Index Trend And Stocks In Action December 03, 2015

The Indian market got off to a positive start, but gave up all their gains soon to languish into the negative territory as investors and traders resorted to profit-taking in the banking shares and select heavy weights. Nifty ended the day with losses of 23.55 points at 7931.35 levels. On the daily chart the index has formed a potentially Bearish Engulfing Candlestick pattern, which indicates bears are gaining momentum. However, the Nifty index still remains in the range of 7900 to 8000 levels. Now going forward the Nifty index hasstrong support placed at 7876 levels, which is defined by its 50 days SMA. As long as this support is intact don’t expect any major moves on the downside. However, RSI after scaling to levels of 50 is showing signs of reversals.

Wipro: Wipro has bought Cellent AG, a German company that implements and maintains SAP software, for USD 78 million. The purchase will help Wipro scale up its business in the DACH or Germany, Austria and Switzerland region of Western Europe.

Aditya Birla Nuvo: Sun Life Financial Inc. of Canada plans to increase its stake in Birla Sun Life Insurance, a joint venture with Aditya Birla Nuvo from 26 per cent to 49 per cent by spending Rs 1,664 crore to buy additional shares from the Indian partner.

Tata Steel: Tata Steel through a subsidiary has entered into refinancing agreement for debt worth USD 1.5 billion. The proceeds of the loan will be used to repay the existing term loan facilities.

Coal India: Coal India’s mining project in Maharashtra with a production capacity of 3.25 million tonnes per year will be commissioned by the month-end, as the PSU targets one billion tonnes of production by 2020.

Just Dial: The local search engine said it will spend up to Rs 164.5 crore on a share buyback programme. It plans to buy back up to 10.61 lakh shares at Rs 1,550 a share on proportionate basis. The company has fixed the record date as 4^th December.