Index Trends And Stocks In Action April 13, 2015

Indian benchmark indices consolidated in tight range and ended on flat note. The broader markets continue to outperform the benchmark indices. The end of the day’s action formed an inside candle, a potential doji candlestick pattern near the resistance zone. This suggests that the momentum for the bulls is diminishing phase. Going forward it’s important for index to sustain at higher around levels of 8790-8810, to continue its upward momentum. If index fails to sustain than we could see correction in the market. On downside support for index is around levels of 8710 and if this support is taken out next important support is around levels of 8630.

Engineering major Larsen & Toubro (L&T) today said it has signed a memorandum of understanding (MoU) with French firm Areva for cooperation to maximise localisation for the 9,900-MW Jaitapur nuclear plant in Maharashtra. The MoU covers the prospect of partnership between L&T and Areva in manufacturing key nuclear island equipment, valves, piping, electrical, instrumentation and engineering work. Through this partnership, Areva will also transfer technology to utilise the forging capabilities of L&T Special Steels and Heavy Forgings, a joint venture with Nuclear Power Corporation of India (NPCIL).

Reliance Industries announced the commissioning of two petrochemical plants for making polyester plastic used in clothing, packaging, foods & beverages and plastic bottles. It has commissioned a 1,150 kilo tons per annum Purified Terephthalic Acid (PTA) plant and a 650 KTA PET resin (Polyethylene Terephthalate) capacity at Dahej in Gujarat. The total Reliance PTA capacity will increase to 3.2 million tonnes per annum and global capacity share to 4%.

Aviation Stocks will be focus. Civil Aviation Ministry sought approval of Finance Ministry to increase USD 300-million cap of foreign funds for working capital requirements by individual airline companies.