Index Trends And Stocks In Action For May 20, 2014

Indian Equity market ended on a high note despite the weak global cues. The Nifty closed at 7253 up by 50 points. Capital good, Power, Realty, Metal and Oil stocks ended with handsome gains. Bank, Cement and Consumer durables stocks too rose sharply. IT and Pharma stocks declined on back of rise in rupee. Going forward on upside major roadblock is around levels of 7290-7300. On the down side most critical support level for the day is around 7180 and next important support is around 7140. If index manages to trade below 7140 on back of bad news or profit taking than it might touch levels of 7080.

Sajjan Jindal-led JSW Steel (BSE Code: 500228) has bought 11,484 tonnes of low-grade iron ore from Goa to ensure uninterrupted supply for its 3-mtpa steel plant at Dolvi in Maharashtra. According to Goa mines directorate's website, the company bought fines in an auction conducted on May 12 at a price ranging between Rs 1,830 and Rs 1,970 per tonne amounting to Rs 214.35 lakh. The stock may remain in focus in today’s trade.

Tata Global Beverages (BSE Code: 500800) has informed that its UK subsidiary has acquired 100% stake in equity capital of Australia-based Bronski Eleven Pty Ltd for an undisclosed sum. Bronski Eleven is engaged in coffee business under the MAP brand. The company said this investment is in line with Tata Global Beverages' vision to become a leader in natural beverages- tea, coffee and water. The stock may remain in limelight in today’s trade.

Private utility Tata Power (BSE Code: 500400) has invested over Rs 300 crore in FY2013-14 to strengthen distribution network in the metropolis. The company laid a total network of 602 km and commissioned six distribution and 85 consumer sub-stations in Mumbai during the year. The stock may remain in focus in today’s trade.

Tata Communications (BSE Code: 500483) has sealed a deal to sell its 67.3% stake in Neotel, its South African unit, for 7 billion rand (about Rs 3,950 crore) to Vodacom, a subsidiary of British telecom giant Vodafone. The announcement comes after almost eight months after the two companies agreed to explore apotential deal. The deal, which will give Vodacom the largest fibre optic network for high-speed Internet, is expected to close by end of this fiscal year. The stock may witness buying interest in today’s trade.