Index Trends And Stocks In Action For June 27, 2014

Indian Equity markets ended on a dismal note on Thursday as the June Series ended below the psychological level of 7500. The benchmark indices declined sharply on account of long unwinding in Nifty.  The Oil & Gas stocks were among the major laggards after the government announced to hold the hike in gas prices by three months. 

Nifty has managed to hold on to its crucial support level of 7470-7480, even after vicious selling by bear’s in last half an hour. Now going forward if Nifty manages to hold on to this support zone than we can witness a small bounce in index up to levels of 7535-7560. On other hand if index violate this support zone of 7470-7480, than it will open gates for levels of 7300 in short term. For day trader’s important support level on downside stands at 7470 and next support is around levels of 7440.

SBI Capital Markets and Piramal Enterprises (BSE Code: 500302) have agreed to cooperate on business-related opportunities in acquiring controlling stakes in Road PPP Assets, where many developers are looking at hiving off their completed/near completion assets to repair their balance sheets. SBI Caps and Piramal Enterprises have mutually agreed to engage on a preferred relationship basis for advisory services for such identified road assets. SBI Caps would also assist Piramal Enterprises in obtaining necessary approvals for closing such transactions. The stock may remain in focus in today’s trade.

L&T Technology Services, a wholly- owned subsidiary of Larsen & Toubro (BSE Code: 500510) (L&T), has bought 74% stake in Thales Software India for an undisclosed amount. The transaction will enable Thales to select this new group (JV) as its Indian offset partner, resulting in inflow of offset related revenues in the joint venture. The stock may trade with a positive bias in today’s trade.

HDFC Bank (BSE Code: 500180) would expand its branch network by 10% on the current 760 branches across south India. The bank, which reached a milestone of 200 branches in Tamil Nadu, with the opening of a mini-branch at Peedampalli village on the city outskirts, would expand its branch network by 10 per cent on the present 760 branches in the current fiscal. The stock may remain in limelight in today’s trade.