Index Trends And Stocks In Action March 13, 2015

Indian benchmark indices snapped its losing streak on back of positive global cues and sentiment strengthen after International Monetary Fund (IMF) raised its growth estimate for India in current fiscal to 7.2 per cent. The broader market ended the session with smart gains. Technically index has formed a small bullish candle with average volumes; this indicates bulls are coming back in action. A strong base has been formed near 50-day EMA support for index. As long as the support level of 8660 is intact there would be no negative bias. Now going forward index needs to sustain above its supply zone of 8840-60 for fresh up-move. On downside important support is in range of 8720 and 8660.

Cairn Energy Plc (Cairn India BSE Code: 532792), the Scottish energy exploration company that faces a USD 1.6 billion tax demand in India, can seek a review of the draft order before the final one is issued, a finance ministry official said, adding that the Indian government is clear the company has no case for arbitration because the bilateral treaty with the UK does not cover tax disputes.

ITC (BSE Code: 500875) is increasing cigarette prices by up to 21 per cent in its sharpest hike at one go, to make up for higher excise duties proposed in the Union budget for the next fiscal. The country's largest cigarette maker has already commenced manufacturing of packs with the new prices. 

A seven-year long wait came to an end when the Rajya Sabha passed the Insurance Laws (Amendment) Bill, 2015. The Lok Sabha had passed the Insurance Bill to increase foreign investment limit in local insurers to 49 percent from 26 percent. Max India (BSE Code: 500271), Aditya Birla Buvo (BSE Code: 500303), Bajaj Finserv (BSE Code: 532978)