Index Trends And Stocks In Action For June 12, 2014

Indian Equity market snapped its four day’s winning streak as investors and traders preferred to book profit at higher levels. Selling pressure in the power, realty, capital good, oil & gas and metals dragged the indices to close in red. On the other hand IT index was top performer in today’s session. Now going forward levels of 7570 is very critical for the Nifty index. If Nifty breaks this level than we can test levels of 7504 and 7470 on downside and if Nifty does not break this support level than we can see a consolidation in this narrow range of 7570-7680 for couple of days and post consolidation we could see some momentum coming in. on upside 7650 and 7700 will act as resistance for the bulls.

Kishore Biyani-promoted Future Retail (BSE Code: 523574) plans to raise Rs 2,000 crore by issuing shares to promoters and investors as it seeks to pare debt and fund its future growth. The retail company will raise Rs 400 crore through issue of shares and warrants on preferential basis to investors and promoters and Rs 1,600 crore through issue of shares on rights basis. The stock may remain in focus in today’s trade. 

Financial Technologies (BSE Code: 526881) has challenged the commodity market regulator's norms on selling stake of an exchange's shareholders who has been declared not fit and proper and has also made Multi Commodity Exchange (BSE Code: 534091) as party to it pleading to the court not to allow its shares to be auctioned. The petition filed in Mumbai High Court has been admitted and it will be heard on Thursday 13 June for ad-interim order. Both the stock may witness volatile trades in today’s session.

Tata Consultancy Services (BSE Code: 532540) has rolled out a digital learning pilot project for its employees and campus hires to reduce training time and improve utilization rates, or the percentage of employees engaged in revenue-earning projects.  India’s largest IT services company leads the industry when it comes to utilization rate of its employees (excluding trainees). It stood at 83.8% in the quarter ending 31 March, while Cognizant Technology Solutions Ltd came in at 83% and Infosys Ltd at 77.4%. The stock may remain in action in today’s trade.