Index Trends And Stocks In Action January 05, 2015

The Indian market rallied over 1% after trading in narrow and thing range for past 7-8 trading session. Buying was seen in banking stocks and information technology shares. Technically, index has breached its crucial resistance level of 8365 along with high volume and bullish market breadth. Going forward the momentum on the upside is likely to continue with some consolidation. On upside 8445 will act as a resistance zone for the index. On downside the range of 8270-8330 is likely to act as the key support area for index.  If index fails to hold on to support zone of 8270-8330, it’s likely to touch levels of 8230 in short term.

Auto major Ashok Leyland (BSE Code: 500477) reported 48% jump in sales at 9,290 units in December 2014. Sales of medium and heavy commercial vehicles soared 85% in December 2014 to 7,210 units as against 3,890 units sold during the same month of previous year. On sales of light commercial vehicles, the company witnessed 13% decline in December 2014, to 2,080 units from 2,385 units sold in December 2013.

Va Tech Wabag (BSE Code: 533269), a water treatment company, has won a Rs 220 crore contract under the Ganga Action Plan Project to build and operate a sewage treatment plant. The contract, which is part of the Ganga Action Plan Project, also includes the operation and maintenance of the plant for 10 years.

Fedders Lloyd Corporation (BSE Code: 500139) has received an order worth Rs 106.99 crore from the Odisha Power Transmission Corporation. The order entails executing, designing, engineering, supplying, erecting, testing and commissioning of construction of 2X20 MVA, 132/33 KV sub-stations and associated transmission lines on turnkey basis in various districts of Odisha in joint venture with Jagbankdhu Enterprise Pvt Ltd.

Shares of Minda Corporation (NSE Code: MINDACORP) will start trading in the range of Rs 85-105 at the bourses beginning Monday, as the shares reflect both bonus and stock split. Minda Corp on Friday closed at Rs 911.25. The company is rewarding its shareholders with 1:1 bonus issue. The face value of the shares is also being sub-divided to Rs 2 from Rs 10 now. Shareholders on Minda Corp's record as on January 6 will be eligible to receive the benefits. But those buying the shares on Monday will be not receive the same.