Index Trend And Stocks In Action January 08, 2016

The Indian markets got thrashed for the fourth straight session, and ended the session with a loss of over two per cent. A crash in crude oil and commodity prices; devaluation of Yuan by the Chinese government; and fears of a economic slowdown shocked the sentiment. On the daily chart the index decisively breached its important support level of 7700 and now is hovering around its crucial long term support around 7539-7550. Now going forward key levels for the bulls is 7530 and if this support is breached you can expect a correction upto levels of 7480. On the upside, the level of 7610 will act as a stiff resistance, and any move above this level will trigger a fresh momentum on the upside upto levels of 7660.

Reliance Power: Government has declined ADAG led Reliance Power request to reconsider restrictions on output from its mines in Moher, and Moher Amlohri Extension blocks-linked to its Sasan UMPP as the case is in the court.

Axis Bank: The government may opt to offload its 11.7 per cent stake in Axis Bank as part of its Specified Undertaking of the Unit Trust of India (SUUTI) to meet is disinvestment shortfall.

Bharti Shipyard: The company has informed BSE that the Board of Directors of the company at its meeting held on 7th January, 2016 have approved for issuance and allotment of 26, 47,313 convertible warrants at Rs 22 per warrant on a preferential basis to M/s Edelweiss Finance & Investments in compliance with all statutory and relevant regulations.

HDFC: HDFC Capital Advisors, a new arm of India’s largest mortgage lender HDFC, is raising a Rs 5,000 crore fund that will make a long term equity investment in middle income housing projects across the country.

Wipro: India’s third largest IT service exporter, Wipro has appointed Bhanumurthy B M as its new chief operating officer (COO) replacing Abidali Neemuchwala, who has been elevated as the Chief executive officer effective from 1st February, 2016.