Index Trends And Stocks In Action December 18, 2014

The Indian markets extended its losing streak amid weak cues from global market. At one moment nifty breached its important psychological level of 8000, however as day progressed buying emerged at lower levels and helped index to regain its important psychological mark. Technically, nifty index is trading in highly oversold zone. We can expect a bounce back if the Asian peers and global cues support. First, the most vital zone for the day would be between 8065 and 8085, the index needs to settle above that firmly to signal a probable inception of much needed pullback. On downside most important support is around 7950 and 7880.

Mahindra CIE Automotive (BSE Code: 532756) which is now merged pursuant to the scheme of Amalgamation between Mahindra Ugine Steel Company Limited with the Company with effect from December 10, 2014.

The finance ministry is likely to postpone its planned sale of residual stake in Hindustan Zinc (BSE Code: 500188) and Bharat Aluminium Company (Balco) to next financial year, as a delay in the valuation process and an earlier observation by the Supreme Court weigh on the planned Rs 15,000 crore disinvestment.

Hikal (BSE Code: 524735) approved the subdivision of equity shares of Rs 10 each into five shares of Rs 2 each. In the quarter ended September 2014, Hikal posted sales of Rs 242.88 crore and a net profit of Rs 15.25 crore. The EPS for the quarter was Rs 9.28, according to BSE data.