Index Trends And Stocks In Action February 23, 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.

United Bank of India (BSE Code: 532477) is one of the lenders consortiums to the fund-starved Haldia Petrochemicals Ltd and confirmed that it would not extend any further financial assistance to the company. The bank had given the company Rs 275 crore as loan earlier.

The state-run lender Bank of India (BSE Code: 532149) is likely to defer its plans to raise USD 750 million in foreign currency loan under its medium-term notes (MTN) program during this fiscal as the bank has enough liquidity in hand due to slow credit growth. The bank has a board approval to raise USD 5 billion through MTN beginning 2005 and has so far raised USD 2.5 billion.

Cash-starved Lanco Group (BSE Code: 532778) has approached lenders to reschedule Rs 1000 crore debt of two of its gas-based power plants in Andhra Pradesh till January 2018. The infra major has also sought similar reprieve from lenders for some of its power plants under Reserve Bank of India's 5/25 formula. Lanco Kondapalli Power operates three gas-based power plants in Andhra Pradesh.