Index Trend And Stocks In Action November 05, 2015

The Indian stock market opened on a positive note and traded with gains for the most part of the day. However, in the last hour of trade a sharp wave of selling emerged which dragged the indices lower and the index closed with losses. Wednesday’s trading session confirmed that the market participant are feeling nervous at higher levels and awaiting for the outcome of the Bihar election results. On the daily chart the index has formed a Bearish Engulfing Candle, which indicates lack of strength in the market. Now going forward immediate support for the index is placed at 7990 and major support is around levels of 7940. On the upside level of 8130 is a stiff resistance.

Reliance Infrastructure: Anil Ambani led Reliance Infrastructure will sell the 5.6 million tonne per annum cement business, which the company entered only a few years back. The company said that their strategy is to focus on low capital intensive business. They recently made a foray into the defence sector which is relatively low capital intensive, has lower gestation period but has potential for superior return on equity. The company expects to get a good valuation for their cement business mainly because of the success they have achieved in a short term. 

Bank of Baroda: Public sector lender Bank of Baroda has trimmed rate of interest, payable on bulk deposits of Rs 1 crore and above across maturities by 0.25-0.60 per cent. The bank said that the revision will be applicable to the renewal of existing deposits and fresh deposits effective from 5^th November, 2015.

Nestle: Nestle has informed that the ‘Masala’ version of Maggi noodles will hit the retail shelves as early as this month, having cleared all the tests ordered by the Bombay High Court at three accredited laboratories.

Mahindra & Mahindra and Hero Motocorp: Online marketplace Snapdeal has partnered automobiles companies like Mahindra, Hero Motocorp and Piaggio to sell bikes and cars online.

Ashok Leyland: Hinduja group flagship firm Ashok Leyland reported over two-fold rise in the net profit at Rs 287 crore for the quarter ended 30^th September, 2015. The company posted a net profit of Rs 121 crore during the same period of pervious fiscal.

Tata Steel and Cipla: Tata Steel and Cipla will announce July- September quarterly results today.