Index Trends And Stocks In Action August 07, 2015

Indian Equity Market ended a choppy session with modest gains on Thursday. Movement was stock specific, with quarterly results and other corporate development setting the trend for the stocks. Pharma, Capital goods and Consumer durables were among the notable gainers. The index on the daily chart has formed a Doji Candlestick pattern around the downward sloping trend line joining from all time high levels. This downward sloping trend line will act as a strong barrier for the index in coming sessions. Now going forward the index needs to sustain above level of 8610 to move higher and next resistance for the index is placed around 8660. On the downside the level of 8540 is a key support for the index. If index drifts below this level expect correction up to levels of 8480.

KEI Industries reported more than threefold net profit in Q1FY16 at Rs 11.7 crore as against Rs 3.5 crore in corresponding quarter of the previous year. Topline grew by 32 per cent at Rs 518.4 crore as against Rs 392.8 crore in Q1FY15.

Minda Corporation delivers a strong start to the financial year; reported a robust growth of 16.5% in PAT at Rs 20.2 crore and topline increased by 15.2% YoY to Rs 528 crore.

Praj Industries Q1FY16 consolidated net profit doubled at Rs 5.2 crore against Rs 2.5 crore and consolidated total income down 13% at Rs 192.5 as against Rs 221.3 crore on YoY basis.