Index Trend And Stocks In Action December 04, 2015

The Indian market started the session on cautious note and entered into the red territory after the Purchasing Managers Index (PMI) fell sharply to 50.1 in the month of November from October’s eight month high of 53.2. Selling was seen across the sectors and barring realty, none of sectorial indices manage a green close. The Nifty index has breached its crucial support levels of 7900 decisively. Now going forward the index has a strong support around levels of 7800-7820, as per the 61.8 per cent Fibonacci retracement levels of previous up move from 16^th November to 2^nd December. On the upside the levels of 7900 would act as a stiff resistance for the bulls. The Daily momentum oscillator like 14 periods RSI has turned down without reaching the higher range, i.e. 60-65, suggests the momentum on the upside is capped. It has also turned below the 9 day average. 

Jain Irrigation: Jain Irrigation systems said its shareholders approved the proposal for raising more than 400 crore funds through issue of equity warrants and compulsorily convertible debentures to agri-business funding firm Mandala Co-Investment and a promoter.

Havells: Foreign fund house Citigroup Global Markets Mauritius offloaded 61 lakh shares of Havells, an electrical and power distribution equipment firm for over Rs 178 crore through an open market transaction.

Jaiprakash Associates: Infrastructure major Jaiprakash Associates will seek shareholders’ approval for raising up to 5,000 crore through private placement of non-convertible debentures.

Ujaas Energy: The Company informed the Exchange that Ujaas have again bagged EPC order of 10MW Canal Bank grid connected Solar Photovoltaic Power Plant at Vadodara, Gujrat and its operation and maintenance for 25 years as issued by SardarDarovar Narmada Nigam.

SKS Microfinance: Micro finance Company SKS Microfinance said it has raised loan ticket size for one and two year’s tenure to Rs 30,000 and Rs 50,000. The company has decided to revise ticket size of loan to be extended to its borrowers with effect from 7^th December, 2015.

Yes Bank: India’s fifth largest private sector bank Yes Bank has bagged the prestigious ‘Bank of the Year’ award as it plans overseas expansion. ‘The Banker’ magazine’s annual “Banker Bank of the Year Awards” are widely regarded as the Oscars for the banking Industry.

Ashok Leyland, Tata Motors, Eicher Motors: The government will force all commercial trucks more than 15 years old off the road from 1^st April, 2016. The transport ministry also wants to overhaul emission tests on private cars to ensure the measures are age- and vehicle-specific, as in the West.