Index Trends And Stocks In Action For June 09, 2014

Indian Equity market scaled to lifetime high on closing as well as on intraday basis. The Mid-cap and small-cap indices outperformed the benchmark index. Nifty index gained 110 points. In our last write up we mentioned once the index manage to get past resistance 7504 it will reclaim its life time high mark and this was in line with our expectation as index moved one way up post crossing its resistance of 7504.Now that index has managed to close above its vital resistance zone of 7504 and 7565, it has give a fresh breakout. Now going forward momentum will continue and resistance for index stands at 7640 and 7700. On downside 7500 will act as major support now.

IDBI Bank (BSE Code: 500116) is the latest to join the queue of a number of public sector banks that are gearing to raise money from foreign investors as they witness a boom in the equities market. The banks' board today cleared a proposal to raise as much as Rs 4000 crore either through QIP or a follow-on equity issue. The stock may remain in limelight in today’s trade.

After raising USD 500 million (Rs 2,942 crore) through a qualified institutional placement (QIP),the management of YES Bank (BSE Code: 532648) is keeping an eye on acquisition opportunities in the nature of a retail bank, with the right people at the right price. The QIP, which was concluded last week, resulted in the bank's capital adequacy ratio crossing 18%, which is enough to fund 30% growth for more than two years. The stock may remain in focus in today’s trade.

Leading textiles players Bombay Dyeing (BSE Code: 500020) has plans to set up 50 new age stores with contemporary design and product specific displays during the current fiscal. Out of 50 new age stores the company that the company is planning to open by the end of the fiscal, they have already opened six such stores so far. The stock may remain in focus in today’s trade.

India's drug regulator is set to restore the export certificate for Ranbaxy Laboratories' (BSE Code: 500359) biggest ingredient facility at Toansa in Punjab. This will allow the embattled manufacturer to resume exporting medicines to European markets, which use raw materials made at the plant. The stock may trade with a positive bias in today’s trade.