Index Trends And Stocks In Action December 08, 2014

The Indian markets ended the trading session at the lowest point of the day on back of selling in heavyweights. IT and Pharma indices languished in negative terrain and ended with losses of over 1 percent.  On Friday market opened with modest gain, but the bulls were not able to take control and push the index higher. Currently it seems market is facing supply at higher levels and investors and traders preferring to book profit at higher levels. Now going forward 8500 mark will be pretty closely watched by traders as this level has acted as a good support in short term. If in coming trading session the index sustains this level then traders can expect continuation of uptrend in the index up to levels of 8588-8630. If index violate this support level of 8500, next major support is placed at 8430.

In a landmark judgement for pharma sector, a US jury has ruled that AstraZeneca's patent litigation settlement for blockbuster drug Nexium with Ranbaxy (BSE Code: 500359) was not anti-competitive. A Massachusetts jury has found that an agreement between AstraZeneca Plc and Ranbaxy Laboratories to delay the launch of a generic version of AstraZeneca's heartburn drug Nexium was not anticompetitive.

SpiceJet (BSE Code: 500285) board is meeting on Monday (Today) to take stock of the latest crisis hitting the airline. The meeting takes place in the backdrop of Directorate General of Civil Aviation (DGCA)'s decision to withdraw 186 slots allotted to the airline and directive not to book tickets beyond 30 days. The airline says the booking restriction is counterproductive and will hurt it.