Index trend and stocks in action May 16, 2016
Chirag Gothi / 16 May 2016
Indian market singed-off the week on a bearish note, driven by a sharp decrease in the rate sensitive stocks, as investors responded negatively to the frail macro data; and also as rise in consumer inflation, and dismal factory data limited the scope for rate cuts by the RBI.
Indian market singed-off the week on a bearish note, driven by a sharp decrease in the rate sensitive stocks, as investors responded negatively to the frail macro data; and also as rise in consumer inflation, and dismal factory data limited the scope for rate cuts by the RBI. On the daily chart Nifty has formed a ‘Bearish Belt-hold line’ pattern, and this pattern consists of a long black candlestick which opens on its high. Now going forward Nifty has important support around levels of 7770. Once this level is breached, it's likely to move lower up to levels of 7730-7670. On the upside, level of 7890 will act as a stiff resistance level for index. The daily momentum oscillator is still holding above level of 50.
Bank of Baroda: Among the larger PSU banks, Bank of Baroda announced a massive net loss of Rs 3230 crore after making a NPL provision of Rs 6858 crore in the quarter. This is part of the RBI’s asset quality review (AQR) exercise wherein banks are required to write off their doubtful accounts more aggressively. The gross NPAs of BOB have touched a massive 9.99 per cent in this quarter.
Reliance Industries: The centre’s green panel has given its nod to Reliance Industries for carrying out eight additional exploratory well drilling to ascertain reservoir capacity and commercial viability of hydrocarbons in the block CY-III-D5 in Bay of Bengal off the coast of Tamil Nadu.
Bhel: Bhel has successfully commissioning a 660 MW supercritical thermal unit in Maharashtra. The unit has been commission at Mouda Super Thermal Power Station (STPS) at Mouda in Nagpur district of Maharashtra.
Cadila Healthcare: Cadila Healthcare reported a 10.93 per cent rise in net profit at Rs 388.7 crore for Q4 ended 31st March, 2016.
Ahluwalia Contracts India: The Company has secured new projects worth of Rs 492.65 crores for construction of institutional and commercial building, including Electrical, Plumbing and Firefighting services, as per media report.
Piramal Enterprises: Piramal Enterprises will announce its Q4 numbers today. Its Consumer products division has entered into an agreement to acquire four brands from Pfizer for a consideration of Rs 110 crores.
JK Tyre: JK Tyre will announce its results today.
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