Index trend and stocks in action May 23, 2016
Chirag Gothi / 23 May 2016
The Indian market after embarking on a cautious start, traded in a narrow range and oscillated between positive and negative territory for the most part of the trading session. However, sharp selling in the last hour of the trading session dragged the indices to the lowest point of the day.
The Indian market after embarking on a cautious start, traded in a narrow range and oscillated between positive and negative territory for the most part of the trading session. However, sharp selling in the last hour of the trading session dragged the indices to the lowest point of the day. On the daily chart, Nifty has filled the upside gap which was created as on May 9, 2016. During the past three sessions Nifty is forming sequence of lower top lower bottom, which is a negative signal. At present, Nifty is hovering around 50 per cent retracement move, from levels of 7516 to 7992. Now going forward 7690 is an important support level as defined by the 61.8 per cent retracement up-move from levels of 7516 to 7992. Breach of this level will open up gates for correction up to levels of 7630. On the upside, 7810-7820 will act as a stiff resistance level.
Finolex Industries: Finolex Industries reported an almost three-fold jump in standalone net profit at Rs 78.47 crore for the March quarter as against net profit of Rs 27.68 crore for the corresponding period of fiscal 2014-15. Net sales have risen by 2.87 per cent to Rs 799.22 crore in the quarter under review as against Rs 776.86 crore in the year-ago period.
Just Dial: Just Dial has reported a 25.08 per cent decline in net profit at Rs 35.33 crore for the quarter ended March 31 as against net profit of Rs 47.16 crore for the corresponding quarter a year ago. Total income from operations have grown by 14.92 per cent to Rs 179.61 crore in the quarter under review as against Rs 156.28 crore in the year-ago period.
Somany Ceramics: Somany Ceramics has reported a 76.31 per cent increase in standalone net profit at Rs 26.06 crore for the fourth quarter ended March, as against net profit of Rs 14.78 crore in the January-March period of 2014-15 fiscal. Its net sales have grown12.72 per cent to Rs 513.52 crore during the same quarter of 2015-16 fiscal as against Rs 455.56 crore in the year-ago period.
BHEL, Power Grid: BHEL will be dropped from the BSE's benchmark index Sensex from June 20 and will be replaced by Power Grid Corporation of India.
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