Index Trends & Stocks In Action for 31st January 2013
Shailendra Lotlikar / 31 Jan 2013
The Nifty is expected to trade volatile today ahead of the F&O expiry for the month. It has traded in a rather narrow range throughout the month and crucial levels on either side are being watched for a further direction. Here is how the Index could behave today along with the stocks that are likely to remain in action following developments and announcements that came in yesterday
It was a relatively dull day for the markets yesterday. Nothing much happened on either side, as markets traded in a tight range. The Nifty ended flat with marginal gains of 0.10% at 6056. Going ahead, on the upside, a breach of 6075 will test the trading resistance level of 6095 and on the down side a breach of 6025 will test the crucial level of 5990. We expect the market to remain volatile today ahead of F&O expiry as this month has been range bound with the Nifty moving in narrow range.
According to media reports, a contract has been signed between Larsen and Toubro (L&T) and Petronas Carigali Mynmar (Hong Kong). This contract will involve a project for executing an offshore engineering, procurement, construction, installation and commissioning for the company and has been valued at over USD 100 million (about Rs 534 core). The new order that the company has been awarded with, will give it access to the upstream market in South East Asia. We expect the stock of L&T to remain volatile for today.
The Government is expecting to raise more than Rs 2500 crore by selling a 10% stake in Oil India. The disinvestment will take place on February 1st, through the OFS route. At present, the government holds a 78.43% stake in the company, which will come down to 68.43% after the completion of the OFS. The government has so far raised Rs 6900 crore through disinvestment this fiscal. We expect the stock to witness a good amount of volatility during the day.
The Cabinet is coming up with a revival plan for Scooters India (SIL). The Government today is expected to take up the proposal which involves cash and non-cash assistance totalling Rs 200 crore. In 2009 SIL had been declared sick. The revival plan that is expected to be announced today will keep the stock in favour and provide a positive bias for it for some time in future.
Among major companies to announce their results today are Allahabad Bank, Bharti Infra, Godrej Consumer Products, ICICI Bank, Lupin, Punjab National Bank, Siemens, Tata Global, Thermax, Trent and Union Bank. These companies are expected to remain volatile in trade and get a directional trend depending upon the numbers they come up with.
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