Index trend and stocks in action May 19, 2016

The Indian market started with negative sentiments and also ended on a lower note. Profit booking majorly occurred from global indices. However after the mid-session the banking stocks like SBI, Yes Bank, ICICI Bank and Axis bank witnessed good recovery from their respective supports. Looking at the Nifty's momentum, from the last few consecutive sessions, it has been trading in the wide range around 7650-7950. Going ahead, one can expect a clear picture only after it crosses the technical level of 8000 on the higher side. While on the lower side, 7650/7600 will remain a vital support.   

Parag Milk Foods:  Dairy firm Parag Milk Foods, which recently concluded its extended Initial Public Offering (IPO), will list shares on the bourses today.

Torrent Power: Torrent Power has reported a net profit of Rs 17.06 crore for the quarter ended March 2016, down 95.38 per cent compared to the year ago period. Total income is Rs 2,513.7 crore for the quarter ended March 31, 2016; whereas the same stood at Rs 2,694.63 crore for the quarter ended March 31, 2015.

Crompton Greaves Consumer Electricals: Crompton Greaves Consumer Electricals has reported a standalone net profit of Rs 66.61 crore in Q4FY16 as against a net loss of Rs 1.87 crore for the corresponding quarter a year ago. Its standalone net sales during the period stand at Rs 1,001.63 crore. The company was listed on BSE this month after being demerged from the parent firm Crompton Greaves.

Allcargo Logistics: Allcargo Logistics, part of the Avashya Group, will invest Rs 130 crore to buy a controlling stake in CCI Logistics. The deal will lead to the formation of a new entity,  in which Allcargo will hold 62 per cent, while the rest will be held by CCI.