In a decent move from RBI that announced it credit policy today, Repo Rate hiked by 25bps to 5.75% Vs 5.50% & Reverse Repo Rate hiked by 50bps to 4.5% Vs 4.00%. 25bps was expected by market participants and already factored in. Reliance result is good (Q1 net profit zooms 32% yoy) and at par with some big corporate results. However, result season are almost over. Thursday is July series expiry. Till this expiry, it is expected for sloth movement both by BSE SENSEX and NIFTY.
In the US tonight, we will see US Steel and Western Union amongst hundreds reporting along with the foreigners Deutsche Bank and UBS, and also BP. We will also have the Case-Shiller house price index, the Richmond Fed manufacturing index, a consumer confidence measure and an auction of $38 billion of two-year Treasuries.
Below are some good reco from SHAREKHAN:
Union Bank of India: Buy for price target: of Rs. 385
Bharat Heavy Electricals: Buy for price target :of Rs. 2,616
Maruti Suzuki: India: Sell for price target:of Rs. 1,090
Godrej Consumer Products: Buy Rs. 341 for price target:of Rs. 375Phillips Carbon Black: Buy for price target: of Rs. 250
JP Associates: But for price target: of Rs. 157
Punjab National Bank: Buy for price target: Rs1,224
United Phosphorus: Buy for price target: Rs. 220
FOR TOMORROW: RIL will be in focus as the company declared its results post market hours.
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