Index Trends and Stocks In Action June 04, 2014

Indian Equity market witnessed a surprisingly resilient trading session in last couple of days. The Nifty closed at record high level around 7415 up by 53 points. Metals and some Capital Goods stocks broke their major hurdles to pull the indices on the higher side. Bulls continue with their never back down frame of mind to keep away Bears. Which is also indicating a short-term as well as mid-term scenario may continue on the positive side.

In the present intraday scenario, indices are in the grip of the bull above 7400/7360 levels. On downside the levels of 7340/7280 will be act as immediate support levels. Alternatively in the present scenario the doors are already open for 7500 and above mark.

The total business volume of the State Bank of Bikaner and Jaipur (BSE Code: 501061) has reached Rs 139,208 crore. At the Annual General Meeting of shareholders of SBBJ the management said that the bank reported a profit of Rs 732 crore and declared a dividend at 143 per cent for the year ended March 2014. The stock may remain in limelight in today’s trade.

Idea Cellular (BSE Code: 532822) India's third largest wireless services operator, plans to raise Rs 3,000- 3,750 crore this week by selling shares to institutional investors. The qualified institutional placement (QIP) issue may open on Thursday. The stock may remain in focus in today’s trade.

Drug major Venus Remedies (BSE Code: 526953) said its research arm Venus Medicine Research Centre has received patent for its antibiotic product 'VRP008' from European Patent Office (EPO). The product is designed for mixed multi-drug infections for pediatric, geriatric and adult immuno-compromised patients where the risk of adverse events is high and very low amount of doses are required. The stock may trade with a positive bias in today’s trade.