Index trend and stocks in action April 29, 2016

The Indian market started the session on a sluggish note and it did manage to show some signs of bullishness in early trades, but sentiments dampened and indices kept tumbling down the hill without any stoppage. The Nifty closed below 7850 level. The zone of 7980-8000 remained to be a key hurdle for Nifty and Nifty witnessed a sharp fall from this supply zone. As per the rising wedge pattern, the support for Nifty lies around levels of 7800. Breaches of this level will open doors for levels of 7770, which is a major support level for Nifty. The 200-day EMA is placed around levels of 7770. A move below levels of 7770 will challenge the ‘Run Away Gap’ which was created as on 13th April, 2016.

HCL Tech: HCL Tech reported Q3 profits marginally up by 0.3 per cent with dollar revenues growing by 1.3 per cent. Both these numbers reported were below the street expectation.s The quarterly profit for the company has come in at Rs 1926 crore, below street expectation of Rs 1963 crore.

Ambuja Cement: Ambuja Cement has reported net profit of 303.76 crore for the quarter ended 31st March, 2015 registering a decline of 4.38 per cent on a  y-o-y basis, but growth of 176.24 per cent on q-o-q basis. The company revenue stands at Rs 2444.63 crore , down 0.74 per cent on a  y-o-y basis, but up 2.74 on a q-o-q basis.

Lupin: The Company has announced the re-introduction of Methergine (methylergonovine maleate) Oral Tablets 0.2mg for the prevention and management of postpartum hemorrhage (PPH).

Jewellery Stocks: The government in Rajya shaba on Thursday refused to rollback 1 per cent excise duty on non-silver jewellery, saying that luxury items cannot be kept out of tax ambit for perpetuity.

Berger Paints: Berger Paints and Nippon group of Japan have signed formal agreements to “transfer” some of their automotive paints businesses in India to their existing joint venture.

Jubilant Foodworks: According to Bulk deal data available with stock exchanges, Jubilant consumer, promoter of Jubilant Foodworks, sold a total of 23,70,170 shares, amounting to 3.6 per cent stake of the company. Meanwhile, Credit Suisse (Singapore) purchased 22,85,596 shares of Jubilant Foodworks for Rs 292.34 crore.

ICICI Bank: India’s largest private sector bank, will announce its Q4 numbers today.

Idea Cellular: Despite a 25 per cent fall in sequential profits, Idea Cellular has managed to substantially beat street expectations. Net profits for the Q4 have fallen to Rs 575 crore from Rs 765 crore in the previous quarter. Revenues for the quarter are up by 5.3 per cent at Rs 9484 crore. EBITDA has surged by 15.6 per cent for the quarter.