DALAL STREET FACE
INDIAN BENCHMARKS surged over 2% to end at record closing highs and the rupee hit 11- month highs in the week ended on hopes that the new government would announce significant reforms and bring back the economy on growth trajectory.
State Bank of India has reported fourth quarter net profit of Rs 3,041 crore, down 7.8 percent compared to Rs 3,299 crore in same quarter last year. ITC fourth quarter (January-March) net profit rising 18 percent year-on-year to Rs 2,276 crore, driven by higher revenue.
The INDIAN BENCHMARKS SENSEX ended 1.3 per cent up at 24693.35 and the 50-share NIFTY closed 1.3 percent up at 7367.10.
GLOBAL MARKET CHASE
ASIAN STOCKS were led higher by Japan with tentative signs of a more upbeat outlook for the region with China's manufacturing on a slight upswing and India's new government poised to focus on the economy.
U.S. STOCKS rose after official data revealed more new homes were sold in the U.S. in April than markets were expecting, a sign the once-battered housing sector continues to recover.
EUROPEAN STOCKS were lower, as investors eyed an upcoming report on German business climate.
INDIAN INDICES will be closely watching Narendra Modi taking the oath of office on Monday as India's next Prime Minister. The expiry of May derivative contracts on Thursday
will be in focus especially with respect to roll-overs to the June series.
Earnings will continue to be in focus with Canara Bank, Bharat Forge, JSW Steel, BHEL, and Coal India among the companies set to post earnings.
Further, the government will announce GDP for the fourth quarter ended March 31, 2014.
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