Index Trends And Stocks In Action July 09, 2015

The Global events had disturbed the ongoing upward momentum of the Indian Market as continuous selling in Chinese Equity market triggered sell-off in all the Asian markets. Technically, the index opened with a downside gap of around 70-80 points and bears continue to put pressure on the market. However, in afternoon session some effort was made by the bulls to recover from lower level, but it ended in vain as market ended with losses of more than 1.7 per cent. Now going forward important support for the index is placed around levels of 8300 and the next support around levels of 8240. On the upside level of 8460 will act as a major resistance zone.

MRPL: Mangalore Refining and Petrochemical (MRPL) said it has started the process of merger with ONGC Mangalore Petrochemicals (OMPL) which operates an aromatics complex next door.

TCS: Tata Consultancy Service will report its quarterly numbers today and as per poll it’s likely to report a 4.1 per cent QoQ growth in dollar-denominated revenue at $4.06 billion for the quarter ended June.

Bhushan Steel: BSL has received lender’s approval for long term restructuring of about Rs 30,000 crore loans under a scheme of Reserve Bank of India.

Snowman Logistics: Snowman Logistics has commenced operations of its new Mumbai warehouse of 4,500 pallets situated at Plot no. K-12, Taloja Industrial Area, Panvel District, Taloja Mumbai taking the total warehousing capacity of the company to 90,000 pallets.