Index trend and stocks in action February 04, 2016
Chirag Gothi / 04 Feb 2016
The Indian market continued its losing streak for the third consecutive trading session; sell-off in the Asian markets and mounting worries over a China slowdown were the major reasons for the prolonged losing streak. On the daily chart the index has formed a gap in the range of 7474 and 7433.
The Indian market continued its losing streak for the third consecutive trading session; sell-off in the Asian markets and mounting worries over a China slowdown were the major reasons for the prolonged losing streak. On the daily chart the index has formed a gap in the range of 7474 and 7433. After forming an Evening doji star the index has followed up with a gap and a bearish candlestick pattern, and this indicates the momentum is with the bear’s. Now going forward immediate support for the index is placed at 7350 and a breach of this level will open the opportunity for a re-test of lows around levels of 7230. On the upside the gap will act as a stiff resistance i.e. around 7474.
KEC International: Infrastructure firm KEC International reported a 44 per cent decline in its net profit to Rs 37.16 crore for the quarter ended 31st December, 2015.
Essar: Essar group announced the sale of its Equinox Business Park, containing 1.25 million sq ft office space at prime location Bandra-Kurla complex in Mumbai to realty firm RMZ corp to the tune of Rs 2,400 crore.
Dish TV: Dish TV reported lower than estimates results for the quarter ended 31st December, 2015. The Company reported a net profit of Rs 68.5 crore as compared to loss of Rs 2.6 crore in the year-on-year basis. Estimates as per the poll were of Rs 76.6 crore.
JSW Steel: Research and Rating agency Moody’s has downgraded JSW Steel by two notches reflecting weaker than expected operating performance due to persistently low steel prices and expectations that weakness in steel price environment will continue over the next year or so.
Orient Cement: Orient Cement reported a net loss of Rs 13 crore for the quarter ended December 31, 2015, mainly due to finance and depreciation costs related to a new plant in Karnataka. The company has reported volume growth of 2.2 per cent YoY and net sales of Rs 351 crore. The firm had reported a net sales of Rs 383 crore in the corresponding quarter a year-ago.
Hexaware Technologies: Hexaware Technologies reported 13.9 per cent jump in its net profit at Rs 99.4 crore for the quarter ended December 2015. Consolidated revenues rose 15.1 per cent to Rs 819.5 crore in the October-December quarter of 2015 fiscal against Rs 711.8 crore in the same quarter of 2014 fiscal.
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