Index Trends And Stocks In Action April 06, 2015

Indian benchmark indices resumed its uptrend as the index started FY16 on optimistic note. Banking stocks and Pharma stocks saw some hectic buying which helped index to post closing above 8550. Index formed a bullish candlestick along with reasonable volumes, this hints that bulls are gaining momentum. Now going forward strong resistance for index is placed in zone of 8630-8650, if index manages to sustain above this level expect a fresh breakout and this will take index up to levels of 8720. On downside 8530 will act as a strong support for index.  

Theme park operator Adlabs Entertainment, which recently concluded its initial public offer (IPO), will make its debut on the stock market on 6^th April, 2015 i.e. Today. The company's IPO, which was off the ground last month, was subscribed 1.11 times, helping it mop up an estimated Rs 376 crore. The funds raised include Rs 60 crore from anchor investors. Adlabs offer price was lowered to Rs 180-215 from Rs 221-230 per share while the closure date was extended by three days amid tepid response from institutional investors.

State-owned Canara Bank is likely to get fund infusion of up to Rs 1,500 crore from the country's largest insurance firm Life Insurance Corporation of India (LIC) next month. The fund would be raised by issuing 4 crore shares through preferential allotment and the capital raised would be utilised for business growth," a senior Canara Bank official said.