Index Trend And Stocks In Action November 10, 2015

The Indian market started the session with a massive downward gap as the market participant responded depressingly to BJP’s loss in the recent Bihar Assembly Polls. However, the market recovered sharply from the lower levels as buying in the broader market lifted the sentiment on D-street and in the end selected heavyweights also participated in the recovery rally. Now going forward to continue this bullish momentum, it’s important for the market to cross high of a Doji candlestick which was formed as on 6^th November, 2015. So the immediate resistance for the index is placed around 8010 and next hurdle is around 8065. On the downside the level of 7850 is crucial support for the index and if any case this support is breached it’s likely to re-test lower levels of 7780.

Tata Power: Tata Power, the utilities arm of India’s largest business group, will carve out its clean energy business into an independent unit with a separate strategic focus. The company will bring its 500 MW of renewable energy assets, including wind and solar, under a new subsidiary called Tata Power Renewable Energy.

Indian Hotels: Tata group’s hospitality firm Indian Hotels will undertake a restricting of its subsidiaries and try to reduce the debt on its balance sheet as it bids to return to profitable growth.

Nestle: After a long five months Nestle resumed sales of the popular instant noodles brand in India. To start with, Maggi is available in 100 towns and will be rolled out across the country in a phased manner, for which the company is working with its suppliers and distributors.

Dr Reddy Laboratories: The US drug regulator has ordered a third-party audit across the manufacturing network of Dr Reddy’s Laboratories and the recently warning letter issue by the USFDA will impact Dr Reddy’s new drug approvals said in an analyst call.

Glenmark Pharmaceuticals: The pharma company has received final approval from the US health regulator for its cream used for treatment of fungal skin infections.

Inter Globe Aviation: InterGlobe Aviation which runs IndiGo, will list its shares on the stock exchange today. The company raised Rs 3,008 crore at an issue price of Rs 765 per share from the initial public offering.