Index trend and stocks in action April 18, 2016

The Indian market started the last session of a truncated week with a huge gap up and thereafter it moved in a tight range in the afternoon session. However, in the second half of trading session the bulls picked up and market ended above 7850 level with gains of about 2 per cent. Nifty after forming a strong base around levels of 7500-7520 started to move up and formed a sequence of higher top higher bottom. As on 13th April, 2016 Nifty breached its barrier of 7750-7780 with a ‘Break Away Gap’, re-establishing the bullish momentum. Now going forward Nifty has resistance in the zone of 7950-7980 levels. On the other hand immediate support for Nifty would be in the range of 7750-7780 levels and major support would be placed around levels of 7680-7700. Only a breach of the 7680-7700 level would pause the momentum of the bulls and push Nifty lower upto levels of 7530.

Infosys: India’s second largest software company Infosys reported stellar results on Friday announcing above average growth in top-line and bottom-line as well as a much better guidance for the coming quarter. While the 3.8 per cent growth in profits was definitely better than street estimates, the real surprise came from the 25.5 per cent EBIT margins that were much better than anticipated.

DCB: Private sector DCB Bank’s fourth quarter net profit increased 10 per cent to Rs 70 crore from Rs 63 crore mainly due to demand for loans from small and medium enterprises; individuals for buying homes; and agriculture linked loans.

 Vedanta: Anil Agarwal led Vedanta on Friday received the ‘letter of award’ for the development of two berths and barge berths at port of Mormugao Goa, on the ‘design, build, finance, operate and transfer’ basis.

IOC: Indian Oil Corp and Bangladesh Petroleum Corp (BPC) have entered into a joint venture to leverage the expertise of the companies and the geographic advantages of the two nations.

Tata Consultancy Services: IT Bellwether will announce its Q4 numbers today.

Alkem Laboratories: Alkem Laboratories has clarified for the benefit of all the stakeholders with respect to the recent news reports in the media in connection with “Notification to the CHMP/EMA Secretariat of a Referral under Article 31 of Directive 2001/83/EC” (the Directive”) made by The Federal Institute for Drugs and Medical Devices (BfArM), Germany.

Reliance Industries: Reliance Industries has informed the exchange that the SEZ Refinery of the Company is planning to shut down one crude distillation unit for routine Maintenance & Inspection (M&I) activities from 1st May, 2016 for about 3 weeks. The other three crude distillation units including secondary processing units are expected to operate at a normal throughput at Jamnagar refinery complex.

Suzlon Energy: The Suzlon Group announced that it has successfully repaid in cash, Foreign Currency Convertible Bonds worth USD 28.8 million in principal amount, along with the applicable 8.7 per cent redemption premium.