Index Trends And Stocks In Action April 09, 2015

Indian benchmark continued its winning streak for the fourth successive trading session as buying was seen in heavyweights like Reliance Industries, Bharti Airtel and TCS. The broader market ended with good gains. Nifty in last trading session opened with an upside gap and post that enter into sideways consolidation phase, however towards end heavyweights lifted the mood of market participant and index managed to close above 8700 mark. The end of the day action formed a small body bullish candlestick with small lower and upper wick. This candlestick hints momentum will shift toward sideways and consolidation phase. For day trading level of 8760 will act as a stiff resistance for index. On downside 8660 and 8610 will act as a strong support level. 

IFCI has announced that the Government of India has acquired 6,00,00,000 Preference shares of Rs 10/- each of the company from certain Scheduled Commercial  Banks and has consequently increased its holding from present 47.93 per cent to 51.04 percent of the Paid-up share capital of the company. As a result IFCI has become a ‘Government Company” as per the Companies Act, 2013.

Creditors of ABG Shipyard want the promoter to sell a stake to strategic investors to inject equity into the company and effect some changes at the top management. The company is in the midst of a corporate debt restricting.