Index Trends And Stocks In Action September 16, 2015

The Indian Markets took a breather after scaling higher in previous trading sessions on the back of weak Chinese data and uncertainty over US rate hike. Technically, the index opened flat and made an attempt to cross previous day’s high, but it failed to do so and entered into corrective a phase as the day progressed, however, some relief was seen as FMCG stocks helped the index to cover some losses. Now going forward the level of 7880 will act as a stiff resistance for the index, a breach of this resistance it’s likely to take the index up to levels of 7930-8000. On the downside the level of 7800 is a good support for the index, a breach of this level could trigger a sell-off which will take the index up to levels of 7760-7700.

Wonderla Holidays: Kerala based Wonderla Holidays has proposed to set up amusement parks in Andhra Pradesh and Tamil Nadu over the next 4-5 years. The company singed a MoU with the Andhra Pradesh government for setting up the amusement park in Andhra Pradesh. For the park in Tamil Nadu, it is yet to finalise the land.

ONGC: State-run Oil and Nautral Gas Corp (ONGC) has made another discovery in its Bay of Bengal block KG-D5, taking the number of finds in the area to 13. ONGC discovered oil and gas in the well F-1 in the northern part of the KG basin block KG-DWN-98/2 or KG-D5, which is next to the flagging KG-D6 block of Reliance.

Cairn-Vedanta: Metals and Mining Company Vedanta has received nod from both the exchanges BSE and NSE on the proposed merger of its oil and hydrocarbon arm Cairn India with itself.

NatcoPharma: Pharmaceutical firm NatcoPharma has raised Rs 340.88 crore by issuing shares to qualified institutional buyers. The company issued 16 lakh shares at a price of Rs 2130.55 per share.

Vascon Engineers: Pune based realty company Vascon Engineers is raising Rs 100 crore through the sale of its non-core assets.