Index trend and stocks in action July 19, 2016

Indian market started off the session on a positive note and soon after opening in positive territory markets continued their upward march. However, in the afternoon session profit booking was seen at higher levels and this resulted in negative closing of market. After forming a ‘high wave’ candle as on July 15, 2016, Nifty made an attempt to cross the high of July 15, but it failed to do so and closed almost at the lower point of the day. Now going forward the zone of 8610-8630 will act as a big hurdle for the bulls, on the upside. On the downside, level of 8470 will act as a support, and breach of this support level will open gates for correction up to levels of 8400-8380.

Hindustan Unilever: Hindustan Unilever has announced its quarterly results with a 4 per cent growth in volumes and 10 per cent growth in profits. The volume growth was once again below the market consensus. The rise in profits was helped by exceptional income, mainly from write-back of provisions for employee benefits during the quarter.

JP Power: JP Power Ventures plans to sell its 500 MW thermal power plant in central India to JSW Energy. The consideration is likely to be around $402 million including debt.

JSPL: JSPL has announced that it has received shareholder approval to divest 1000 MW power plant unit.

Yes Bank: Moody’s flags Yes Bank's asset quality issues. Moody’s highlighted that high incidence of corporate loans in Yes Bank’s books could further worsen its asset quality.

Piramal Enterprises: Piramal Enterprise seeks to raise Rs 1000 crore via debentures, to mull plan on July 21.

Wipro: Wipro to announce its quarterly results today.