Index Trend And Stocks In Action December 08, 2015

The Indian market extends its losing streak for the fourth day in a row, due to the absence of any positive trigger and in anticipation of a hike in interest rates by FED for the first time in about a decade. On the daily chart the index formed a Bearish Candlestick pattern, which indicates sellers were more aggressive. Now going forward levels of 7700-7710 is a crucial support for the index as it is 78.6 per cent Fibonacci retracement levels of the previous up move (8^th September to 26^th October). If the index sustains below this level expect a free fall in the market up to levels of 7640-7600. On the upside levels of 7830 will act as a stiff resistance for the index. 

GMR Infrastructure: Infrastructure major GMR group plans to raise at least $1 billion over the next two years to cut debt, repay investors in its airport business and prepare for a new phase of growth. GMR, which has net debt of Rs 41,000 crore has held preliminary talks with investors about selling stakes in its airports and energy business but is ‘not in a hurry’ to sell and talks are not at an advanced stage informed by CFO MadhuTerdal.

Eros Media: ICRA has downgraded the rating on the proposed Rs 750 crore non-convertible debentures (NCD) programme of Eros International Media citing concerns of the parent company’s reduced financial flexibility. The rating agency said it has revised on EROS NCD programme to ‘A+’ from ‘AA-‘. The outlook on the rating has been revised to ‘negative’ from ‘stable’.

Ashok Leyland: Hinduja group flagship firm Ashok Leyland has resumed regular operations at its Ennore manufacturing plant near Chennai after production activity was halted at the facility due to heavy rains. The company will be able to assess the insurance losses in due course, upon assessment done by insurance company said in a filing to the BSE.

TCS: IDFC Bank has inked a pact with IT service major Tata Consultancy Services (TCS) to use TCS BaNCS for its core banking solutions.