Index trend and stocks in action April 21, 2016

The Indian market started the session on an optimistic note following overnight gains in US markets and a positive trend in the Asian peers. However, markets appeared a bit fatigued and moved in a tight band for most part of the day. In the last trading session, it has been witnessed that the momentum on the upside is coming to a grinding halt. Nifty has strong resistance in the zone of 7970-8000. This range has witnessed a significant top and bottom in the past and has resulted in a reversal in the market. Hence, only if Nifty moves above this resistance zone, it's likely to continue its upward march. On the downside 7830-7850 is an important support for the index. If Nifty breaches this support zone it's likely to test levels of 7770-7710.

Wipro: India’s third largest software services exporter Wipro reported its fourth quarter results which were broadly disappointing as growth came in lower than the estimates. However, the company announced a buyback of shares at Rs 625. Profits for the March quarter were almost flat compared to the corresponding period last year.

Biocon: Biocon Inc., part of biotechnology major Biocon, is recalling in the US 5,505 bottles of cholesterol lowering Simvastatin tablets for being sub-potent, according to the USFDA.

Equitas Holdings: Equitas Holdings, which raised about Rs 2,200 crore through an initial public offering, will make its debut on the exchange today.

Skipper: Skipper has secured new orders worth approximately Rs 200 crore from Power Grid Corporation of India and is favourably placed for contracts worth another Rs 300 crore with them.

Stone India: Stone India has bagged an order for supply & installation of 9090 units of Bio-Toilets to Govt. of Chattisgarh valuing Rs 28.70 crores via its business associates M/S Cranberry Westlink T&D.