glenmark Pharmaceuticals announced that they received tentative approval from the United States Food and Drug Administration (USFDA) for Fingolimod capsules. The drug is used for relapsing forms of multiple sclerosis.
* Andhra Bank announced capital allocation from the government as a part of turnaround linked infusion plan. The indicative capital allocation is Rs. 1,100 Cr. Similarly, Dena Bank will also receive capital allocation worth Rs. 600 Cr. Andhra Bank’s stock closed up 2.5% whereas Dena Bank closed up 5%.
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