Index Trends And Stocks In Action March 16, 2015

Indian benchmark indices ended the session near day’s low on back of weak macro-economic data. The broader market too ended with losses the CNX Midcap slipped 1.3% and Small Cap index ended 1.8% lower. Technically index has formed a big bearish candle along with average volumes; this indicates bear’s have upper hand. The Nifty index breached its important support level of 8660. Now going forward important support for index is around level of 8610-8550. On upside 8710 would act as a crucial resistance.

In a relief to the real estate major, the Securities Appellate Tribunal (SAT) ruled in favor of DLF (BSE Code: 532868), in a case against SEBI. SAT overturn the market regulator SEBI’s order against DLF, which banned the property giant from accessing the Capital market, has opened new path for raising funds and reducing its debt. DLF will be looking at the listing of two REITs, one housing the office/commercial assets and the other retail assets.

State Bank of India (BSE Code: 500112) after receiving excellent response for its initial mega E-auction of distressed assets with heavy traffic slowing the website and delaying the process, has extended the bidding time by an hour due to higher demand.

Jaypee group is in discussion with Heildelberg Cement (BSE Code: 500292), the world’s third biggest cement maker and Sajjan Jindal-led JSW Cement, to form a joint venture which will control the majority of its cement plants as part of an ongoing exercise to reduce debt.