Index trend and stocks in action November 24, 2016

Indian benchmark indices got off to a positive start as investors were largely influenced by the supportive leads from Asian markets. However, the indices slipped into the red terrain soon. In the second half of trading session momentum turned in favour of bulls and Nifty ended the session at 8033. Nifty respected the immediate support level of 7970 as it witnessed a pull back from level of 7970. However, the bulls failed to cross the hurdle of 8050. Now going forward two key levels to be watched on the upside are the zone of 8050-8060 and on the downside level of 7970. Decisive move on either side is likely to open up for a trending move. If Nifty sustains above level of 8050-8060, expect rally up to levels of 8100-8130. A decisive move below levels of 7970 may open up for correction up to levels of 7920. We expect Nifty to trade with volatility due to November series Future and Options expiry.

Siemens: Siemens has reported 11-fold increase in net profits at Rs.2467 crore largely backed by profits on divestment during the quarter. During the quarter, the company had completed the sale of its healthcare vertical. Total income from operations have fallen by 6.3 per cent to Rs.3091 crore. The EBITDA for the quarter is down by 14 per cent while the EBITDA margins have actually contracted by 70 basis points to 7.8 per cent.

Bajaj Finance: Bajaj Finance has allotted over 92 lakh shares for Rs 408.11 crore to its promoter Bajaj Finserv upon conversion of warrants issued to them on a preference basis.

SBI: SBI has slashed bulk term deposit rates between 125-190 basis points across various tenors from November 24. Bulk deposits cover funds over Rs 1 crore but less than Rs 10 crore. The rates for 7-45 days has been cut by 12 bps to 3.75 per cent, while the largest cut is in the 180-210 days deposits by 190 bps to 3.85 per cent.

Reliance Capital: Zee media group has agreed to buy television channels and a stake in a radio broadcasting business from billionaire Anil Ambani's Reliance Group in a move that would help the latter cut his debt by about Rs 1,900 crore.