Index Trends And Stocks In Action For April 04, 2014

Indian Equity market corrected after rallying for five consecutive trading sessions. Banking stocks and PSU stocks where under hammering. However Healthcare and FMCG provided some support to market in last half hour of trading session. Nifty ended the day at 6736 shedding 16 points. Going forward Nifty will face resistance around 6770 and next resistance is around levels of 6805. On downside Nifty has strong support around levels of 6685 and next support is around 6650. Once it falls further below 6650; the profit taking led sell off might take Nifty up to levels of 6590. However, as long as the level of 6590 is held the bulls can again push it up higher.

BS Limited (BSE Code: 533276) has bagged several orders worth Rs 722 crore from various power utilities, including in Madhya Pradesh. The Hyderabad-based infrastructure and EPC services provider in the power sector, has informed that the orders are for turnkey EPC contracts for 220 kv and 132 kv transmission lines and associated sub stations in Madhya Pradesh. The projects, funded by the Asian Development Bank, are aimed at strengthening the grid and enhancing transmission capacity, bringing in much needed electricity to the region to meet the growing domestic and industrial demand. The stock may witness some buying interest in today’s trade.

Novartis (BSE Code: 500672) has taken Biocon (BSE Code: 532523) to court for infringing the patent on its diabetes drug Galvus, the Swiss drugmaker said in a statement. The Basel-based firm has filed infringement proceedings and is seeking an injunction against Biocon at Delhi's High Court to try to stop the Indian company launching a generic version of Galvus, also known as vildagliptin. Both the stock’s may witness volatility in today’s trade.

Venus Remedies (BSE Code: 526953) has received marketing authorisation for meropenem, an antibiotic drug, from Venezuela and plans to launch the product in the Latin American country in the next few months. The company has extended its footprint in Latin America with marketing authorisation for meropenem from Venezuela, a USD 6-billion pharmaceutical market. The stock may remain in focus in today’s trade.

Glenmark Pharmaceuticals (BSE Code: 532296) has informed that its novel chemical entity for potential treatment of chronic inflammatory disorders is entering human trials. Glenmarkhas completed preclinical studies and Phase 1 enabling good laboratory practise for the molecule, GRC 27864, and has filed a Phase 1 application for first-in-human trial with the MHRA, UK. The stock may remain in limelight in today’s trade.

Bharti AIrtel (BSE Code: 534816) which has operations in 20 countries across Asia and Africa, has become the second largest cellular operator in Nigeria in terms of subscriber base. Bharti has stated this based in data published by market regulator Nigerian Communications Commission (NCC). Airtel Nigeria, as at February 2014, recorded total customer number of 26.19 million subscribers in Nigeria while MTN has 57.18 million users and Glo has 24.9 million followed by Etisalat at 18.11 million. The stock may remain in focus in today’s trade.