Index Trend and Stocks in action October 23, 2015

The Indian benchmark opened on a positive note and maintained its upward momentum for the first half of trading session. But the indices lost momentum in the second half and slipped into the negative territory on the back of weak global cues. On the daily chart the index has formed a doji candlestick pattern, which indicates bulls are losing momentum and witnessing profit taking at higher levels. Now going forward the index has strong resistance around levels of 8300 and once the index manages to sustain above this level its likely to re-test levels of 8380. On the other hand strong support the index is placed around levels of 8200 and 8150.

Sun Pharma: Sun Pharma has settled a patent litigation with US based Acorda Therapeutics. This litigation pertains to the Amprya extended release tablets, which is used in the treatment of multiple sclerosis patients. As per the settlement, Sun Pharma can now launch its generic version of the tablet by year 2027.

Cadila Healthcare: Cadila has posted a 40 per cent jump in profits to Rs 391 crore for the quarter ended September, 2015. The company’s revenues were up by 15 per cent for the same period. These profits include an exceptional gains earned by transferring ownership in some abbreviated new drug application (ANDAs) owned by its subsidiary, Zydus Pharmaceuticals.

Maruti Suzuki: Maruti has hiked wages of temporary workers of its Gurgaon and Manesar plants, including those of Suzuki Powertrain, by an average 10 per cent a month.

Aditya Birla Chemical: ABCIL has informed that their shareholders have approved the firm’s proposal to raise up to Rs 1,200 crore through private placement.

Shriram Transport Finance: After banning further purchase by foreign investors in Shriram Transport Finance, RBI has lifted this ban and has said that FIIs/RFPIs can now invest up to 74 per cent of the paid up capital of the company.