Index trend and stocks in action April 25, 2016

The Indian market started off the session on a tepid note following pessimistic sentiments prevailing in Asian markets. The benchmark indices failed to show any kind of momentum and oscillated around the neutral line for most part of the trading session. Eventually the Nifty closed near about 7900 mark. On the daily chart Nifty faced resistance at the upper line of the Rising wedge pattern. Now going forward important support for index stands at levels of 7820-7830. If this level is breached market is likely to continue its down-slide up to levels of 7700. On the upside, level of 7970-8000 will remain a hurdle for Nifty. Breakout above this level will trigger fresh momentum on the upside, which will take Nifty up to levels of 8100-8130.

Reliance Industries: Index heavyweight, Reliance Industries Q4 results came in better than expected at Rs 7320 crore. The gross refining margins (GRMs) at $10.8/bbl was lower than the $11.5/bbl announced last quarter but still was way higher than the Singapore Benchmark which is closer to $8/bbl. Petchem margins at 13 per cent also came in better than expected.

HDFC Bank: HDFC Bank managed to maintain its amazing pace of 20 per cent profit growth for another quarter. Net profits for the quarter touched Rs 3374 crore even as Net Interest Income (NII) jumped by 24 per cent during the Q4. Gross NPAs at 0.94 per cent were marginally down while net NPAs stand at 0.28 per cent almost flat.

Cairn India: Cairn India posted its biggest ever quarterly loss of Rs 10,948 crore for the Q4. This loss was due to the impairment loss on goodwill and non-producing oil and gas assets due to low oil prices globally.

Havells: Havells India marked its entry into level modular switches with the launch of its innovative ranges of switches named ‘Reo Bliss’.

Tata Motors: Tata Motors is planning to raise Rs 300 crore through issuance of non-convertible debentures (NCDs) to meet its expansion plan.

IOB & UCO Bank: The National Stock Exchange will exclude Mid-cap lenders, Indian Overseas Bank and UCO Bank from the Futures and Options segment, the exchange informed in a circular.

Reliance Defence and Engineering: RDEL said it will raise up to Rs 1,200 crore through rights issue to augment long term resources and exit from corporate debt restructuring (CDR).

Ultratech: Cement major Ultratech will announce its Q4 earning today.