Index Trends And Stocks In Action June 01, 2015

The Indian equity markets have kick-started the June series on a high note. The Nifty index surged more than 100 points. Interest rate sensitive stocks like banking and auto led from the front, followed by Pharma, FMCG and Capital goods. Now going forward the index has strong resistance in zone of 8510-8550. On the downside 8380 and 8320 are crucial support for the index. We expect the market to consolidate in the range of 8380-8510 in coming trading sessions. However, if the index manage to close above the resistance zone expect market to surge up to levels of 8720 in the short term.

BEML reported over two-fold rise in net profit at Rs 168.85 crore in Q4FY15 as against Rs 63.89 crore inQ4FY14 on the back of higher income from operations. Total income from operations for the January-March quarter increased to Rs 1,279.33 crore, registering an increase of 64.09%.

Larsen & Toubro's net profit declined 27% to Rs 2,070 crore in Q4FY15 dented by the operating losses made by its hydrocarbon business even though its staple infrastructure business saw some recovery. The engineering major reported revenue of Rs 28,275 crore in the March quarter, reporting a moderate growth of 3.8%, as customers faced delays in projects due to land acquisition problems or financial constraints.

Sun Pharma's profits shrank 44% in the March quarter and its margins crashed as prices fell and India's biggest pharma player by market value absorbed the impact of the merger of former rival Ranbaxy Labs.