Index trend and stocks in action January 13, 2016

The sell-off prevails in the Indian markets as the indices continued to be influenced by depressing global developments. The Nifty index is flirting around 7500 mark and has formed a bearish candlestick in yesterday’s trading session. Now going forward, level of 7610-7635 will act as a stiff resistance for the index. On the downside, level of 7480 is a very crucial support. A breach of this support will trigger a panic sell-off in the market, and this will open the gates for a correction upto levels of 7410-7370. The 14-day RSI is showing a positive divergence, however, it needs to sustain above 40-42 mark for fresh momentum in the market.

SBI: Public sector undertaking SBI said it is planning to monetise non-core assets and list some of its subsidiaries for meeting capital needs as well as global risk norms, Basel III, which will kick in from March 2019.

DCB: DCB reported marginal 3 per cent decline in standalone net profit at Rs 41.20 crore for the third quarter ended December 2015.

Radico Khaitan: HSBC Global Investment Funds reduced its stake in liquor firm Radico Khaitan to 5.89 per cent after offloading shares in the open market.  HSBC sold 8, 52,192 shares of Radico Khaitan.

Tata Power: The Company has successfully issued and allotted 5000 unsecured, non-cumulative, redeemable, taxable, listed, rated Non-convertible  Debenture (NCDs) of the face value of Rs 10 lakh each aggregating Rs 500 crore on a private placement basis.

TCS: IT major TCS third quarter bottom line performance was slightly ahead of analyst’s expectation but revenue missed estimates for the sixth consecutive quarter.