Index Trends And Stocks In Action June 08, 2015

The Indian equity markets after trading positive in the first half of trading session, witnessed a sharp decline in the last hour of trade. The fall was led by interest rate sensitive like Realty, Banking and Auto stocks. The end of the day action has formed a potentially gravestone doji candlestick pattern, this suggests a sell on the rise has been witnessed in the last trading session and the rise has been used to liquidate the positions. Now going forward level of 8050 is important support for the index, if it’s breached expect a correction up to levels of 7960. On the other hand the index has strong resistance around level of 8180 and 8245.

Yes Bank: Private sector lender Yes Bank said it will raise USD 1 billion (about Rs 6,400 crore) by fresh equity and Rs 10,000 crore through Non Convertible Debentures (NCDs) and Bonds. The Bank’s shareholders at its Annual General Meeting held yesterday, also approved an increase in its borrowings limit to Rs 50,000 crore, also hiking the combined investment limit for FPIs and FIIs to 74 per cent.

Sun TV: The Home Ministry has struck down an Information and Broadcasting Ministry’s proposal for giving security clearance to 33 television channels of Kalanithi Maran-promoted Sun TV Network, a move that could lead to cancellation of their broadcasting license.

Nestle: Swiss Multinational Nestle India’s decision to withdraw Maggi from the Indian Market, following the lead/monosodium glutamate(MSG) controversy, could shave off around Rs 160 crore from its June quarter turnover.

Reliance Power: Anil Ambani-led Reliance Power signed an agreement to invest USD 3 billion in setting up mega power plant and a floating LNG import terminal in Bangladesh which faces acute power shortages.