Index Trends And Stocks In Action February 20, 2015

The Indian markets extended its rally for the seventh straight day. The metals, Capital goods and power stocks saw hectic buying and ended as top gainers on the other side, the banking and the FMCG socks were under pressure. Technically, index had a volatile trading session and bulls managed to hold on its important support of 8790 as strong buying emerged in last hour of trade and index managed to close near its intraday high. This is positive for the index. Now going forward nifty index needs to sustain above8930 for fresh rally. On downside important support is placed around level of 8840 and next important level is around level 8790. If index breaks 8790 expect a correction up to levels of 8700 level.

Fair trade watchdog Competition Commission of India cleared Ajay Singh's proposal to acquire a majority stake in cash-strapped SpiceJet (BSE Code: 500285), moving closer to the much-needed recapitalization of the budget carrier as per media reports. With clearance from the CCI, the low-cost carrier's original promoter is closer to taking the management reins and ownership of SpiceJet.

The Finance Ministry referred the foreign investment proposals worth Rs 4187 crore in pharma firms - Glenmark (BSE Code: 532296) and Aurobindo (BSE Code: 524804) - to the Cabinet Committee on Economic Affairs as per media reports. The Foreign Investment Promotion Board has sent the proposal of Mumbai-based Glenmark Pharmaceuticals to the CCEA, headed by Prime Minister Narendra Modi, to raise the cap of foreign institutional investor holding to 49 per cent from present 35.07 per cent.