Index Trends And Stocks In Action March 18, 2015

Indian benchmark indices ended the session with smart gains. The upswing was led by late buying in banking, auto, capital goods and pharma stocks. The end of the day action formed a bullish candlestick pattern around 50-day EMA support; this indicates bulls are back in action. Now going forward the big obstacle for the bulls is to sustain above level of 8780 and 8840. If it manages to sustain above 8840, we can expect a fresh momentum buying coming in and which will lead market to new highs. On downside 8600 level is very crucial support; if this level is taken out we can see selling pressure coming which will lead index to levels of 8530-8460. 

Wipro (BSE Code: 507685), India’s third largest software services exporter has acquired a minority stake in Drivestream Inc a management and IT consulting firm specializing in Oracle Cloud Services for USD5 million. The partnership is part of Wipro’s strategic drive to actively participate in the external innovation eco-system, for which the company has set up Wipro Ventures, a USD100 million fund focused on investing in disruptive startups.

Bhushan Steel ’s (BSE Code: 500055) creditors are in advance talks to restructure about Rs 23,000 crore of lon-term loans to the Indian Steel producer. Lenders led by State Bank of India (SBI) and Punjab National Bank (PNB) are looking at extending the tenor of about of about Rs 20,000 crore of local-currency term loans to around 25 years, from an average of 8 years.

Tablet maker Granules India (BSE Code: 532482) has requested the Luxembourg Stock Exchange for de-listing of Global Depository Receipts (GDRs). The request was made as there were no outstanding GDRs following the conversion into equity shares.