Index Trends And Stocks In Action July 10, 2015

The Indian Market continued its losing streak for the third consecutive trading session; a reversal in trend that took place in the last hour of trade as selling was witnessed in IT sector. On the daily chart the index has formed a bearish candle which hints that bears are in full control. Now going forward the level of 8280 is a crucial level as its 200-day EMA for the index. If this level is breached, expect a correction up to levels of 8200. On the upside the level of 8410 will act as a strong resistance zone for the index.

Novartis: Drug firm Novartis has received not from the US health regulator for its heart failure treatment tablets LCZ696 and the company plans to launch the medicine in India. Novartis India Country President RanjitShahani said the early approval by the USFDA, ahead of priority review date of LCZ696, will benefit many patients afflicted with heart failure.

JSW Energy &MonnentIspat: JSW Energy has announced that the company has signed a Non-binding Memorandum of Understanding (MOU) with Monnet Ispat and Energy (MIEL) and Monnet Power Company (MPCL) fir initiating a due diligence process for the possible acquisition of a majority stake in MPCL, which is setting up a 1050 MW coal fired thermal power plant located at Malibrahmani, Angul, Odisha.

TCS: Tata Consultancy Services, the country’s largest software exporter, missed revenue expectations for the fourth consecutive quarter in a row. Sequential dollar revenue growth of 3.5% was also the lowest level of growth in the first quarter in several years.

Cipla: Drug maker Cipla will move its consumer healthcare business into a separate unit to sharpen its focus on the segment and boost sales. In a board meeting Cipla approved the divestment of its consumer healthcare business to a wholly owned subsidiary for a consideration of Rs 10.5 crore.