Index trend and stocks in action April 13, 2016

The Indian market continued its up-move for the second successive trading session, led by strong gains in the broader market, amid sustained buying in the select Large caps. The prediction of an above normal monsoon acted as a sentiment booster for the markets. After forming a strong base around levels of 7516-7526, Nifty has entered into an uptrend and has registered a sequence of higher top higher bottom. Now going forward there is a cluster for resistance for Nifty in the zone of 7760-7790, if it crosses this resistance zone, it's likely to scale upto levels of 7840-7950. On the downside, important support for the index is placed around levels of 7640. The daily RSI is quoting around 59 levels. It needs to sustain above levels of 61-62 for fresh momentum.

Wipro: Software giant Wipro has informed that its board of directors will consider proposal for a buyback of equity shares of the company on 20th April, 2016, the day of its fourth quarter results.

Inox Leisure: The Reserve Bank of India has said foreign investor’s shareholding in Inox Leisure has reached the trigger limit and further buying of shares will be allowed only after seeking prior approval from the Central Bank.

JKumar Infra: The Central Bank said the foreign shareholding through FIIs/RFPIs has crossed the permissible limit. Therefore, no further purchase of shares of JKumar Infra would be allowed through stock exchanges in India on behalf of FII/RFPIs.

L&T: Engineering hulk Larsen and Toubro (L&T) has said its subsidiary L&T InfoTech has filed a fresh Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch an Initial Public Offer (IPO).

Golden Tobacco: The manufacturer of Panama, Chancellor, Golden Cigarette and cigarettes packed in Steel cases, Golden Tobacco has started carrying 85 per cent pictorial health warnings. 

Tata Sponge Iron: The customs department has imposed a total fine of Rs 33 crore on Tata Sponge Iron over its classification of Coal imports. Coal so imported was classified as steam coal by the company and duties were paid accordingly. According to the customs department, this coal has been merited with classification as bituminous coal. The tariff of bituminous coal is higher than steam coal.