Index trend and stocks in action May 09, 2016
Chirag Gothi / 09 May 2016
The Indian markets got off to a weak start as investors turned jittery and booked profits amid weak cues from Asian markets. In the second half sentiments were boosted by a report that India is setting up an independent panel to help state-owned banks negotiate settlements with big corporates on bad loans.
The Indian markets got off to a weak start as investors turned jittery and booked profits amid weak cues from Asian markets. In the second half sentiments were boosted by a report that India is setting up an independent panel to help state-owned banks negotiate settlements with big corporates on bad loans. On the daily time frame, Nifty has formed a hammer pattern against previous days Doji candle, which indicates reversal in the market. The hammer candle is formed near 61.8 per cent of previous rise from 7516 to 7992 levels, which is an important support level. Now going forward 7680-7650 is a key support for the market. In any case if this support is breached it’s likely to touch levels of 7530. On the upside, level of 7780-7800 is a resistance level.
HDFC: Country’s largest mortgage lender HDFC said it will raise Rs 1,360 crore by issuing debentures on a private placement basis.
ITC: ITC has announced that the cigarette factories are commencing production in a phased manner with the specified 85 per cent graphical warning, pending hearing by the Karnataka High Court.
Thyrocare Technologies: Diagnostics Company Thyrocare Technologies will make its debut on the bourses today. The IPO was oversubscribed by 73.55 times in a price band of Rs 420-446.
IT stocks: IT stocks will be in limelight in today’s trading session after US-based Cognizant Technology Solutions, which over the past five years posted a blistering run of growth and won market share from competitors such as TCS and Infosys, reported its slowest quarterly revenue growth in nearly 14 years.
Siemens: Engineering and automation major Siemens reported a 9.6 per cent rise in standalone net profit to Rs 177.42 crore for the second quarter ended 31st March, 2016.
Titan: Tata Group firm Titan reported 14.4 per cent drop in net profit to Rs 184.11 crore for the fourth quarter ended 31st March, 2015-16, mainly due to lower sales. Tata Group said that it will be picking up stake in the Chennai-based online jewellery retailer Caratlane.
HUL: The Company will announce its Q4 numbers today.
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