Index Trends And Stocks in Action June 22, 2015

It was raining gains in the Indian equity market as the market extended its winning streak for sixth straight day. Sentiments were boosted as monsoon picked up across India and IMD also predicted monsoon to be normal in this month boosting sowing of kharif crops. On the daily chart index managed to cross its hurdle of 200-day EMA, but it failed to close above this level as in the last hour half an hour profit booking was seen in select blue-chip stocks. Now going forward the index has strong hurdle in the zone of 8280-8330. On the downside important support zone would be around levels of 8150 will act as an important support. We expect the market to consolidate and remain sideways for the next couple of trading sessions. 

Infosys: IT major Infosys will remain in focus ahead of its AGM. It has also bagged three deals from overseas clients which include two in financial services space and one for managed service.

Indiabulls real Estate: In one of the largest promoters-led fund infusion in the real estate sector in recent times, Sameer Gehlaut, the founder and promoter of IBREALEST is investing Rs 538 crores to increase his stake in the company from 27% to 37% through preferential allotment. Gehlaut is picking up stake through a combination of equity shares and convertible warrants at Rs 67 per share.

Lupin and Tata Power: Drug maker Lupin will replace private sector electricity producer Tata Power on the BSE benchmark index Sensex from today.

Tata Steel: UK trade unions suspended the strike action scheduled for 22^nd June after a new pension offer from Tata Steek UK, which keeps British Steel Pension Scheme (BSPS) open.