Index Trends & Stocks In Action For 30th January 2013

Yesterday the Indian market pared early gains to end lower as traders booked profits in rate sensitive sectors after recent gains. This largely followed the RBIs statement asking the government to initiate measures to control the fiscal deficit. The Nifty ended the day with a loss of 0.41% at 6050. Going ahead it has a strong support at levels of 6020 and 5990. On the higher side, resistance for the Nifty stands at 6095 and 6120.

Ashiana Housing is to invest Rs 750 crore on four new projects in the next five years in Rajasthan and Jamshedpur. The project would nearly construct 4000 apartments. The company has also entered the Gujarat and West Bengal markets. it is expecting to launch a housing project at Halol in Gujarat this year in joint venture with the land owners. The projects are likely to be completed in phases. In the first phase it would complete the 50 acre township in Bhiwadi developing 1500 flats costing Rs 280 crore. This stock is likely to see some good action following these announcements today.

Ashok Leyland will launch a 5 tonne Light Commerical Vehicle (LCV). The Company intends to invest around Rs 500 crore in the LCV venture over the next two fiscal years. This will enhance its overall LCV production capacity by over 30%. The stock of Ashok Leyland will remain in action for today following these developments.

Among major companies to announce their results today are Allahabad Bank, Bharti Infratel, Godrej Consumer Products, ICICI Bank, Lupin, PNB, Premier, Siemens, Tata Global, Thermax, Trent, Union Bank. The stocks of these companies are expected to witness quite some action today depending on the direction in which their results go.