Index Trends And Stocks In Action For July 28, 2014

Indian Equity market took breather and snap eight days winning streak on back of disappointed quarterly earnings announced by corporate. Barring the defensive like FMCG and the Pharma indices all the major sectoral indices ended in the red. Even the Mid-Cap and Small-Cap index fell by 1.3% and 2% respectively. On daily chart Nifty has formed a bearish candlestick pattern along with negative RSI divergence suggests some correction or consolidation ahead. Going forward Nifty has important support around levels of 7745 and next important support is around 7680. On upside 7850 will act as resistance and next resistance at 7880.

The Board of Directors of Cholamandalam Investment and Finance Company (BSE Code: 511243) at their meeting held on 26 July 2014 considered and approved an issue of 50,000,000 Compulsorily Convertible Preference Shares ("CCPS") of Rs 100 each aggregating to Rs 500 crore on a preferential basis as permitted by SEBI (ICDR) Regulations to investors as a preferential issue in terms of Chapter VII of the SEBI (ICDR) Regulations. This capital infusion will help the Company to meet the business growth and augment the Tier 1 capital adequacy ratio (CAR). The stock may remain in focus in today’s trade.

ICICI Bank (BSE Code: 532174) is set to become the first bank to raise money through infrastructure bonds to fund affordable housing under a recently announced programme, as the nation's largest non-state lender readies an issue of as much as Rs 1,000 crore. New Reserve Bank of India rules exempt banks from compulsory reserve requirement on the money raised by selling bonds with tenure of seven years and more to fund infrastructure and low-cost housing projects as the government aims to provide housing for all. The stock may remain in limelight in today’s trade.

Maruti Suzuki India (BSE Code: 532500) is looking to increase the supply of auto gear shift version of its latest compact hatchback Celerio to reduce the waiting period that currently stands at about four months. Since its launch in February, the company has so far received bookings for over 57,800 units of Celerio, out of which 43% (25,000) are units with automated manual transmission (AMT) technology. The stock may trade with a positive bias in today’s trade.

Tata Chemicals (BSE Code: 500770) has sought shareholders nod to raise up to Rs 1,000 crore from private placement of non-convertible debentures for general corporate purposes. According to the agenda for the company's AGM (annual general meeting) scheduled for August 21, Tata Chemicals has moved a special resolution for authorising its Board to raise up to Rs 1,000 crore via debentures. The stock may remain in focus in today’s trade.