Index Trends And Stocks In Action For May 30, 2014
DSIJ Intelligence / 30 May 2014
Going forward 7160 will be an important support, if Nifty manages to trade below this level we could see Nifty filling gap which was created around levels of 7020-7040. On upside 7290 will act as roadblock on upside for the bulls.
Indian Equity market ended sharply lower on back of severe selling in heavyweights followed by weak global cues and news about Infosys President BG Srinivas resigning played a significant role in dragging down the market. The Nifty closed at 7235 recording loss of 94 points. On daily chart post forming a doji candlestick, Nifty followed it with a bearish candlestick so this suggests that we could continue to correct and consolidate. From here on the scenario is selling on rallies. Going forward 7160 will be an important support, if Nifty manages to trade below this level we could see Nifty filling gap which was created around levels of 7020-7040. On upside 7290 will act as roadblock on upside for the bulls.
In the biggest ever deal in the Indian media sector, Reliance Industries (RIL) (BSE Code: 500325) will acquire control in Network 18 Media & Investments, including its subsidiary TV18 Broadcast, for Rs 4,000 crore. The Board of RIL today approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Ltd (NW18), including its subsidiary TV18 Broadcast (BSE Code: 532800). TV18 Broadcast is likely to trade with a positive bias in today’s trade.
Marking a turnaround, country's largest realty firm DLF (BSE Code: 532868) reported a consolidated net profit of Rs 219.68 crore for the quarter ended March 31 against a net loss of Rs 4.19 crore in the year-ago period. Total income from operations fell by 11.5 per cent to Rs 1,969.45 crore in the fourth quarter of last fiscal compared with Rs 2,225.55 crore in the corresponding quarter of previous year. The stock may witness buying interest in today’s trade backed by better quarterly numbers.
Jet Airways (India) (BSE Code: 532617) is enhancing its code share agreement with Etihad to cover key North American, European and African destinations. The US cities include Chicago, New York and Washington in North America; the ones in Europe include Milan, Frankfurt, Amsterdam, Geneva & Munich while the ones in Africa are Johannesburg and Africa. The stock may remain in limelight in today’s trade.
Yes Bank (BSE Code: 532648) plans to raise as much as USD 500 million, or about Rs. 3000 crore in a share sale to institutional investors that will strengthen its capital position to give more loans when the economic recovery accelerates. The sale of new shares will dilute the bank's equity by about a fifth. Goldman Sachs, Deutsche Bank, Merrill Lynch, JM Financial, Motilal Oswal Financial Services, and HSBC are leading the sale. The stock may remain in action in today’s trade.
State-owned IFCI (BSE Code: 500106) a lender which has fallen into bad times in the past few years due to rapid changes in the financial world, is seeking to become a development financial institution as it would lower its cost of funds. The company will place a proposal with the government seeking the tag of a `developmental financial institution' which could raise its credit rating and make its securities attractive to investors. The stock may remain in focus in today’s trade.
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