Index trend and stocks in action April 22, 2016

The Indian market started off the session on a cheerful note following supportive leads from the Asian markets. However, the market failed to capitalise on the morning momentum and slipped to lower levels. Selling pressure intensified after the European markets unfolded with a negative bias. In the end market managed to defend levels of 7900. On the daily chart Nifty has formed a side by side negative candlestick pattern in the last couple of trading session, which is displaying strong supply in the zone of 7970-7990. Now going forward the range of 7970-7990 will act as a stiff resistance in days to come. The level of 7850-7870 will act as a crucial support level. However, breaching of it may result in a prolonged downtrend up to levels of 7800-7730.

IndusInd Bank: Despite a slight rise in NPAs, IndusInd Bank recorded a 25 per cent growth for the quarter ending 31st March, 2016 at Rs 620 crore. Its Net Interest Income (NII) during the same period was up by 37 per cent at Rs 1268 crore. Both these numbers were in line with street expectations. However, the only concern was that the Gross NPAs were slightly up from 0.82 per cent to 0.87 per cent.

Reliance Industries: Index heavyweight Reliance Industries will announce its Q4 results today post market hours. Over the last 2 quarters, the company has been giving positive surprises in terms of refining margins and petchem margins.

SREI Infra: SREI Infra announced that the process of stake sale in telecom tower major, Viom Networks to American Tower Corporation (ATC), has been completed. ATC acquired 51 per cent stake in Viom Networks. It acquired a total of 42,000 towers for a total consideration of Rs 7600 crore.

UFO Moviez: Rating committee has reaffirmed UFO Moviez long term rating of [ICRA] A+. The outlook on the long term rating has been upgraded to ‘Positive’ from ‘Stable’.

MCX: CME Group, one of the World’s leading derivatives exchanges, is planning to take 15 per cent stake in India’s only listed commodity exchange-Multi Commodity Exchange (MCX). The move follows the government’s decision to increase foreign holding in Indian Commodity Exchanges to 15 per cent. 

Dishman Pharmaceuticals: Dishman Pharma gets shareholder’s nod for bonus share issue.

Sanghi Industries: Piramal Enterprises has invested Rs 256 crore through non-convertible debentures (NCD) in Sanghi Industries which has a production capacity of 4.1 million tonnes a year.