Index Trends And Stocks In Action August 13, 2015

The Indian Equity Market extended its fall for the fourth successive trading session on back of chaos in the global currency market and the GST bill still pending for approval in the parliament. The index opened in negative territory and declined sharply soon after opening, however, some respite was seen in mid-session, but it was short lived and the sell-off continued. Now going forward crucial support zone for the index is in the range of 8290-8310. We might see a minor pullback from these levels; however, it would be tough for the bulls to hold these support zones for a long period of time as FIIs have been selling heavily since last couple of trading sessions. On the upside the level of 8380 and 8410 will act as a strong barrier for the index.

SAIL: Steel giant is planning to buy a 51% stake in Odisha government-run pig iron producer IDCOL Kalinga Iron Works, Parliament was informed today.

Tata Steel: Tata Steel is continuing discussions to sell its loss-making long-products business in Europe, the company said on Wednesday, after talks with Swiss-based Klesch Group failed.

SBI: State Bank of India has ruled out merging its credit card subsidiary into the bank or buying out its partner GE that has decided to exit the joint venture.