Index Trends And Stocks In Action December 05, 2014

The Indian markets continue to surge higher on back of positive global cues and strong buying seen in FMCG major ITC and PSU banks. On daily chart nifty has formed a spinning top candlestick pattern with reasonable volume which indicates indecision among the traders. This is like tug of war between bulls and bears, nobody wins. Buyers buying power has neutralized the sellers selling power and sellers selling power has neutralized the buyers buying power. Existing uptrend remains intact as index is holding the support of 8480-8430. On upside index needs to clear 8630, once index surpasses this supply zone it could head further to levels of 8680.

Government's five per cent stake in steel giant SAIL (BSE Code: 500113) will be sold at a floor price of Rs 83 per share today, which can raise Rs 1,500-1,700 crore for the exchequer in the first disinvestment under the new regime.

Brigade Enterprises (BSE Code: 532929) launches a luxury project Brigade NorthRidge in North Bangalore. The Project, spread over 6 acres comprise of 2, 3 & 4 bedroom luxury apartment, stating at just Rs 65 lakh.  

Srinivasa Hatcheries (BSE Code: 526893) promoters group who currently own 72,71,190 equity shares, representing 75% of the paid-up equity share capital of the company, have written to the company Board their interest to acquire the balance shares from the open market and de-list them. The company Board, after its meeting on yesterday, has informed that the floor price which the acquirers would offer to the shareholders has been fixed at Rs. 110, which is 14 per cent higher than the arrived price of Rs. 96.48 per equity share which has been determined as per SEBI guidelines.