Index Trends And Stocks In Action July 13, 2015

The Indian Market ended its losing streak as it logged modest gain and ended above the level of 8350 on Nifty. Banking stocks lifted the sentiments in the last hour of trade. On the daily chart the index has formed a Doji candlestick pattern and took support around its 21-day EMA level. Now going forward the level of 8420 will act as stiff resistance. On the other hand level of 8310 will act as a strong support and if it breaches this support expect it to touch level of 8270 and 8240.

Sintex Industries registered a 12% growth in its consolidated net profit at Rs 69 crore during the quarter ended June 30, mainly on account of growth in its custom molding business. Total income grew by about 9% to Rs 1,471.21 crore in the reported quarter as against Rs 1,345.41 crore in the year-ago period. As per management custom molding has grown 24% and expects entering a high growth era with a blend of synergies flowing in future. Prefab on the back of strong order flows will keep the momentum higher in coming quarters.

Unichem Lab reported 4.6% de-growth of net profit at Rs 28.8 crore in Q1FY16 as against of Rs 30.2 crore in Q1FY15. Total Income up 6.2% at Rs 309.1 crore as against Rs 291 crore corresponding quarter of the last year.

Mahindra & Mahindra will seek shareholders' approval to raise up to Rs 5,000 crore through issuance of securities on private placement basis in domestic and/or international markets.