Index trend and stocks in action May 30, 2017

On Monday, Nifty opened the session on a cautious note and soon after opening it scaled higher, but, it failed to sustain at higher levels and profit booking emerged, thereafter it remained in a range, but in the mid-afternoon session buying emerged and Nifty ended the session above 9600 mark. On the daily chart, Nifty formed a bullish candle and the index has been making higher highs and higher lows in the last three trading sessions. Now going forward Nifty needs to sustain above levels of 9645 to extend the up-move towards levels of 9680-9700. While on the downside, important supports are seen at levels of 9545 and 9500 levels.

Gayatri Projects: In continuation to the earlier announcement dated 28th November 2015 company has completed the acquisition of 5,20,833 equity shares of M/s. Gayatri Infra Ventures Limited from M/s. AMP Capital Mauritius Limited. Pursuant to the above acquisition, M/s. Gayatri Infra Ventures Limited has become a wholly owned subsidiary of the Company.

L&T: For the quarter ended March 2017 consolidated profit jumped by 28.1 per cent y-o-y to Rs 3,180.41 crore. Income from operations during the quarter rose 12 per cent to Rs 36,828 crore Y-o-Y.

Coal India: Coal India reported a 38 per cent fall in net profits to Rs.2716 crore for the fourth quarter ended March 2017. Coal production for the quarter was marginally higher by 7% at 176.37 million tonnes but the profits got hit by sharply higher costs.

BPCL: BPCL Net profit in the fourth quarter fell 19 per cent over the previous quarter to Rs 1,841.6 crore. The bottom line was hit as employee costs more than doubled to Rs 1,436.8 crore from Rs 681.8 crore during the previous quarter.