New York: 18:58 || London: 23:58 || Mumbai: 03:28 || Singapore: 05:58

Reports India

Indian stock market and companies daily report (August 04, 2014, Monday)

August 4, 2014, Monday, 04:43 GMT | 23:43 EST | 08:13 IST | 10:43 SGT
Contributed by Angel Broking

Indian markets expected to open on Flat note tracking SGX Nifty and the Asian markets.

U.S. stocks lower, extending the worst weekly loss for the Standard & PoorRs.s 500 Index in two years, amid growing concern about international credit markets.

European stocks fell to the lowest level in more than three months as companies including Arcelor Mittal and Vinci SA posted worse-than-expected earnings.

Back home, Indian indices slumped on the first trading session of the month as European and Asian stocks dropped and concern on fiscal deficit target for FY15 as Q1FY15 fiscal deficit data was reported at Rs.297,589 crore which amounted to 56.1% of budget estimate.

Markets Today

The trend deciding level for the day is 25,601 / 7,638 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,743 - 26,004 / 7,682 - 7,761 levels. However, if NIFTY trades below 25,601 / 7,638 levels for the first half-an-hour of trade then it may correct 25,339 - 25,197 / 7,559 - 7,515 levels.

Vishal Sikka takes the realm of Infosys

Former SAP executive Vishal Sikka has taken charge of Infosys wants to focus on building on the core values of the Infosys to further strengthen the company in the IT sector. Among the key focus areas that the new CEO has outlined is- on delivering on high operating margins, to maintain Infosys leadership in the sector, actively manage and strengthen the client relationships and also to put the unitized cash on books to use for acquisitions in case the acquired company provided the required ROI. Thus, we believe that the new CEO at the healm has aliated any concerns on the change in management to effect the growth of the company, especially after the esteem Mr. Naryan Murthy, left the operation part of the company. In terms, of stock we believe that the stock is currently trading at an attractive valuation at huge discount to TCS, on back of lower growth, which we believe will catch up in future. Thus we maintain our buy on the stock with a price target of Rs.4207.

Economic and Political News

- Manufacturing PMI rises to 17-month high in July

- Coffee exports up 1.5% in 10 months of crop year

- Tata Motors pins hopes on big trucks to get out of woods

Corporate News

- GSK Consu mer Healthcare aims to penetrate rural markets

- Maruti, Hyundai, Honda post sales growth in July

- DLFRs.s net debt up at over Rs.19,000 cr