Index Trends And Stocks In Action For August 07, 2014

Indian Equity market witnessed sharp cut on Wednesday amid weak global cues. The Asian markets ended lower as traders and investors turned caution and booked profit on worries that the geopolitical tensions between Russian and Ukraine could rise. Sentiments were further hit after the Indian Rupee hit to new weekly high at 61.78 per dollar mark. 

Buying was seen in IT index. Nifty index failed to see follow up buying and ended below its 21-day EMA support. Now going forward Nifty has strong support around levels of 7640 and next important support is around levels of 7570. If Nifty breaks this support level of 7570 it could see a healthy correction in short term. On upside 7710 will act as resistance.

UltraTech Cement (BSE Code: 532538) plans capital expenditure of Rs 3798 crore this fiscal to add 2.9 million tonnes with supporting grinding units and waste heat recovery in its subsidiary Aditya Cement Works in Rajasthan. Besides, the company will also invest to modernise facility at its jetty in Gujarat. The company expects its turnover to touch Rs. 25,000 crore this fiscal against Rs. 20,078 crore recorded last financial year. The stock may trade with a positive bias in today’s trade.

Drug major Lupin (BSE Code: 500257) has inked a marketing pact with South Korea's LG Life Sciences to launch its anti-diabetes drug in India. As per the strategic distribution pact inked between the two companies, Mumbai-based Lupin will launch LG Life Sciences' Insulin Glargine, a novel insulin analogue, under the brand name BasugineTM. The stock may remain in focus in today’s trade.

Adani Ports and Special Economic Zone (BSE Code: 532921) reported 36% rise in consolidated net profit at Rs 568 crore for the quarter ended June 30, 2014, helped by a strong cargo volume growth. The company's net profit in the corresponding quarter of the last fiscal was Rs 417.50 crore. The stock may remain in action in today’s trade.