Index Trends And Stocks In Action September 11, 2014
DSIJ Intelligence / 11 Sep 2014
The Indian market failed to recover after a gap down opening on back of profit taking in IT, oil & gas, FMCG and Consumer Durables stocks. However Bank Nifty was able to restrict the weakness as it closed marginally higher. The broader markets continue to surge higher and managed to end in green. The index violated its crucial support level of 8125; this level was earlier a stiff resistance and later acted as a good support for index.
The Indian market failed to recover after a gap down opening on back of profit taking in IT, oil & gas, FMCG and Consumer Durables stocks. However Bank Nifty was able to restrict the weakness as it closed marginally higher. The broader markets continue to surge higher and managed to end in green. The index violated its crucial support level of 8125; this level was earlier a stiff resistance and later acted as a good support for index. Now going forward important support for index is around levels of 8035 and next support around 7980. On upside 8130 would act as a hurdle and once bulls get past this level it can reclaim levels of 6180.
Government approved the sale of shares in Coal India (BSE Code: 533278), ONGC (BSE Code: 500312) and NHPC (BSE Code: 533098) to garner a combined Rs 43,000 crore. At current market prices, the sale of shares in state- owned CIL, ONGC and NHPC could garner over Rs 23,000 crore, Rs 18,000 crore and Rs 2,800 crore respectively, helping the government meet its disinvestment target of Rs 43,425 crore for this fiscal. CCEA has cleared 10% stake dilution in CIL, 5% in ONGC and 11.36% in NHPC through the OFS route. These stocks may remain in focus in today’s trade.
NTPC (BSE Code: 532555) has approved investment of over Rs 10,000 crore for executing two plants. Investment in Tanda Super Thermal Power Project in Uttar Pradesh at an appraised current estimated cost of Rs 9,189 crore has been sanctioned. An appraised current estimated cost of Rs.1,381.84 crore for the Rammam Hydro Electric Project in West Bengal has also been approved. The company recently signed an agreement with Andhra Pradesh government for setting up a mega solar power unit with a capacity of 1,000 megawatt (MW) at Ananthapur. NTPC aims to set up 3,000 MW of solar power projects over the next 3-3.5 years. The stock may trade with a positive bias in today’s trade.
DLF’s (BSE Code: 532868) shareholders have approved a proposal to raise up to Rs 5,000 crore through private placement of non-convertible debentures to augment long term resources for business needs. The stock may remain in focus in today’s trade.
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