Index trend and stocks in action November 10, 2016

The Indian benchmark indices opened with a sharp downside gap owing to two crucial events, Indian currency demonetisation of 1000 & 500 denomination and the Donald Trump lead in the race for the US presidential election. After the initial turmoil, upside recovery continued for the entire session and Nifty ended the session above 8400 mark. Now going forward Nifty has strong resistance placed in the zone of 8480-8500 and a decisive move above this zone is likely to test levels of 8550-8580. On the downside, the level of 8400 will act as an important support zone and a breach of this zone is likely to test level of 8320.

Lupin: Lupin saw Q2 profits rise by 58 per cent to Rs.662 crore even as the North American business grew by 73 per cent. Revenues are up 29% to Rs.4290 crore. The big story for Lupin was on the EBITDA front. EBITDA for the second quarter grew 55 per cent on a YOY basis to Rs.1028 crore even as the operating margins expanded by 410 bps to 24 per cent.

REC: State-run REC's standalone net profit surged over 8 per cent at Rs 1,751.27 crore in the second quarter of this fiscal. The company had posted a net profit of Rs 1,619.19 crore in the corresponding quarter a year ago.

DCM Shriram: DCM Shriram commissioned additional captive power generation capacity at its Chlor-alkali unit in Bharuch, Gujarat. The total cash based captive power generation at the unit now stands at 115 MW.

Apollo Tyres: Tyres major, Apollo Tyres has inaugurated its new global research and development centre, the second such centre of the company in the world.