Index trend and stocks in action July 15, 2016
Chirag Gothi / 15 Jul 2016
Nifty is now advancing towards levels of 8628 which is 78.6 per cent retracement level of down move from high of 9119.2 to low of 6825.8. On the downside, important support for Nifty is placed at 8490.
Indian benchmark indices got off to a soft start as the indices showed signs of consolidation in early trade, ahead of the corporate results. In the afternoon session, the key indices saw a sudden spurt in buying and banking stocks were in the limelight. In the end, market ended with half a per cent gain. The ‘Hanging Man’ candle formed on July 13, 2016, was followed up with a bullish candle. Hence, the hanging man candle is negated. Nifty is now advancing towards levels of 8628 which is 78.6 per cent retracement level of down move from high of 9119.2 to low of 6825.8. On the downside, important support for Nifty is placed at 8490. Infosys result will be a key factor, as the index heavyweight is likely to dictate the movement of the market.
TCS: IT bellwether, TCS has reported numbers that were slightly better than expectations. Revenues for the first quarter have increased by 3 per cent to Rs 29.305 crore while net profits have fallen 0.36 per cent to Rs 6318 crore. TCS has benefited this quarter from better execution and a more rapid adoption of Analytics, Cloud, Social media and mobile data projects.
Infosys: Vishal Sikka led IT heavyweight Infosys will announce its Q1 results today.
Wockhardt: Drug major Wockhardt has sought shareholders’ approval for raising up to Rs 1,200 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.
Titan: The company said that it would buy around 62 per cent of shares in online jewellery facility, Carat Lane Trading Pvt. Ltd., for a consideration of Rs 3.57 billion.
NBCC: State-owned construction firm NBCC said it will implement re-development of three housing colonies located at Sarojini Nagar, Nauroji Nagar and Netaji Nagar in the national capital.
Granules: Granules Pharmaceuticals Inc., (GPI), a wholly-owned arm of Granules India will be acquiring 12.5 per cent stake in the US-based USpharma.
Vedanta: Vedanta Resources PLC has repaid in full and redeemed the $514.8 million of outstanding amount on its 5.5 per cent convertible bonds due on July 13, 2016.
Reliance Industries: Reliance Industries will announce its Q1 results today.
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