Index Trend And Stocks In Action November 03, 2015

The Indian stock market continued its southward journey for the sixth straight session on Monday, on the back of negative cues from the Asian Peers, as India’s factory growth fades further, signalling concerns over the shape of Indian Economy. However, a late recovery in the stocks of PSU banks helped the indices to regain some losses after global credit rating agency Moody’s Investors Services revised its outlook on India’s banking system to stable from negative. On the daily chart the index has formed a Dragonfly doji candlestick pattern, which is indicating a possibility of beginning of a relief rally after a substantial selling in the indices. Now going forward level of 8100 will act as a stiff resistance for the index and next resistance is placed around levels of 8150. On the downside important support for the index is placed around 7940.

Amtek Auto: Debt laden Amtek Auto has appointed Morgan Stanley to provide the company assistance to reduce and restructure its high debt burden. The company, share price has tanked sharply in the past few months is also looking at possibilities to sell a stake in its overseas companies to reduce its debt burden. The company owes about Rs 26,000 crore to 32 banks. Amtek is also facing a SEBI probe into price rigging at its subsidiary, Castex Technologies.

Eros International: Film production and distribution firm Eros International Media has issued a clarification and has said in the past two weeks, there has been a vicious campaign to damage the credibility of the company by spreading false rumours and misinformation regarding its business with an objective to create panic amongst the investor community. Further the company added that they are confident about their business fundamentals and Q2FY2016 results will be announced in the first half of November. Company’s Audit Committee has engaged the U.S law firm Skadden, Arps, Slate Meagher & Flom LLP to conduct an independent internal review and also to advice on related matters.

Tata Motors: Tata Motors got on board a top international sporting superstar as it roped in Argentinian footballer Lionel Messi to promote its passenger cars. The star footballer has been roped in for a period of two years as Tata Motors looks to work his brand influence to shift its fortunes.

Blue Star: Engineering conglomerate Blue star announced that it has acquired 51 per cent stake in Oman Electro Mechanical Contracting Co LLC (OEMC), a 100 per cent subsidiary of W J Towell & Co LLC.