Index trend and stocks in action October 14, 2016

Indian benchmark indices got off to a gap down opening, in tandem with the negative sentiments prevailing in the Asian markets. Thereafter, the indices couldn’t show any respite and continued their southward journey. At the end, Nifty ended the session with cut off of about one and half per cent. On the daily chart nifty had formed a long negative candle. At present, Nifty is hovering near to its crucial support zone of 8510-8540; a decisive breach of this zone will give confirmation of breakdown of neckline of ‘Head and shoulder’ pattern. On the upside, the zone of 8625-8635 will act as a stiff resistance for Nifty.

TCS: TCS net profits were 4 per cent higher at Rs.6586 crore, which was largely in line with expectations. Overall revenues were up by just 1 per cent and that continues to be a major concern for the company. EBIT margins at 26 per cent is up by nearly 90 bps and is among the best among the large cap IT companies.

Infosys: Infosys will announce its earnings today for the quarter ended 30th September, 2016.

Cox & Kings: Cox & Kings-owned Meininger Hotels has signed an agreement with Beni Stabili SIIQ to set up a 491-bed hotel in Milan, Italy.

Wipro: Wipro announced the launch of Treasury DNA Decisions and Analytics platform that will digitally enable global treasuries using cloud technologies. Treasury DNA is powered by BELLIN’s tm5, a leading treasury management systems provider.

Yes Bank: Yes bank Board to meet on October 20, 2016 to consider second quarter results and to decide on fund raising by way of QIP and debt issue.

Shreyas Shipping: M/s Shreyas Relay Systems Ltd, the wholly-owned subsidiary of Shreyas Shipping has decided to sell its 51 per cent stake in M/S SRS Freight Management Ltd to M/s BSL Freight Solutions Pvt Ltd.