Markets, in line with global peers, reacted sharply to the news that the US President tried to influence federal investigation, raising doubts over his policies ahead. Mostly sectoral indices, barring IT, ended lower and settled around the day’s low. Besides, caution ahead of the beginning of the two-day GST meet also induced the participants to book some profit.
Markets are slightly overheated after the recent rally and finally got the reason to lighten up. We feel 9350 would be crucial mark in Nifty ahead and any decisive slide below that level will derail the momentum. However, traders should see this as intermediate correction, which is normal and healthy for sustainability of the broader trend.
* Bajaj Auto’s Net profit declined 15.5% to Rs 801.8 cr in the quarter ended March 2017 as against Rs. 949.3 cr during the previous quarter ended March 2016. Net sales declined 8.5% to Rs 4,805 cr against Rs. 5,252 cr on YoY basis. Total volume for the quarter stood at 787,627 units, down 9.7%.
* CESC fell 15% after the company announced restructuring scheme which includes amalgamation of CESC Infra, Spencer's & Music World Retail with the company. The company also announced stock split of equity shares from Rs. 10 per share into 2 shares of Rs. 5 each and will demerge its business into 4 units, which includes generation business, IT & 2 retail businesses.
* Aditya Birla Nuvo’s consolidated total income increased 15.9% to Rs. 4,373.5 cr against Rs. 3,772.3 cr in the same quarter last fiscal. Net profit declined 52.3% to Rs. 130.3 cr compared to Rs. 273.5 cr on YoY basis.
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Buy ITC Limited @273-275 Stoploss 267 Target 288 CMP 277.90
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