Index trend and stocks in action May 03, 2016

After opening in the negative territory the Indian market drifted to the lowest point in the late morning trading session. However, short covering in the index heavyweights helped the indices to recoup losses and close above 7800 level.  Once again the level of 7770 was respected as a strong support since Nifty saw a smart pull back rally from this support level. Going forward the level of 7770 will be a key level as it is 200-day EMA and the ‘Run Away Gap’ level.  Now going forward if Nifty succeeds to hold level of 7770 and trades above 7830 levels it’s likely to test levels of 7880-7930 on the higher side. On the contrary, if Nifty fails to hold above 7830 and slips below support level of 7770, it will open the gates for correction upto levels of 7680.  

CCL Products (India): CCL Products (India) reported 70.27% growth in consolidated net profit of Rs 36.66 crore in Q4FY16 and revenue grew by 22.22% at Rs. 264.49 crore. Operating profit jumped by 47.5% at Rs 60.88 crore along with operating profit margin expanding by 395 bps at 23.02%. For the year ended March 31, 2016, net profit has grown by 29.93% at Rs 122.12 crore and revenue has grown by 5.85% at Rs. 932.12 crore.

TBZ: Jewellery retailer Tribhovandas Bhimji Zaveri reported an 8% decline in PAT at Rs 17 crore for the fourth quarter that ended on March 31. Total income from operations declined 34% to Rs 305.16 crore during the quarter under review compared to Rs 463.01 crore in the corresponding quarter of the previous fiscal year.

Coal India: Coal India's production has declined 3.4% in April, with the subsidiaries of the PSU miner wary of adding to the already swelling stocks, at the pit-heads. Output stands at 40.09 million tonnes (mt), which was 90% of the target. Coal dispatch at 42.46 mt was lower by 1.06 mt over April last year. Around 78% of Coal India's overall offtake is from the power sector.

TVS Motors: Two-wheeler major TVS Motor has reported a 21.6% growth in domestic sales during the month of April 2016. Company's sales have risen to 197,692 units from 162,516 units, a year ago.