Index Trend and Stocks in action October 1, 2015

The bull-run in the Indian market continued for the second day in a row as the Nifty index settled comfortably above the 7950 mark. The joy of the 50 bps rate cut continued. Interestingly, the commodities and Information Technology stocks led the market gains, on other hand banking stocks saw some profit taking. After facing resistance on several occasions, finally the index moved above the hurdle of around the level of 7920-7930. Now going forward the level of 7890 will act as a strong support for the index and next support will be placed around level of 7830. On the upside strong hurdle for the index is placed around level of 8035-8065.

IDBI Bank: IDBI Bank, one of the leading public sector banks, announced that the bank has reduced its base rate by 25 basis points to 9.75 per cent with effect from 5th October, 2015.

Ashok Leyland: The 2nd largest commercial vehicle manufacturer in India Ashok Leyland sold shares worth Rs 1.65 billion in Indusind Bank. The shares were sold in open market during the period between 25-29 September, 2015 at a net price of Rs 918.76 per share.

Glaxo SmithKline Pharmaceuticals: GSK Pharmaceuticals announced that the company has completed its transaction with Novartis Healthcare on 30th September, 2015. The Company has acquired Novarti’s vaccines business and divested its marketed oncology portfolio to Novartis India.