Index trend and stocks in action June 14, 2016

The Indian benchmark indices got off to a gap down opening, in tandem with the dismal sentiment prevailing in the Asian markets amid jitters over the forthcoming referendum on whether the UK would remain in the European Union which is scheduled on June 23, 2016. In the end, Nifty closed with loss of 60 points at 8110. On the daily time frame Nifty has formed a small reversal candle with long lower shadow, which is reflecting recovery from the lower levels. Now going forward the zone of 8060-8070 will act as a support zone. Below this support zone Nifty is likely to test levels of 8000-7970. On the upside, the level of 8180 will act as a resistance zone for Nifty.

Jubilant Foodworks: Food service major Jubilant Foodworks plans to open 130-140 new Domino’s Pizza outlets and around 20 new Dunkin’ Donuts restaurants in the current fiscal to expand its footprints in the country.

Coal India: Coal India has announced that the board of directors of Western Coalfields Ltd., (WCL), the company’s subsidiary, has considered and approved the buyback of 7,42,750 fully paid equity shares of face value of Rs 1,000 each.

Havells India: Electrical equipment maker Havells India said it will increase its stake in Bangalore-based Promptec Renewable Energy Solutions up to 70 per cent for an undisclosed sum.

Sterlite Technologies: Anil Agarwal’s Sterlite Power Transmission aims to raise Rs 2000-2500 crore through infrastructure investment trust (InvITs) before December. Sterlite Power Transmission, which was recently carved out from Sterlite Technologies, plans to raise funds through its subsidiary Sterlite Power Grid Ventures (SPGC).

ABB: The Company has successfully commissioned five substations to integrate a 648-megwatt (MW) solar project at Kamuthi in the southern Indian state of Tamil Nadu to the national transmission grid.

Delta Corp: Pleasure Cruise Company Private Ltd., a wholly owned subsidiary of Delta Corp, has been granted license by the Government of Goa to operate their vessel “M V Royale Flotel-Deltin Caravela” in the Mandovi River.