Index Trends And Stocks In Action For May 07, 2014

Indian Equity market ended on positive note for second successive session with traders indulging in some selective buying. The Nifty index ended 15 points higher at 6715. In our last write up we mentioned that Nifty will face resistance around 6740 and in today’s session Nifty made exact high of 6743 and retraced. The index is failing to hold on to its intraday gains, this hints that traders and investors are quite nervous at current level. Fresh momentum in market only if Nifty manages to cross roadblocks of 6740 and 6780. On downside Nifty has support around 6675 and next important support is around 6640.

Bharti Airtel (BSE Code: 532454) has sought approval of the telecom department for merging its broadband wireless access (BWA) services in four circles of Delhi, Mumbai, Haryana and Kerala with its mobile operations in the corresponding service areas. The move comes within a fortnight of the company receiving a nod from the Bombay High court to merge its internet service provider licence with its unified access service permit (UASL). The stock may remain in focus in today’s trade.

Oil and Natural Gas Corp's (ONGC) (BSE Code: 500312) giant gas field in Mozambique holds 50 to 70 trillion cubic feet (Tcf) of recoverable reserves, 43% more than the minimum estimated resources when it invested USD 4.12 billion. ONGC Videsh, the overseas arm of state-owned ONGC, bought a 16% stake in the offshore Rovuma Area-1 over the past one year. The stock may remain in limelight in today’s trade.

Bharat Petroleum Corp (BSE Code: 500547) plans to invest Rs 1,419 crore in replacing an old crude processing unit at its 12 million tons a year Mumbai refinery by May 2015. BPCL plans to install a new crude and vacuum distillation unit of 6 million tons per annum capacity as a replacement of old crude and vacuum units, a company official said. Old units will be disposed off post stabilisation of the new plant. The stock maty remain in focus in today’s trade.

Backed by brand sales across all retail formats, Titan Company (BSE Code: 500114) has posted 11.6% higher profit at Rs 206.44 crore for the fourth quarter of 2013-14, compared with Rs 184.97 crore in the corresponding period last year. Total income rose 7.27% to Rs 2,803.38 crore from Rs 2,613.24 crore. The stock may witness some buying interest in today’s trade.