Index Trends And Stocks In Action For June 05, 2014

Indian Equity market ended on a negative note on Wednesday, with traders and investor mostly refraining from making any significant moves in the large cap space. Mid and small cap stocks however had yet another bright session. The Nifty index ended with a loss of 13 points.

Now going forward Nifty has resistance around levels of 7440-7450, once Nifty index sustains above this level than it’s likely to move further up to levels of 7500 or even 7530. On downside most crucial support for the index is around levels of 7350 and 7320. There could be a sideways range bound movement for two-three trading session after a sharp run-up. But there would stock specific movement as broader market is trying to catch up.

The country's second largest software services firm Infosys (BSE Code: 500209) launched a cloud-based version of its clinical trial supply management solution (CTSM) that will offer pharmaceutical firms reduced cost and faster time to market the new drug. The new cloud-based module of the CTSM solution is an enhancement to the existing on-premise version that offers tools to manage all aspects of complex clinical trials, including demand and supply planning and distribution across clinical sites. The stock may remain in focus in today’s trade.

State-run miner NMDC (BSE Code: 526371) has raised iron ore prices by Rs 250-300 a tonne for June allegedly aimed at cashing in on subdued domestic supply scenario, a move that might stoke steel prices. NMDC has raised the price of lump variety, which contains more iron and used mostly by domestic steel makers, by Rs 300 per tonne and by Rs 250 per tonne for fines or lower grade iron ore. The stock may trade with a positive bias in today’s trade.

Titan (BSE Code: 500114) sensing a huge growth potential in the market, plans to expand its manufacturing capacity and retail footprint across the country for its entire range of products, including watches, jewellery and prescription eyewear. The management has indicated that the company plans to invest over Rs 250 crore this year in these projects. Of this, Rs 150 crore will go for capacity expansion and the remaining will be spent on retail expansion. The stock may remain in limelight in today’s session.

Following the receipt of in-principle approval for banking licence from the Reserve Bank of India, IDFC’s (BSE Code: 532659) board approved domestic fund raising to bring down the foreign shareholding below 50%. The fund-raising proposal, which is subject to approval by the shareholders at the ensuing annual general meeting of the company, will be done through a follow-on public offer/preferential offer. The stock may remain in focus in today’s trade.