Index Trends And Stocks In Action December 26, 2014

The Indian market sink sharply in late afternoon trades on Wednesday on account of F&O expiry. Oil & Gas, IT, FMCG, Healthcare and Banking stocks dragged index below 8200 mark. Nifty index slipped below its 50-day EMA support. Now going forward we expect market to trader volatile and support for index is placed at 8130 and next support around 8050. On upside the range between 8210 and 8265 is going to act as supply zone for index.

Japan’s Sumitomo Mitsui Trust Bank will pick up a 2.77% stake in Anil Ambani’s financial services company Reliance Capital (BSE Code: 500111) for Rs 371 crore. The investment was being made at Rs 530 a share, at a premium of a little over 11% to the stock price on the relevant date of Reliance Capital.

Corporation Bank (BSE Code: 532179) has decided to sub-divide each equity share with a face value of Rs. 10 into five equity shares of Rs. 2 each. And it has fixed January 23, as the record date for the purpose of ascertaining the eligibility of shareholders to receive five equity shares of nominal value of Rs. 2 each in lieu of one equity share of nominal value of Rs. 10 each on account of reduction/split in the face value of the bank's equity shares.

Shares of VST Tillers Tractors (BSE Code: 531266) may remain under pressure as its management has decided to restrict production to four days a week at its Bangalore and Hosur plants. The sale of power tillers and tractors has not kept pace with the plants’ production since October which has resulted in high finished goods inventory. The company feels the situation is unlikely to improve in the near future.