Index Trends And Stocks In Action August 03, 2015

The Indian Equity Market flagged offthe new series on bullish not as the nifty index reclaims 8500 mark. Better than expected earnings from private banking stock ICICI Bank improved the sentiments of the investors and traders and buying was seen in all other banking stocks as the government proposes to infuse Rs 25,000 crore in this fiscal, nearly tripling of the amount of Rs 7,940 crore allocated in this year’s Budget. Technically, the index has pierced above its important short term moving average, i.e. 21-day EMA; this suggests momentum is with the bulls. Now going forward a cluster of resistance is placed in the zone of 8580-8660 for the index. If it manages to cross this hurdle expect a range expansion for the index, which will take index up to levels of 8800 in the short term. On the downside the level of 8480 is very crucial for the bulls and next important support is around 8400 mark.

July auto sales

Maruti Suzuki has registered a strong 20.1% growth in July sales, aided by passenger cars sales. The country's largest car maker sold 1.22 lakh units in the month gone by against 1.01 lakh units sold in the same period last year.

Royal Enfield maker Eicher Motors has reported a whopping 49% growth in July motorcycle sales. It sold 40,760 motorcycles during the month against 27,314 units sold in the year-ago period. Sequential growth was 9%.

Mahindra and Mahindra continued to see slowdown in domestic sales but its exports were strong in July, up 41% to 3,565 units.

Ashok Leyland, the country's second largest commercial vehicle manufacturer, has registered a whopping 40% growth in July sales aided by medium & heavy commercial vehicles (MHCV).

TVS Motor Company’s July sales increased by 2% YoY to 2.18 lakh vehicles, impacted by motorcycles sales.

IOC, BPCL and HPCL: Petrol price has been lowered by Rs 2.43 per litre and diesel price by Rs 3.60 per litre; this is third reduction in rates this month.