Index Trends And Stocks In Action November 18, 2014

The Indian market after a dull start and spending a long time in negative territory, the market rallied to record highs in mid afternoon session. Data showing the country’s trade deficit to have narrowed down in October pulled the market out of the red. SBI, Tata Motors, Reliance and Tata Motors were among the major contributors in the Nifty. Now going forward index has resistance around levels of 8480. Immediate support for index on downside is placed around levels of 8380 and 8342. Once the level of 8342 is decisively taken out we may see the index slipping further towards the 8300 mark. 

Sun Pharma (BSE Code: 524715) has recalled more than 68,000 bottles of its anti-depressant drug venlafaxine hydrochloride from the US market. The company withdrew the drugs, manufactured in its Halol unit in India, after these failed to dissolve properly, said the US FDA (Food & Drug Administration). This is the second recall of this drug from Sun Pharma in the last four months.  The stock may remain in focus in today’s trade.

Axis Bank (BSE Code: 532215) raised USD 500 million via the sale of U.S. dollar-denominated bonds, to bulk up its balance sheet. It will pay an interest of 3.25% on the 5.5-year bonds, or 1.7% points above the yield of a comparable U.S. Treasury bond on the deal. This is the best pricing any Indian bank has got for a comparable bond since 2008. The stock may remain in focus in today’s trade.

Reliance Jio Infocomm (RJIL) subsidiary of Reliance Industries (BSE Code: 500325) has raised as much as USD 1.5 billion in fresh foreign loans to replace some of the higher cost debt that was originally raised in 2010. The company said it has tied up at "significantly better terms" than the facilities being re-financed. This term loan syndication saw a total of 26 banks participate in the facility. The drive saw participation from Middle Eastern, regional Taiwanese and Japanese banks. The stock may remain in focus in today’s trade.