Index Trends & Stocks In Action For 18th February 2013
Shailendra Lotlikar / 18 Feb 2013
It is all a game of anticipation. The markets await their next big longer term trigger in the budget, but for now it has to cope with smaller shocks like the fuel hike brought into effect on Friday. There is a whole lot of downward pressure following some weak corporate results that came out towards the end of the preceding week. So here is what you can expect the Nifty to do for today, along with some stocks that are likely to remain in action.
After a gap down opening the markets recovered from their day’s low to close flat with a negative bias on Friday. The Nifty ended the day at 5887, down by 0.16%. It touched its lowest level of the month on 15th February, 2013. However, volumes on Friday were low as compared to those on the previous day. Going ahead, we feel, if the market breaks down below 5880, it will touch levels of 5850 and 5815 on the lower side. On the other hand it could test 5930 and 5960 on the higher side which will could be the resistance points for the Nifty.
Welspun India intends investing close to Rs 1000 crore to reduce its dependence on the external sources for raw materials. The investment will go into the scaling up of its yarn and cotton production at its two plants in Gujarat. The Company is investing in vertical integration. It is also planning to expand its existing facilities at Vapi and Anjar by adding more weaving and spinning machines. These developments and announcements are likely to keep the stock in action today.
Carin India has received an approval to drill exploration wells on the Rajasthan block. This will help the company to boost its output to 215000 barrels per day by March 2014. The first exploration well on the Rajasthan block will be drilled by it by the end of this month. The stock is likely to be in focus today.
Central Bank of India is expected to raise Rs 24506 crore through a preferential issue of shares to the government by the end of next month. Even in the last financial year the bank had received a capital infusion of Rs 676 crore from the government. The stock of Central Bank is likely to remain in focus following this announcement.
Power Finance Corporation plans to raise Rs 100 crore through a tax free bonds issue which will open for subscription from today. It is also considering raising funds via private placements of the bonds in one or more tranches during the process of the present issue. The issue will be opening today and closing on March 15, 2013. The stock is likely to remain in focus following these developments.
Watch out for Esab India which will be declaring its December quarter results today.
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