Index trend and stocks in action January 29, 2016
Chirag Gothi / 29 Jan 2016
The Indian Markets ended the session with marginal losses, due to a sudden bout of selling in the last half an hour of the session. On the daily chart the index has formed a doji candlestick pattern, which indicates indecision amongst the traders. In the last three trading sessions, the index has managed to hold on to support zone of 7400.
The Indian Markets ended the session with marginal losses, due to a sudden bout of selling in the last half an hour of the session. On the daily chart the index has formed a doji candlestick pattern, which indicates indecision amongst the traders. In the last three trading sessions, the index has managed to hold on to support zone of 7400. Now going forward a trending move to the downside is expected only if the index breaches support level of 7400, and in that case major support is around 7350-7320. On the upside, zone of 7470-7490, is a key resistance zone for the index and index needs to sustain above this level for further momentum on the upside.
Glenmark: Glenmark Pharmaceuticals reported a 48.48 per cent jump in the consolidated net profit for the quarter ended 31 st December as it benefited from higher growth in the US and Indian market.
Maruti Suzuki: India’s largest carmaker Maruti Suzuki posted a net profit of Rs 1019.3 crore, up by 27.1 per cent year-on-year, however, missing the street expectations which were around 1,333 crore as per Bloomberg poll.
ICICI Bank: ICICI Bank reported a lower than expected net profit for the quarter ended 31 st December laden by an upsurge in bad loans after the Reserve Bank of India directions, which told banks to classify some accounts as bad, in an attempt to clean up the bank books.
United Bank of India: State-owned lender United Bank of India (UBI) plans to raise up to Rs 1,500 crore through Qualified Institutional Placement, rights or public issue.
Majesco: Majesco a global provider of core insurance software, consulting and services for insurance business transformation announced that Clear Blue Financial Holding LLC has selected Majesco to implement an MGA partner integration portal and an operational data store as important foundational components to enable their business growth strategies program.
L&T and Yes Bank: Larsen and Toubro and Yes Bank are some of the companies that will release their earnings for the December quarter today.
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