Index Trends And Stocks In Action March 17, 2015

Indian benchmark indices ended the session with marginal losses on Monday amid choppy movement. The broader market also ended on a negative note. The CNX Midcap index was down 0.4% and the Small cap Index dipped 0.9%. Index has found support around levels of 8610 and consolidated for the most part of the day. Now going forward it’s important that the support level of 8600 remains intact, if it’s breached expect fresh down move up to levels of 8470. On upside 8730 will act as major hurdle for the bulls. 

Market regulator SEBI has asked stock exchange for information of trades done in the Pipavav Defence (BSE Code: 533107) stock prior to the company’s fresh announcement of stake sale to Reliance Infrastructure. The market regulator SEBI is inquiring whether some market participant had built position in the stock, aided by prior knowledge on the matter. 

India’s largest listed Sanitary ware Company HSIL (BSE Code: 500187) has successfully raised Rs 250 crore from the market via QIP (Qualified Institutional Placement) to reduce interest cost. The interest cost of the company will be reduced by Rs 22.5 crore to Rs 50 crore post debt repayments.

Drug maker Granules India (BSE Code: 532482) said US health regulator FDA has inspected its Gagillapur manufacturing facility near Hyderabad and did not find any deviation from good manufacturing norms.