Index trend and stocks in action April 26, 2016

The Indian market started the session on a flattish note and as the day progressed losses widened as investors and traders turned jittery and booked profit. At the end, Nifty took a slash of over half a per cent to settle below the crucial levels of 7900. Nifty after moving in a sideways range for couple of trading sessions, today breached level of 7900; however, it managed to hold on to levels of 7820-7830 which is an important support for Nifty. Now going forward the zone of 7820-7830 will be crucial for the bulls. Any move below this level will open up the gates for correction up to levels of 7770. On the upside, the level of 7925 will act as a hurdle for the bulls. 

Ultratech: Cement major Ultratech came out with stellar results for the Q4. Total revenue increased by 4.7 per cent to Rs 6504 crore while net profits were up by 11 per cent at Rs 681 crore. This improvement in performance is attributed to better operational performance and lower finance costs. Domestic sales improved as it registered growth of 15 per cent after a long time.

Indiabulls Real Estate: Indiabulls Real Estate saw its net profit for the quarter fall by 37 per cent to Rs 59 crore. This was largely due to higher finance costs and tax expenses. Its income from operations grew by 9 per cent to Rs 669 crore in the Q4.

Dabur: According to Morgan Stanley, Dabur may have the best production portfolio among the FMCG companies and has an overweight rating on the stock with a target of Rs 325 per share.

ONGC: ONGC’s crude oil production during March, 2016 was 1870.06 TMT which is 6.04 per cent lower than target for the month and 4.04 per cent lower than the product achieved in the corresponding month of last year.

Kalpatru Power Transmission: KPTL received a new order of over Rs 11.05 billion in domestic and overseas market.

Biocon: Biocon will announce its Q4 numbers today.