Index trend and stocks in action June 01, 2016

The Indian market started the session with an upside gap and made an attempt to move up soon after the opening. However, market participants booked profits at higher level and the market entered into negative territory in the late morning session. Though the correction was not sharp, and market moved in a range thereafter. On the daily time frame Nifty has formed a ‘Bearish Counterattack’ candle as against stalled type candle which was formed as on May 30, 2016. Now going forward the level of 8240 will act as a strong barrier for Nifty. On the downside, immediate support is placed around 8110 levels. If this support is breached it’s likely to test levels of 8070 on the downside. As per the pattern formation its likely that Nifty may witness consolidation and trade in a range with major support placed at 8070 levels.

BPCL, HPCL and IOC: Petrol Price has been hiked by Rs 2.58 a litre and diesel by Rs 2.26 per litre, the second increase in rates this month.

Axis Bank: Axis Bank receives approval from RBI to raise foreign shareholding up to 62 per cent from the earlier limit of 49 per cent.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals had informed that the Issuance committee of the company at its meeting held on May 31, 2016, has approved raising of up to USD 200 million through issuance of FCCBs to be listed on the Singapore Exchange and has decided to launch the Issue on 2016.

Unichem Laboratories: Drug maker Unichem Laboratories has allocated a capital expenditure of around 200 crore for the current fiscal, most of which would go into the company’s upcoming API plant in Kolhapur, Maharashtra.

Thomas cook: Thomas Cook has entered into a partnership with online budget hotels aggregator, Vista Rooms, for providing standardised accommodation experience.

PVR & DLF: PVR, India’s leading multiplex operator, has closed a deal to acquire real estate company DLF’s cinema exhibition business, branded DT Cinemas, with fewer screens than originally planned.

Reliance Industries: RIL is running at lower capacity at some plants and is undertaking shut down of two of its petrochemical units at Dahej in Gujarat in response to insufficient water to run the units, the company informed the exchange.