Index Trends And Stocks In Action For May 21, 2014

Indian Equity markets witnessed a range bound trading in yesterday’s sessions. The Nifty closed at 7275 up by 12 points. Some Mid-Caps and Small-caps stocks closed to made life time highs. However, we had also seen that bears are trying to take some charge, but the bulls still managed to keep them away from the indices. Which is also indicating a mid-term scenario may continue on the positive side as well.

In the present intra-day scenario, bears trying hard to take some control below 7200/7160 these levels. On downside these important levels act as immediate support levels. Below 7160 level profit booking may extend to touches 7080 level. Alternatively the level of 7300/7340 will be the major hurdles.

Private sector lender HDFC Bank (BSE Code: 500180) proposes to raise about Rs 10,000 crore from share sale to fund its growth. The bank's board at its meeting decided to seek an enabling approval of the shareholders to raise the equity share capital of the bank by up to an aggregate sum of Rs 10,000 crore including share premium amount. The stock may remain in limelight in today’s trade.

Canara Bank (BSE Code: 532483) has entered South Africa by opening a branch in Johannesburg as a part of its global expansion plans. The bank has 4,750 branches across India apart from a presence in London, Hong Kong, Shanghai, Bahrain and Moscow. The management has indicated that they have big expansion plans abroad besides domestic expansion. They are also planning to open branches in Durban, Cape Town, Pretoria, and deep into South Africa as well. The stock may remain in action in today’s trade.

The US health regulator has warned Sun Pharmaceutical Industries (BSE Code: 524715) may withhold approval of new drug applications and extend an import ban at its Karkhadi unit in Gujarat if violations of manufacturing norms at the facility are not corrected. The US Food and Drug Administration said there were reasons to suggest a general lack of reliability and accuracy of data, including missing fundamental raw data, unacceptable data handling practice and inadequate investigation into 'the pervasive practice of deleting (raw) files'. The stock may witness volatile trade in today’s trade.

ONGC Videsh, the overseas investment arm of explorer Oil and Natural Gas Corporation (BSE Code: 500312), aims to produce 3.6% more oil and gas during the fiscal year to March 2015. ONGC Videsh is aiming for 8.66 million tonnes of oil and gas in 2014/15, compared with 8.36 million tonnes produced in the previous fiscal year. The stock may trade with a positive bias in today’s trade.