Index trend and stocks in action July 5, 2016
DSIJ Intelligence / 05 Jul 2016
The Indian benchmark indices opened today with upside gap and later entered into a sideways consolidation mode for the most part of the trading session. On the daily chart Nifty has formed a ‘Gravestone Doji’; it indicates that the uptrend is running out of steam. The low of Gravestone Doji which stands at 8364 will be keenly watched by market participants, and if this low is breached it will expose the gap which has been formed as on July 4, 2016.
The Indian benchmark indices opened today with upside gap and later entered into a sideways consolidation mode for the most part of the trading session. On the daily chart Nifty has formed a ‘Gravestone Doji’; it indicates that the uptrend is running out of steam. The low of Gravestone Doji which stands at 8364 will be keenly watched by market participants, and if this low is breached it will expose the gap which has been formed as on July 4, 2016. In this case the zone of 8320-8330 will act as an important support zone. On the upside, the level of 8400 will act as a hurdle for the bulls.
Ultratech & JP Associates: In one of the biggest deal in the cement sector, Ultratech has decided to acquire the cement business of Jaypee for a consideration of Rs 16,600 crore. Ultratech will be buying Jaypee's cement units across 5 states having an aggregate capacity of 17.2 million tonnes along with a grinding capacity of 4 million tonnes per annum, which is currently under execution. This deal will enable Ultratech to expand its market reach across UP, Eastern MP, Himachal Pradesh, Uttarakhand and Andhra Pradesh.
Tata Steel: The company said its hot steel production has risen by 16.66 per cent to 3.01 million tonnes (MT) in the first quarter of the current fiscal.
L&T: L&T Infotech said it is targeting towards doubling its revenues in the next three to four years through acquisitions and organic growth.
Bhushan Steel: Bhushan Steel will shut its diversified unit at Dhenkanal in Odisha for 20 days as the steelmaker plans to expand its hot-strip product capacity to 5 million tonnes a year, from 4 mt currently, as per the filing with the exchanges.
Dabur: Dabur is launching fruit-based carbonated drink to cater to customers wanting fizzy beverages without feeling guilty about consuming them.
IFCI: The Company sold 0.5 per cent stake in NSE for Rs 89 crore. Around 2.25 lakh shares in NSE at Rs 3950 a share. IFCI has, however, put on hold selling its remaining 3.05 per cent stake in NSE.
Maruti Suzuki, M&M and Tata Motors: Supreme Court reserved its verdict on petitions seeking modification in order, banning registration of diesel-run SUVs and high-end cars with engine capacity of 2000cc and above in Delhi and NCR.
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