Index Trends And Stocks In Action September 21, 2015

The Indian Benchmark Indices reacting to the US Fed decision to keep rates on hold, the Nifty scaled to the level of 8050. After all, the Fed had postponed a rate hike and this has opened the doors for the RBI to cut the rates in the coming policy review meet. But, shockingly towards the last hour of the trade, the Nifty lost almost 70 points from high and ended below its psychological mark of 8000. On the daily chart the index has formed a potential shooting start candlestick pattern, this has a negative implication. Now going forward the level of 7920 is a crucial support for the index as it has 21-day EMA placed around levels of 7928. If this support level is breached, this will open the gates for level of 7840-7800. On the upside the zone of 8055-8100 will act as a strong hurdle for the bulls. The Daily RSI indicates sideways momentum as its trading below level of 50.

Dish TV, Den Networks, Hathway Services and Siti Cables: The government is examining a proposal to increase the foreign direct investment (FDI) limit in local television news channels to 49 per cent, apart from opening up other areas of broadcasting for larger overseas investments.

Ashok Leyland: Hinduja Leyland Finance the commercial vehicles financing subsidiary of Ashok Leyland is planning to raise up to Rs 600-650 crore through an initial public offering (IPO).

Sun Pharmaceuticals: India’s largest drug maker Sun Pharma plans to sell of the 2 divisions of Solus and Solu care operating under the CNS (Central Nervous System) segment of Ranbaxy to Bangalore based Strides Arcolabs for a consideration of Rs 165 crore. This is part of the overall product rationalization of the Sun Pharma group post the acquisition of Ranbaxy last year. For Strides Arcolabs it is aprospect to consolidate its position in the Central Nervous System (CNS) segment through this acquisition.

Hotel Leela: Hotel Leela has agreed to sell a hotel in Goa to a Malaysian-based conglomerate MetTubeSdnBhd for Rs 725 crore as the luxury hotels operator strives to cut its debt.