Index trend and stocks in action February 02, 2016

The Indian market started the first trading session of February month with a positive bias, however, as the day progressed the benchmark indices entered into negative territory. The index has managed to hold on to its crucial support levels of 7535 as defined by 21-day EMA. Now going forward the RBI mid quarter policy holds the key for the market and it could decide the fate of the market for the short term. On the upside, stiff resistance for the index is placed around levels of 7610. On the downside, level of 7530 will act as a strong support and if this level is breached by the bear’s, the next important support will be placed around levels of 7420.

Coal India: State-run Coal India has informed that it has achieved a production of 52.86 million tonnes of coal in the month of January, lower than the target of 56.18 MT for the month.

Ashok Leyland: Flagship of the Hinduja Group Ashok Leyland launched the ‘Captain 40iT’ tractor, adding to its captain series. The new Captain 40iT offers better pick-up, ease of repair and the highest cab tilt angle in the industry.

Tata Motors: Tata Motors reported a 10 per cent rise in sales to 47,034 units for the month of January compared to 42,595 vehicles in the same month last year. Domestic sales surged higher by 7 per cent for the month. There was a dip of about 20 per cent in sales of passenger vehicles compared to the corresponding period last year. Commercial vehicles sales were up by 20 per cent and exports registered a growth of 42 per cent.

Tech Mahindra: IT Services firm Tech Mahindra today reported a 5.7 per cent decline in the consolidated net profit at Rs 759.24 crore for the quarter ended 31 st December. However, the revenue registered a growth of 16.5 per cent to Rs 6,710.14 crore from Rs 5,751.70 crore in the previous year.

Maruti Suzuki: The Company reported a 2.6 per cent decline in the total sales for the month of January at 1, 13,606 units as against 1, 16,606 units in the same month in 2015.