Mid market commentary Aug 24
Bhagyashree Vivarekar / 24 Aug 2016
Indian markets opened on a positive note tracking positive closure in the world indices and recovery in the previous session. However, markets witnessed a range bound volatility with just one day left for August F&O expiry. Broader markets saw outperformance with 0.4 per cent gains leading to a positive breadth of 1394 advances as against 1062 declines.
Indian markets opened on a positive note tracking positive closure in the world indices and recovery in the previous session. However, markets witnessed a range bound volatility with just one day left for August F&O expiry. Broader markets saw outperformance with 0.4 per cent gains leading to a positive breadth of 1394 advances as against 1062 declines.
Energy has surged the most with 0.9 per cent gains, followed by defensives like Media and Pharma. FMCG has tumbled the most with 0.36 per cent losses amid profit booking. On the stock specific front, Auro Pharma is the top gainer with 4.6 per cent gains owing to positive results. While Idea Cellular has retreated with 3 per cent losses after denying the news of any merger with Vodafone.
Nifty is trading sideways and hence we maintain our view of 8700-8730 as the immediate resistance; while 8600 followed by 8540-8520 as the supports for the Nifty.
Stocks to watch:
8K Miles Software Services: The company has recently announced share split of 1 equity share of the Company having face value of Rs. 10/- each, into 2 equity shares of face value of Rs. 5/- each. It has also issued bonus shares in the ratio 1:3.
Strides Shasun: The pharma company has received USFDA approval for Ranitidine Tablets USP, with a power of 150 mg and 300 mg. The tablets have a share in the US market of nearly 125 million USD. The stock is trading 1.3 per cent up at 970 levels.
Aurobindo Pharma: The company has posted strong Q1 results, where its net profit has increased by 24 per cent to Rs 584.6 crores; and net income from operations has increased by 12.9 per cent to Rs 3725.9 crores.
Indian Oil Corporation: The stock of Indian Oil Corporation has surged by 4.5 per cent after the company announced that the board would consider bonus shares in the ratio 1:1.
Majesco: An IT consulting firm, Majesco has surged 10 per cent and more after Majesco's partner, EcoSystem announced a strategic partnership with Elafris to enhance customer communication and payment experience.
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