Index Trends And Stocks In Action For May 14, 2014

Indian equity markets witnessed bulk amount of buying in last three consecutive trading sessions. We had seen that bulls making surprisingly resilience move, which is also indicating that in the long term scenario we may remain on the positive side as well. The Nifty made a fresh life time high which is 7172 and closed around the technical level of 7100.

In the present scenario, bulls may continue with their omnipresent strength. On downside important support for Nifty stands at 7040/7000 level. On other hand if the Nifty breaks 7170/7200 levels, the doors are will open for the level 7300 and above.

Tata Power (BSE Code: 500400) has increased its consumer base to 5 lakh consumers in Mumbai in April. The highlight of this milestone was the last leg addition of 2 lakh consumers, consuming electricity below 300 units. Tata Power’s consumers below 300 units account for almost 65% of its total consumers in the city. These consumers below 300 units category also enjoy lowest tariff in the city. Besides, the company is undertaking steady network expansion within the city with a focus on 11 clusters post receiving directions from Maharashtra Electricity Regulatory Commission on August 22, 2012. The stock may remain in focus in today’s trade.

Torrent Power (BSE Code: 532779) board approved an amalgamation of Torrent Energy (TEL), a wholly owned subsidiary of the company and Torrent Cables (TCL) (BSE Code: 523856) with itself. The appointed date of the scheme would be April 1, 2014. All assets and liabilities of TEL and TCL are to be transferred and vested in the Torrent Power that will issue its shares to the shareholders of TCL, based on the share exchange ratio determined by the valuer. The stock may remain in limelight in today’s session.

State-run NTPC (BSE Code: 532555) has cancelled a Rs 210-crore contract with Punj Lloyd (BSE Code: 532693) due to alleged "poor performance" of the private infrastructure company. The contract was terminated due to poor performance of the contractor, Punj Lloyd. Shares of Punj Lloyd may remain under pressure in today’s trade.

Zensar Technologies (BSE Code: 504067) has secured two deals in the European region with contract value of over Rs 100 crore. The Pune-headquartered firm bagged its first deal with the UK-based utilities major Morrison Utility Services worth USD 6.7 million, which involves cloud based application services and support for 5 years. The stock may remain action in today’s trade.