Index trend and stocks in action May 05, 2016
Chirag Gothi / 05 May 2016
The Indian market continued its losing streak for the third consecutive trading session. Disappointing PMI data from China; and IMF report on the outlook for Asia Pacific weighed down the sentiments.
The Indian market continued its losing streak for the third consecutive trading session. Disappointing PMI data from China; and IMF report on the outlook for Asia Pacific weighed down the sentiments. After opening with a downside gap, the market faced resistance around levels of 7750, which boils down to exactly 50 per cent retracement level related to rise from low of 7516 to a high of 7992. Nifty has filled the upside gap, which was created on April 13, 2016. Now going forward, level of 7660 is an important support for Nifty. Breach of this support is likely to open gates for correction upto levels of 7580-7550. On the other hand, level of 7750 will act as a strong resistance level. At present, the daily RSI is quoting at 47 levels. As per the "bullish high low range (70-40 levels)" theory, RSI is likely to scale lower upto levels of 40.
Sun Pharma: Sun Pharma announced that two pivotal phase-3 clinical trials evaluating the efficacy and safety of the investigatory anti-plaque psoriasis drug, Tildrakizumab have met their primary endpoints.
NTPC: NTPC has asked Anil Ambani Group’s electricity distribution utilities in Delhi-BSES Rajdhani and BSES Yamuna- to clear INR 1,300 crore dues by midnight 9th May or face a cut in power supply.
Future Retail: Future Group is considering hiving off its furniture business Home Town from Future Retail and create a separate entity by merging it with FabFurnish to unlock value.
GMR: GMR Sports, the owner of the Delhi Daredevils franchise in the Indian Premier League (IPL) has challenged in the Delhi High Court the 2015 Budget announcement of service tax on sporting events like IPL. In an interim order, the high court ruled that GMR Sports should continue to deposit service tax with the government, while the writ petition is pending in court.
SKS Microfinance: SKS Microfinance has reported more than two-fold jump in standalone net profit at Rs 84.47 crore for the last quarter ended March, 2016.
Symphony: Symphony has created a wall-mounted air cooler for household customers called ‘Symphony Cloud’.
TVS Motors: TVS Motors has announced the launch of its new four stroke TVS XL 100 in the state of Karnataka.
Hero MotoCorp: The two-wheeler giant will be announcing its Q4 numbers today.
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