Index Trends And Stocks In Action July 30, 2015

The Indian Equity Market snapped its four day’s losing streak as positive cues from global peers and bargain-buying by investors and traders emerged at crucial support zone helped the market to recover. Technically, the index opened with a positive bias and move within the tight band for the better part of the session. The bulls have managed to defend its important support zone of 8280-8315. Now going forward if bulls continue to hold on to this support zone expect a pullback rally up to levels of 8410. However, if support band is breached market is likely to face quick sell-off and this will drag index up to levels of 8180. The daily momentum oscillator like 14 day RSI has bounced back from the lower band of support and it’s important to see whether this indicator is able to cross its hurdle of 70 odd levels or not. If it does, then the market is likely to resume its uptrend with momentum. However, today being the expiry for the July series, we expect the market to be volatile. 

Essar Oil: Essar Oil received approval from National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to delist its shares. Delisting the company would give promoter Ruia brothers- Shashikant and Ravikant, greater flexibility and less regulatory scrutiny while selling a stake in the refiner.  The entire process for the delisting may take up to 2 months as informed by MD & CEO L K Gupta.

Vedanta: Vedanta said it’s expected to restart iron ore mining by October in top exporting Goa province and that talks were continuing with regulators for merging with its cash-rich unit Cairn India.

HDFC: Country’s leading mortgage lender HDFC has said it will raise up to Rs 5,000 crore through non-convertible debentures (NCDs) to boost lending operation and meet its upcoming capital needs. The company has also pursued shareholders nod to raise funds through warrants, said in BSE Filing.