Index Trends And Stocks In Action April 29, 2015

The Indian equity market saw a relief rally post a sharp correction in the previous three sessions led by banking stocks and select Mid & Small Cap stocks. On daily chart Nifty index has formed a bullish piercing candlestick pattern around its 200-day EMA support. This suggests bulls are gaining momentum as value buying in at lower level has been witnessed. The way forward the index has strong resistance in zone of 8370-8420. On the downside the level of 8180 will play a crucial support zone for the index, only if the index closes below this level we could see a fresh wave of selling.

Bharti Airtel clocked a 30.5% growth in its net profit at Rs 1,255 crore, which though fell below the market expectations. Sustained pressure on voice business, near doubling of both the finance costs and capex during the quarter, and a continued weak performance in Africa eroded quarterly profits of the country's largest telecom operator. Consolidated revenue grew 3.6% on year to Rs 23,016 crore, which however fell sequentially. Net profit also saw a sequential drop.

Idea Cellular posted a better-than-expected 60% jump in quarterly profit, helped by higher data revenue and strong subscriber growth. For the January-March period, net profit rose to Rs 941.8 crore from Rs 589.8 crore a year earlier. Revenue increased nearly 20% to Rs 8,422.5 crore.

Tata Elxsi has reported growth of 36.7% in consolidated net profit at Rs 29.8 crore for the quarter ended March 31, 2015, as compared to Rs 21.8 crore on QoQ basis. The total income from operations stood at Rs 213.3 crore for the quarter, as against Rs 211.5 crore for the previous quarter of current fiscal year, up by 9.4% on QoQ basis. The company recommends dividend of Rs 11 per share.