Index Trend And Stocks In Action January 28, 2016
Chirag Gothi / 28 Jan 2016
The Indian markets opened the session on a positive note following a positive trend in the Asian markets. However, as the day progressed, the indices trimmed their gains and ended the session with modest gains.
The Indian markets opened the session on a positive note following a positive trend in the Asian markets. However, as the day progressed, the indices trimmed their gains and ended the session with modest gains. On the daily chart, the index formed a red candle with a small body, and eventually two consecutive small body red candles have been formed this week, which indicates a sideways movement in the market. Now going forward the level of 7410 is key support for the index and if this support is breached next major support is around 7360 and 7330. On the upside, levels of 7490-7500 will act as a major roadblock, and any decisive move above levels of 7500 will open gates for further up-move upto levels of 7550. Today is the expiry of the January series, and we expect the market to trade with high volatility.
Engineers India: The government plans to sell up to 3.36 crore equity shares or about 10 per cent of its holding in Engineers India. The floor price for the sale will be declared today.
Coal India: All major central trade unions, expect the Bharatiya Janata Party-backed Mazdoor Sangh (BMS), have decided to go on strike on 29th March, which would hit Coal India’s production by at least five million tonnes (mt). The strike warning comes as Coal Minister Piyush Goyal sticks to government decision to divest an additional 10 per cent stake in Coal India.
HDFC: Country’s leading mortgage lender HDFC reported a rise of 11.03 per cent in the consolidated net profit at Rs 2,419 crore for the third quarter ended 31st December.
Essar Oil: Leading stock exchange NSE has decided to suspend trading in shares of Essar Oil from 10th February on the back of delisting from the exchange.
Axis Bank: Apollo Munich announced its partnership with private bank Axis Bank for offering bank customers customised insurance policies.
ICICI Bank: ICICI Bank will announce its December quarter earnings today.
Maruti Suzuki: Maruti Suzuki, India’s largest car-maker will report its December quarter results today.
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