Index trend and stocks in action May 02, 2016
Chirag Gothi / 02 May 2016
The Indian market showed some strength in early trade, but profit taking at higher levels dragged the market lower. Thereafter, it traded in the negative zone for the most part of the session. However, towards the end market pared the losses and ended around 7850 levels.
The Indian market showed some strength in early trade, but profit taking at higher levels dragged the market lower. Thereafter, it traded in the negative zone for the most part of the session. However, towards the end market pared the losses and ended around 7850 levels. On the daily time frame Nifty has formed a long legged Doji around the ‘Run Away Gap’ level which is placed around levels of 7770-7780. Now going forward the range of 7770-7780 will be crucial for the bulls, breach of this zone will open gates for levels of 7640-7530 in the short term. On the upside, the level of 7900-7930 will act as a major roadblock for the bulls.
Interglobe Aviation: Indigo Airlines reported 7 per cent higher Q4 revenue of Rs 4090 crore. Net profit at Rs 579 crores gives the company a healthy net margin of 14.2 per cent, a record among airline companies. The company announced operating profits of Rs 1548 crore for the quarter, giving the company an operating margin of a healthy 37.8 per cent.
ONGC: The state-owned upstream major’s overseas arm ONGC Videsh is expecting commercial production from the world’s largest shale oil reserves in Russia soon. This will help vindicate its acquisition of Imperial Energy. Imperial’s assets have been grossly underperforming ever since OVL bought it for a whopping $2.1 billion.
Ultratech, ACC and Ambuja Cement: The country’s top three cement producers- Ultratech Cement, ACC and Ambuja Cement are expecting a revival in cement demand during the current fiscal year. The companies project a 6-8 per cent growth in cement demand this fiscal year, compared to about 3 per cent in the previous year.
Lupin: Drug major Lupin is looking to strengthen its branded and speciality business in the US by launching new products, brand acquisitions and even buyout of other speciality companies which compliment its therapy focus.
Wipro: Paytm, India’s largest mobile payment company has joined hands with Wipro to create the requisite technology infrastructure for its upcoming payment bank business.
HDFC & L&T Finance: HDFC and L&T Finance are some of the companies that will announce their earnings for the March quarter today.
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