Index Trends And Stocks In Action September 01, 2015

The Indian market following muted cues from Asian Peer, started the session with a marginal gap down. The Nifty index settled below its psychological mark of 8000. The index has managed to hold on to its important support level of 7940-7930 and in Monday’s trading session, it was evident that market participant are using pullback rallies to book profit or square of their long positions. So it’s just a matter of time and once we breach this important support zone, we would witness the downward journey of the index up to levels of 7700-7640. On the upside the levels of 8045-8065 is crucial resistance level for the index.

BPCL, HPCL and IOC: Fuel Retailers have slashed Diesel and Petrol Prices by Rs 0.50 and Rs 2.00 per litre respectively after aligning them with international prices and adjusting for foreign exchanges rates.

Axis Bank: The country’s third largest private lender Axis Bank cut its deposit rates by up to 0.50 per cent across maturities. A cut in the deposit rate is generally considered a predecessor for reduction in lending rates.

HDFC Bank Canara Bank: Indian’s second largest private bank announced cut in minimum lending rate by 35 basis points to 9.35 per cent effective from Tuesday. On other hand State-run Canara Bank lowered its minimum lending rate by 0.10 per cent to 9.90 per cent. The board has approved reduction in the base rate by 10 basis points from 10 per cent to 9.90 per cent for loans or advances effective from 3^rd September, 2015.

Natco Pharma: Natco Pharma is preparing to launch about four to five new products in the US Market by the end of next year, through what it terms as a differentiated product pipeline of niche and complex generic products. As a result, the company is upgrading its existing manufacturing facilities in India with new product line, R&D capabilities, while also expanding its formulation facility in Hyderabad.