Index Trends and Stocks In Action for 9th January 2013
Shailendra Lotlikar / 09 Jan 2013
Corporate results have started trickling in. The first of the bigger companies are likely o come up with their numbers today. We will keep a close eye on them but meanwhile, here are pointers to the Index movement today along with some stocks that are likely to remain in action during the day.
Tuesday saw the markets start off on a negative note. Thereafter the Nifty witnessed a minor correction on account of profit booking and registered a two-week low. In the afternoon session the Bulls bounced back and the Nifty managed to close above the psychological level of 6000. It closed up 0.22% at 6002. Going ahead the index may see some resistance at 6020 and 6050 levels. On other hand, support for Nifty stands at 5970 and 5920. As long as nifty trade above 5920 it is in a bull phase.
Mahindra Reva Electric vehicles, part of the Mahindra Group has named its next generation electric car 'Mahindra e20'. The vehicle will be produced at the recently inaugurated plant at Bengaluru. The car will be using lon batteries and will have a range of around 100 km per charge, which is adequate for most daily journeys within the city. These vehicles can be charged through any 15 Ampere plug points at home or at the workplace. This development suggests that the M&M stock will remain in focus for today.
Bhushan Steel is planning to raise Rs 475 crore through a rights issue, which is to be launched in the third week of this month. The steel maker will be issuing one equity share at Rs 335 for every 15 equity shares held by the existing shareholders in this issue. We expect the stock of Bhushan Steel to remain volatile for today.
PVR has completed its acquisition of a controlling stake in Cinemax for Rs 395 crore. That makes PVR the country's largest multiplex operator with a combined strength of 351 screens at 85 locations. The stock of PVR is likely to see an upward movement today.
Wockhardt has received an approval from the US health regulator to market the generic version of Glaxo Smithkline’s Lamictal XR, Lamotrigine tablets which are used for the treatment of epilepsy in America. The tablets will be manufactured at the company's facility in Aurangabad. We except the stock price of Wockhardt to move up today and remain largely postive.
The Q3FY13 results of Gujarat NRE Coke and IndusInd Bank are to be published today. Stocks of both these companies are likely to remain in the limelight for today.
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