Index Trends And Stocks In Action September 23, 2015

After a solid start tracking positive global cues, The Indian Benchmark Indices witnessed a sudden sell-off in the second half and ended the session losing over 2 per cent in a single trading session.  On the daily chart the index has formed a Bearish Engulfing candlestick pattern, which is indicating bears are in dominating position. Now going forward the index has a strong support around levels of 7760 and if it breaches this support next support is around 7710 levels. On the upside the level of 7880 is stiff resistance for the index. The current observation indicates there is no strength in the market and every rise will be followed up with severe fall. We will see the trend change only if we close above levels of 8060.

Bharat Heavy Electricals: Crisil revised downwards the rating outlook on the long-term facilities of BHEL to ‘negative’ from stable. The credit rating agency, however, reaffirmed ratings for the long-term and short-term facilities of the power generation equipment marker at AAA and A1+. The outlook revision took into account BHEL’s slow project execution and stretched working capital.

L&T: L&T HalolShamlajiTollway, a unit of L&T Infrastructure Development Projects  (IDPL), delayed scheduled payments on a loan in August, following which ICRA has downgraded its long-term loan programme.

Pidilite Industries: The Construction Chemicals Division (CCD) of Pidilite Industries, a manufacturer of adhesive and industrial chemicals, will expand its operation in the emerging Asian and African markets.

Amtek Auto: Amtek Auto is in advanced discussions with various banks and financial institutions for re-alignment of its debt obligations. The company failed to repay its institutional holders nearly Rs 80 crore in bonds that were due for redemption on 20th September.