Index trend and stocks in action April 11, 2016

The Indian market started off on a tepid note, tracking dismal leads prevailing in the Asian markets. Thereafter, the market kept oscillating in a narrow range for the most part of the session in the absence of any positive triggers. Towards the end, market ended on a flattish note above 7550 level.  On the daily chart we have observed Nifty has formed a NR4 candle. Now going forward level of 7500 is immediate support for the index. If Nifty dips below this support, it’s likely to touch levels of 7430 on the lower side. On the upside, level of 7590 will act as a stiff resistance and next resistance is placed around levels of 7660.

Sun Pharmaceuticals: Drug major Sun Pharmaceuticals has received approval from the US Food and Drug Administration (USFSA) for its non-steroid drug BromSite, used to treat inflammation and prevent pain in patients undergoing cataract surgery.

DLF: Promoters of DLF group have commenced the process to sell off their 40 per cent stake in the rental arm. This is likely to generate nearly Rs 12,000-14,000 crore, which will be instrumental in further cutting down on their debt. The realty firm would continue to own the remaining 60 per cent stake in DCCDL(DLF Cyber City Developers Ltd.)

IDBI Bank: As the employee unions oppose stake sale in IDBI Bank, the government said it is consulting all stakeholders as part of ’transformation’ of the state-owned lender.

Bharti Airtel: Bharti Airtel acquired 4G spectrum from 8 circles of Aircel for a consideration of Rs 3500 crore. Considering Aircel’s 4G spectrum licenses across India, this acquisition gives Bharti Airtel a pan-India presence in the 4G space.

Eros International: Eros International a leading global company in the Indian Film Entertainment industry has announced an impressive opening weekend for R Balki’s, Ki & Ka at the box office, collecting Rs 46.79 crore gross worldwide, making it the third biggest opener this year.

Rupa: Oban Fashions Private Ltd, a wholly-owned subsidiary of Rupa has entered into a definitive license agreement with French Connection, whereby the said subsidiary has acquired the exclusive license from French Connection to develop, manufacture, and resort to marketing and sale of the innerwear and related product with the Brand Name ‘FCUK’ in India.

Banswara Syntex: Kotak Mahindra Bank's subsidiary, Kotak Mahindra International(KMIL), a Foreign Portfolio Investor (FPI) on its client account, has acquired 1,289,556 equity shares at Rs 92.69 each, aggregating to Rs 11.9 crore, being 7.61% of the paid-up capital of Banswara Syntex.