Index Trend And Stocks In Action January 01, 2016

Indian equity markets kicked off the trading session with positive bias despite mixed cues from its global peers while traders and investors remained cautious in the early part of the day.  However, sentiments improved as the day progressed and the NIfty index reclaimed its important psychological level of 7900. On the daily chart the index had managed to close above the high of the Doji Candlestick which was formed on 29th December, 2015 around levels of 7942. Now going forward, levels of 7990-8000 is the major supply zone which must be decisively crossed for further momentum. On the lower side, levels of 7900 and 7850 will act as a strong support zone, it is believed.

IOC, BPCL and HPCL: State-owned fuel retailers review petrol and diesel prices every fortnight. As a result of this, petrol price was slashed by 63 paise per litre and diesel price was lowered by Rs 1.06 a litre on the back of a softening global oil market.

IDBI: Public sector lender IDBI Bank said it will raise Rs 3,771 crore during the year by way of qualified institutional placement (QIP).

Torrent Power: Torrent Power has informed the Exchanges  that it has received shareholders’ approval to raise debt with option for lenders to convert that loan into equity upon occurrence of certain conditions.

Cholamandalam Investment &Finance and Pfizer: Leading stock exchange of India BSE will shift five stocks including Choladmandalam and Pfizer to Group A category, comprising top 300 companies from 4th January.

IGL: Compressed Natural Gas (CNG) for automobiles in the national capital region will cost Rs 1.5 per kg less during odd hours-midnight to 5 am with effect from tonight.

Orchid Pharma: Orchid Pharma has received an establishment inspection report (EIR) from the US Food and Drug Administration (FDA) on the successful inspection closure for its Irungattukottai formulations plant in Tamil Nadu.