Index trend and stocks in action June 20, 2016

The Indian benchmark indices started the session on an optimistic note, but the sentiments turned pessimistic in the afternoon session and indices started drifting lower. However, the indices regained their momentum in the last hour of trade and finished with marginal gains. On the daily time frame, Nifty has formed a ‘Doji’ Candlestick pattern, which indicates indecision among the market participants. In the last 4-5 trading sessions, the level of 8060 has proven to be a strong support for Nifty, which is also 38.2 per cent retracement level of up-move from levels of 7715 to 8295. Late on Saturday, Dr. Rajan made a surprising announcement that he will not be seeking a second term as RBI governor after his term expires in September this year. There are worries that markets may react negatively as some foreign investors who have been keen that Rajan should continue in the post are likely to sell-off. Considering this, the major support for Nifty is placed around levels of 7930 which is also 61.8 per cent retracement level of entire up-move from levels of 7715 to 8295.

Indian Oil Corporation: An Indian consortium, led by IOC along with Oil India and BPRL (Bharat Petro Resources), a 100 per cent subsidiary of BPCL, have signed a definitive agreement to acquire up to 23.9 per cent shares from Rosneft Oil Company, NOC of Russia JSC Vankorneft, a company organised under the law of Russian Federation which is the owner of Vankor and North Vankor Field licenses.

Spice Jet: Spice Jet will offer passengers the option of booking a taxi to reach the airport at the time of ticket purchase.

HDFC: HDFC is planning to raise Rs 500 crore by issuing secured redeemable non-convertible debentures through private placements.

Rolta: Rolta India's bondholders are forming a group to discuss a debt restructuring after the software services provider failed to make interest payments, according to a document seen by Reuters on Friday.

Tata Chemicals: Tata Chemicals said it has decided to suspend production of Soil nutrient DAP at its Haldia plant in West Bengal and will supply the fertiliser to customers from its inventory and imports.

Realty Stocks: The Securities and Exchange Board of India (SEBI) has relaxed rules on Real Estate Investment Trusts (REITs) by allowing them to invest more in under construction projects, has rationalised unit holder consent on related party transactions and has removed restrictions on special purpose vehicles (SPVs) to invest in other SPVs holding the assets.

Subros: The company has informed that it has resumed full supplies to Maruti Suzuki India from the company’s other facilities in Noida, Pune and Chennai.

Eros International: Eros International has announced a television syndication deal for their new and catalogue films with Zee Network.

Siemens: The company has been awarded an order worth Euro 130 million, to set up a high voltage direct current (HVDC) link to connect power supply networks in India and Bangladesh.