Index Trends And Stocks In Action For August 25, 2014
DSIJ Intelligence / 25 Aug 2014
Indian Equity market ended at a record closing high on Friday with the NSE Nifty index ending the day above the 7900 mark for the first time. The index managed to conquer the psychology level of 7900, led by gains in Bankex index which surged as much as 5 per cent during the week. Market is likely to remain choppy for couple of days and we expect there would be stock specific move.
Indian Equity market ended at a record closing high on Friday with the NSE Nifty index ending the day above the 7900 mark for the first time. The index managed to conquer the psychology level of 7900, led by gains in Bankex index which surged as much as 5 per cent during the week. Next week is a very important month for index as its expiry week. Going forward level of 7940 still remain as big hurdle for the bulls on upside and next resistance at 7790. On down side important support for index stands at 7850 and next support at 7810. Market is likely to remain choppy for couple of days and we expect there would be stock specific move.
Credit rating agency ICRA has downgraded on Saturday Naresh Goyal-promoted Jet Airways (India) (BSE Code: 532617) loan ratings to “D” from “BB” owing to delays in servicing airline’s debt. The agency downgraded long-term fund-based bank facilities of Jet Airways worth Rs 3210 crore. Instruments with “D” rating are in default or are expected to be in default soon. According to the ICRA statement, Jet Airways' net loss widened to Rs 3668 crore in the year-ended March 31, 2014 as against a net loss of Rs 485.50 crore in the year ago period. The stock may trade with a negative bias in today’s trade.
Arvind’s (BSE Code: 500101) subsidiary Arvind Lifestyle Brands, has tied up with Gap Incorporated, to open Gap stores in India. "We have tied up with Gap to bring the iconic American retailer to India. The first stores are expected to open in Mumbai and Delhi - starting with Gap's Summer 2015 collection for adults, kids and babies. And plans to open about 40 franchise-operated Gap stores in India at an estimated cost of around Rs 10 crore each," Arvind Chairman & MD. Sanjay Lalbhai stated. Last week Arvind announced its foray into e-commerce with custom clothing brand 'Creyate'. The stock may trade with a positive bias in today’s trade.
Jindal Steel Bolivia, an arm of Jindal Steel and Power (BSE Code: 532286), has won in excess of $ 22.5 million arbitration judgment against state-run mining company Empresa Siderurgica del Mutun (ESM). The stock may trade with a positive bias in today’s trade.
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