Index trend and stocks in action June 24, 2016
Chirag Gothi / 24 Jun 2016
The Indian benchmark indices got off to a soft start and shifted into an intraday sideways range movement for the better part of the session. Buying emerged during the afternoon session and Nifty closed at 8270. The crucial global event of BREXIT will dictate the market movements in the coming sessions.
The Indian benchmark indices got off to a soft start and shifted into an intraday sideways range movement for the better part of the session. Buying emerged during the afternoon session and Nifty closed at 8270. Nifty managed to close above its resistance of 61.8 per cent retracement level. However, now going forward major resistance is placed around levels of 8330-8340 which is swing high registered in the month of October, 2015. A close above these hurdles will result in the start of a fresh wave of up-move which is likely to take index up to levels of 8440-8530 in the short term. On the downside, immediate support for the index is placed around 8220-8240 zone. A breach of this level will open gates for correction up to levels of 8130. The crucial global event of BREXIT will dictate the market movements in the coming sessions.
RCOM: The much awaited deal between Anil Ambani led RCom and Aircel is likely to be announced shortly. Both the companies will form a joint venture and will hold an equal stake in the JV entity. Both the companies will also transfer debt to the tune of Rs 14,000 crore into the JV entity.
ONGC, IOC, HPCL & BPCL: Indian state oil firms may buy a stake in Russian oil major Rosneft, Oil Minister Dharmendra Pradhan said, signalling a move that would hoist the country’s overseas energy portfolio to a new high as the company pumps more oil than ExxonMobil.
Bank of India: State-owned Bank of India said it has raised Rs 1,000 crore through bonds that comply with Basel-III norms for capital adequacy.
Sun Pharma: India’s largest drug maker by market capitalisation has announced that its board of directors have approved a share buyback at Rs 900 per share through a tender offer for a maximum of 7.5 million equity shares. The plan will roughly cost the company Rs 675 crore. Many large companies have resorted to buybacks as a measure of rewarding shareholders in a more tax efficient manner.
HDFC: HDFC has invoked 35,000 shares of United Spirits pledged to it by Kingfisher Finvest India, a firm promoted by embattled businessman Vijay Mallya.
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