Index Trends & Stocks In Action for 7th March 2013
Shailendra Lotlikar / 07 Mar 2013
The Indian markets are rising consistently following their global peers. There is nothing that seems will come in their way at least for the time being. The week which began on a rather skeptical note has moved from being dull to rather interesting. Here is how the index is likely to behave today along with the stocks that are likely to remain in action for today.
Indian markets ended positive for the second straight day on Wednesday led by gains in Realty, Capital goods and IT stocks. The Nifty closed at 5819 up 0.59%. Yesterday we had mentioned that the immediate hurdle for the Nifty comes in at the 5830-5840 levels and this is exactly what happened. The Nifty after registering a high of 5929 slipped and closed at around the same levels where it had opened. The pull back witnessed in the past two trading sessions is significant and important from a perspective that we are now back to those levels at which we were before the budget. The budget day fall was an extreme case and this relief rally was needed for bears to short at higher levels as the risk and reward was not falling in favor at that point of time. Going ahead 5830-5840 on the Nifty is a trend decider level. If the nifty closes above these levels, we may rally up to levels of 5900.
NYSE Euronext is selling its entire stake in the Multi-Commodity Exchange of India which it had acquired in 2008. It currently holds 4.8 per cent of the company. NYSE Euronext will be selling a total of 2.44 million shares in a range of Rs 1005 to Rs 1026 a share. This is at a discount of 3 - 5 per cent to MCX's close price of Rs 1058 seen yesterday. The stock is likely to remain in focus for today following these developments.
Gitanjali Gems will be raising around USD 250 million through various modes including foreign currency convertible bonds and qualified institutional placements. The company has received an approval from its shareholders for this purpose. The stock is expected to remain in the limelight in today’s trade following this news.
Mahindra & Mahindra's Nasik plant went a tool down strike yesterday in reaction to the suspension of their union secretary, thus paralyzing production at the facility. The management suspended the union's general secretary Pravin Shinde who has been on a hunger strike since Monday pressing for the renewal of the wage agreement that expired last month. The stock will remain in focus and may trade volatile for today.
Coastal Gujarat Power Limited (CGPL), a wholly owned subsidiary of Tata Power has synchronised the fifth and final unit of 800 megawatts (mw) of its ultra mega power project (UMPP) in Mundra, Gujarat. After the synchronisation of unit- 5, Tata Power’s thermal power generation capacity has touched 7647 MW. The stock may witness positive vibes following this development.
Elder Pharmaceuticals has entered into an agreement with Kose Corporation of Japan wherein a JV will formed to manufacture and sell cosmetics in the domestic market. The stock may witness a good positive move in today’s trade following this news.
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