RESEARCH VIA NIFTY REPORT FOR 23 APRIL 2014

ECONOMY ANALYSIS 

 HDFC Bank Q4 net up 23%, NIM strong, asset quality stable 

 Don't see significant impact of mining data on IIP: SBI 

 Novartis transforms drug biz via deals with GSK and Lilly 

 Believe margins bottomed out in Q3FY14: TD Power 

 Pfizer agrees to $190 m settlement over generic versions of its epilepsy drug 

 Uttam Galva expects stable prices, margin pressures in FY15See IT

MARKET ANALYSIS 

The Sensex ended the day at 22,758.37; down 6.46 points, or 0.03%; while the Nifty closed the day at 6,815.35; down 2.30 points, or 0.03%. 

 Election results on May 16 will decide the course of the market, and till thentraders can carry their long positions, say experts. The Nifty is getting support from banks and both the indices are near important levels, say analysts. 

 "The Nifty is quoting at 6,800, at about 15 times one year forward multiples which are the average valuation at which the market has quoted in last 10 years. 

From the valuation perspective, it is not that the market is expensive neither it is cheap," said Sanjay Dongre, Fund Manager, UTI Asset Company. 

 "FIIs are expecting that post election, we are going to get the stable and reformist government which is going to increase the pace of recovery of growth in the economy going forward in FY15 and FY16. That is what people are trying to factor in the valuations of the market," he told ET Now. 

 April was a choppy month for the market. Still, given the FIIs inflows, the benchmarks may take out the resistance levels of 6,840 next month.