Index Trend and Stocks in action October 26, 2015

The Indian benchmark indices opened with a gap up on the back of positive global cues and continued to trade with positive bias for most part of the day. However, there was some profit taking in the last hour of the trading session. Technically, the index after several attempts to cross its hurdle of 8300 mark opened above 8300 on Friday, however, the index failed to close above this levels. This hints that bulls are losing momentum and the markets are likely to enter into consolidation phase.  Now going forward nifty is likely to face resistance around levels of 8365. On the other hand major support for the index is placed around 8180. The market is likely to move in this range for the first couple of trading session, however, from Wednesday we can see volatility coming into play.

Ashoka Buildcon: Infrastructure firm Ashoka Buildcon has bagged an Rs 277 crore road project from National Highways Authority of Indian (NHAI). The company has received Letter of Award from NHAI in respect of the project viz development of 4-lane islampur bypass of 10.31 km length.

Arvind: The Company has announced with the reference to the strike by some of the workers of Santej Complex, one of the manufacturing plants of the company. The workers have unconditionally resumed the work and the plant is working normally.

Madhucon Project: Hyderabad based infra player Madhucon Projects has sold its 100 per cent stake in Madhucon Agra-Jaipur Expressways (MAJEL) to Singapore based cube highways and infrastructure for Rs 248 crore.

MotilalOswal: Private Equity firm MotilalOswal Real Estate launched its third real estate fund and plans to raise up to Rs 1,000 crore which the company proposes to invest in residential projects in six metros.

Eros International: A Bollywood film producer and distributor, has come under attack of a leading Wall Street bank named Wells Fargo. The investment bank has raised queries about US-listed Eros’s continued increase in revenues from the UAE.