Index trend and stocks in action October 26, 2016
Chirag Gothi / 26 Oct 2016
The zone of 8745-8760 continues to act as a strong barrier for the bulls. A decisive move above this zone may open gates for levels upto 8810-8840. On the downside, the zone of 8600-8630 may offer support for the Nifty.
The Indian benchmark indices had started on a cautious note tracking sluggish cues from the Asian markets, which opened on a tepid note. Nifty kept losing steam thereafter and even drifted to the lowest point of trading session in mid-morning trades. In the end, Nifty recovered from the lows of the day, but could not succeed to end the trading session in positive territory. The zone of 8745-8760 continues to act as a strong barrier for the bulls. A decisive move above this zone may open gates for levels upto 8810-8840. On the downside, the zone of 8600-8630 may offer support for the Nifty. In the past 4 trading sessions, Nifty has moved in a sideways range and usually after a sideways move of 4-5 trading sessions, it leads to expansion in the volatility.
Bharti Airtel: The country’s largest telecom operator Bharti Airtel has posted a 5 per cent decline in net profits to Rs.1,460.7 crore for the quarter ended September 30, 2016, largely due to increased spectrum related-interest costs, higher spectrum amortisation expenses and devaluation of the Nigerian currency. The company said that India revenue for quarter at Rs.19,219 crore has grown by 10.1 per cent YoY, led by good growth of 20.9 per cent in Digital TV, 19.2 per cent in Airtel Business, 14.9 per cent in Homes and 7.9 per cent in Mobile.
Axis Bank: India’s third biggest private lender Axis Bank has reported a highly disappointing set of numbers for the September quarter on a sharp rise in bad loans, as profit after tax fell about 83.4 per cent to Rs 319 crore.
Jet Airways: Jet Airways will offer all-inclusive fares starting at Rs. 921 in select routes as part of a special Diwali offer. The six-day fare sale -- from October 25-30 -- on economy fares is valid for travel,15 days post the date of booking, on specific domestic destinations on the Jet Airways' network
L&T Infotech: IT services and solutions provider L&T Infotech on Tuesday has announced it will acquire Pune-based AugmentIQ Data Sciences, a start-up offering IP-based, big data and analytics solutions for an undisclosed sum.
GIPCL: Vadodara based Gujarat Industries Power Company limited (GIPCL) has announced that it has commissioned 18 Megawatt (MW) wind turbines at the Rojmal wind farm in Gujarat.
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