Index Trends And Stocks in Action June 23, 2015

The Indian equity market with Monday’s session gains marked its longest winning streak in last four months as it gained for the seventh consecutive trading session.  Technically, the index opened with an upside gap of around 35-40 points and moved up in a straight line for the entire session. There was huge participation in banking stocks and it helped index to get past 8300 mark. In the last couple of trading sessions we have observed formations of back to back opening upside gap, which are yet to fill. These gaps could be bullish run away gaps. Now going forward the index has strong hurdle around levels of 8445-8460. On the downside the level of 8330 will act as an important support and next support is placed around levels of 8250.

Bharti Airtel: Japan’s telecom and Internet major Softbank, Bharti Enterprises and Taiwan-based Foxconn Technology group have formed a joint venture, SBG cleantech which will invest around $20 billion over 10 years into green energy projects.

Hero Motocorp: The USD5 billion BrijmohanLallMunjal- led Hero Group, with presence in over a dozen business verticals, announced its foray into the rapidly growing electronics sector of the country, with the formation of a new company, “Hero Electronix”.

ICICI Bank: ICICI Bank has associated with Alibaba for the launch of the Trade Facilitation Centre, a single window facility to provide easier trade finance to small and medium enterprises in India. The collaboration for Trade Facilitation Centre will enable Indian entrepreneurs who are members of Alibaba.com to get quick access to services from ICICI Bank, including business loans, cash management, foreign exchange transactions, bank guarantees and cross-border remittances, in addition to discounts. 

Larsen and Toubro: L&T Said it has won orders worth Rs 1,507 crore across various business verticals. The company said L&T- MMH has won an EPC order from Emirates Global Aluminium (EMA) for its Greenfield alumina refinery development project in Al Taweelah, Abu Dhabi. In domestic arena, L&T-MMH won EPC orders from SAIL.