Index trend and stocks in action June 23, 2016

The Indian benchmark indices started off the session with a positive bias, and in the morning session market witnessed a sideways movement. In the afternoon session markets witnessed a sudden bout of selling. However, in the last hour of trade buying emerged at lower levels and Nifty closed with minor loss of 16 points. Nifty formed a small body negative candle with a long lower shadow, which shows that buying interest was seen at lower levels. In the last 4-5 sessions markets have been trading in a narrow range, apart from one odd day where market rallied. Post that we haven’t seen follow up buying in the market and no major movement on either side. This is due to a major event likely to unfold in the next couple of days i.e. UK referendum; and the outcome of this event is likely to dictate the market in near term. Now going forward the zone of 8120-8150 is a key support for Nifty. On the upside, Nifty is likely to face resistance around levels of 8260-8290.

GAIL: GAIL has informed that it has been awarded Rs 550 crore worth of contracts for laying of ‘Urga Ganga’ gas pipeline from Phulpur in Uttar Pradesh to Haldia in West Bengal.

Textile Stocks: The government has announced a Rs 6000 crore package for the textiles and apparels sector to help it gain a bigger share of the global market. The package also provides the sector more flexible labour laws and financial incentives.

Yes Bank: Yes Bank launched YES TRANSACT- ON THE GO, a unique Digital working Capital Management solution that will enable decision makers to view and approve transaction requests even when they are travelling or are out of office.

Sun Pharma: Sun Pharma has informed exchanges that its board will hold a meeting on June 23, 2016 for evaluating a proposal of buy back of equity shares of the company.

Spice Jet: The airline has announced a ‘Monsoon Bonanza Sale’ starting from Rs 444 for its non-stop and via flights on its domestic routes.

Reliance Power: The coal ministry has issued a show-cause notice to Anil Ambani-led Reliance Power seeking an explanation on the delay in development of coal blocks attached to the abandoned Tilaiya ultra mega power project.