Index Trends And Stocks In Action September 15, 2015

The Indian Markets scaled higher on back of softening inflation which stood at – 4.95 per cent in the month of August as compared to – 4.05 per cent in the month of July. Today’s rally was led by banking stocks followed by Metals and Power Stocks. On the daily chart the index has pierced its stiff resistance level of 7860. Now going forward if the bulls manage to cross its next hurdle of 7930 it’s likely to scale up to levels of 8000. The only concern is that the recent up-swing has been on very thin volumes. So this shows that there is a lack of confidence and participant from the investors and traders. On the downside nifty has a strong support around levels of 7760, if sustained below this levels expect it to touch levels of 7700.

Maruti Suzuki: The Reserve Bank of India (RBI) has allowed foreign investors to invest up to 40 per cent of the paid up capital in Maruti Suzuki under the portfolio investment scheme. The foreign shareholding by foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) in Maruti Suzuki has gone below the revised threshold limit. Hence the RBI has lifted the restriction on placed on the purchase of shares of Maruti Suzuki. The purchase could be made through primary market and secondary market.

Corporation Bank: State-owned Corporation Bank said LIC will infuse Rs 143 crore into the bank by way of preferential equity. The capital infusion into the bank by LIC will be by way of issue of equity share on preferential basis to the country’s largest insurer.

Texmaco Rail Engineering: The Company said its board has approved acquiring a majority 76 per cent stake in Bright Power for Rs 100 crore.