Index Trends And Stocks In Action February 13, 2015

The Indian markets continued its upward momentum as strong buying emerged in the second half of trading session as buying was seen in heavyweights like BHEL, DR Reddy’s, Cipla and LT. Technically, the Nifty index formed a Hanging man candlestick pattern on daily chart with reasonable volume, generally this candlestick pattern warns of a potential trend reversal. However pattern could get validated only if the next candlestick manages to close below the low or real body of the hanging man candlestick pattern. Now going forward index needs to sustain above 8750-8770 for fresh momentum on the upside. If it manages to sustain above these levels expect a rally up to levels of 8830-8890. On downside 8630 and 8580 will act as an important support for the index.

Tata Steel (BSE Code: 500470) has taken over three service centres in Sweden, Finland and Norway in order to strengthen its offering to manufacturers in the Nordic region. The Europe's second largest steel producer entered into the agreement with steel producer SSAB to buy these service stations located at Halmstad in Sweden and Naantali in Finland.

Bank of India (BSE Code: 532149) has posted considerable drop of 70 per cent in its a net profit to Rs 1733.80 million for the quarter ended December 31, 2014 as compared to Rs 5858.20 million for the quarter ended December 31, 2013. However, total Income has increased from Rs 108662.90 million for the quarter ended December 31, 2013 to Rs 119474.50 million for the quarter ended December 31, 2014.

Cipla (BSE Code: 500087) today announced its unaudited consolidated financial results for the quarter ended December 31, 2014 (Q3). The company’s income from operations grew by 6.5 per cent to Rs 2,765 crore, up from Rs 2,596 crore the same period last year. The EBITDA grew by 18.5 per cent to Rs 554 crore during the same period. The company’s profit after tax grew by 15.3 per cent to Rs 328 crore in December 2014 quarter.