Index Trend And Stocks In Action November 04, 2015

The Indian stock market finally broke its six day long losing streak and ended the session with modest gains. However, in the afternoon session slipped into negative territory as high volatility was witnessed throughout the trading session. On the daily chart the index has formed a negative candle, which hints lack of momentum on the upside. The zone of 8100-8130 will act as a strong resistance zone for the index. On the downside, immediate support for the index is placed around the level of 7990, which is also the lowest point of Dragonfly doji candle formed on 2^nd November, 2015. If any case this low is breached, expect a quick sell-off up to levels of 7940. 

Hero Motocorp: Hero Fincorp, the financial service arm of India’s largest two-wheeler maker Hero Motocorp plans to raise $100 million by selling a significant minority stake to private equity funds.

Den Networks: The board of directors of the company has informed that it has already received approval from the Foreign Investment Promotion Board, Ministry of Finance for increase in Foreign Investment Limit in the company beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs and other eligible foreign investors through the route of secondary market/open market purchase.

Petronet LNG: Reserve Bank of Indian said foreign investors can invest up to 30 per cent of paid up capital of Petronet LNG. Foreign Institutional investors (FIIs)/ Registered Foreign Portfolios investors can now invest up to 30 per cent. The RBI has further advised that the foreign shareholding by FIIs/RFPIs in Petronet LNG have gone below the revised threshold limit. Hence, the resitrictions placed on the purchase of share of the above company are withdrawn with immediate effect.

Ashok Leyland: Hinduja Group flagship Ashok Leyland will announce its quarterly numbers today. It’s likely to continue with good performance, driven by lower raw material cost and cost reduction measure.