Index Trend And Stocks In Action November 02, 2015

The Indian stock market extends its losing streak for the fifth consecutive trading session. The market had open flat to positive, however, as the day progressed the selling pressure intensified and market slipped below its important level of 8100 on the back of subdued earnings. On the daily chart after registering swing high of 8336 as on 26^th October, 2015, the Nifty has formed a sequence of lower top lower bottom and still there are no clear indications of any reversal. Now going forward immediate support for the index is placed around levels of 8000 and the next major support is placed around levels of 7940. On the upside level of 8140-8150 will act as a stiff resistance for the index. The trend of the index has turned in favour of the bears as its trading below its all crucial moving averages, i.e. 21-day EMA and 50- day EMA. Only if index sustains above level of 8150, there will be hopes of revival.

Café Coffee Day: The much publicised Café Coffee Day is to list on the bourses today. The company has fixed the price of the issue at Rs 328 per share. While the issue was oversubscribed by 1.6 times, the demand for the IPO came from the institutions and the retail and HNI portion saw fairly lukewarm response. Marquee names ace investors like Rakesh Jhunjhunwala, Ramesh Damani and Nandan Nilekani are among the early investors in the company.

Jet Airways: Rakesh Jhunjhunwala picked up 1.05 per cent stake in Jet Airways for Rs 50.52 crore through an open market transaction.

Reliance Communication: Anil Ambani led Reliance Communication has informed stock exchanges that its board of directors will meet on 2^nd November, 2015 to consider a merger of the telecom business of Sistema Shyam Teleservices with itself, that could mark the start of much-anticipated consolidation in India’s telecom sector.

Eicher Motors: Two-wheeler maker Eicher Motors reported 73 per cent sales growth for the month of October comparable period last year. The company said it has sold 44,522 units as against 26,039 during October, 2014.

Mahindra and Mahindra: Mahindra and Mahindra sold 48,815 vehicles in the domestic markets in Month of October, 21 per cent more than in October, 2014. Sales were significantly helped by the TUV 300, a sports utility vehicle it launched on 10^th September.