Index trend and stocks in action April 20, 2016

Despite a murky performance by the Asian peers the Indian market marked a strong start led by Infosys, as Information Technology beat street estimates and posted stellar figures on Monday. In the end market ended above 7900 mark with gains of about 0.80 per cent. Nifty opened with an upside gap of around 55-60 points and slipped into corrective mode soon after opening. The zone of 7830-7840 proved to be an important support for Nifty as it marked a smart recovery and in this process the opening upside gap has been filled completely. Now going forward the zone of 7970-7990 will act as a strong barrier for Nifty. On the downside, immediate support for Nifty stands at 7830-7840. If Nifty moves below this support zone its likely to test levels of 7770-7780 on the downside.

CRISIL: India’s largest credit rating agency CRISIL, saw its net income surge by 19 per cent to Rs 368.57 crore for the quarter ended 31st March, 2016. During the same period, its net profit saw a jump of 40 per cent to Rs 78.6 crore, giving the company a net profit margin of 21.33 per cent.

Dr Reddy's Laboratories: Dr Reddy's has announced that its acute migraine injection ZembraceSym Touch will be available commercially in the US. Dr Reddy's has already received USFDA approval for this injection in January this year. This injection is recommended for patients who suffer from acute migraine attacks and for whom the normal pill does not work beyond a point.

HDFC: The mortgage lender HDFC announced the much awaited initial public offering of its insurance arm HDFC Standard Life. HDFC will dilute 10 per cent of its 61.33 per cent stake in the insurance arm, making it India’s first insurance IPO.

Suzlon: Suzlon Energy has acquired five small solar companies for an undisclosed sum to implement various renewable energy projects across the country.

Tata Communication: Tata Communication announced it will be expanding its partnership with Asian Television Network Canada, to bring the network’s content to Canadian viewers, with potential for further international expansion.

Nestle: The latest survey by Nielsen has revealed that Maggi has returned to retake over 50 per cent of the noodles market. It has also re-launched its vegetable atta and oats noodles.

TCS: IT bellwether TCS reported consolidated net profit of Rs 6,413.12 crore for the quarter ended 31^st March, 2016 registering a growth of 5.42 per cent q-o-q and 72.74 per cent y-o-y.