Index trend and stocks in action April 05, 2016

The Indian market started off on an optimistic note, but the sentiments turned pessimistic in the late morning trade and indices entered into negative territory. However, the market bounced back from lower levels and ended the session on a positive note. In the past 5-6 trading sessions we have observed that the Nifty has moved in a range, and usually such range bound movement results in sharp moves on either side. The key level to watch out on the upper side is 7780-7790; any move above this level should take index upto levels of 7850-7900. On the downside, immediate support for index is placed around 7670, and if Nifty sustains below this level it will open up for a swift correction upto levels of 7590. The market participants are likely to watch outcome of the much awaited event i.e. RBI policy review, and this is likely to decide the course of action for the markets.

IOC, BPCL, HPCL: The Oil Marketing companies have hiked the price of petrol by Rs 2.19 per litre, while the prices of diesel have been increased by Rs 0.98 per litre.

Strides Shasun: Stride Shasun has closed the deal with Moberg Pharma, wherein the company has acquired 3 brands from Moberg for US$ 10 million.

NTPC: Jharkhand handed over assets of Patratu Thermal Power Station (PTPS) to a joint venture company of NTPC and the state government.

Power Grid Corporation: Power Grid Corporation has informed that the board has given approval for investment proposals worth Rs 3,324 crore including Rs 845 crore generation projects in Odisha and Rs 810 crore in Solar park in Karnataka. 

IFCI: State-owned lender IFCI has said that it has sold Rs 59.25 crore worth of shares in the NSE (National Stock Exchange), its third sales since September.