Index Trends & Stocks In Action For 26th April 2013

As expected, the Nifty continued its upward march and closed at 5916. As the Nifty has managed to cross over the 5865 level, the resistance level of 5865 has now become a support level. However, the oscillators are now entering the overbought zone indicating that the markets may lose the momentum. One can expect some amount of profit booking starting today. However one cannot rule out the possibility of the Nifty touching levels of 5965-5970.

State-run lender Union Bank of India will be deploying the USD 350 million it raised through a bond sale for lending at its international branches. The bank also clarified that it had not fallen short of achieving its target as erroneously reported earlier, saying the issue got oversubscribed by 4.3 times. Stock prices of Union Bank of India are expected to see upward movement today.

Tata Power has commissioned its 21-MW wind power project in Rajasthan. The company has signed an agreement for installing 30 MW in Rajasthan, of which 21 MW has been commissioned. With this, the total power generation capacity of Tata Power stands at 8,521 MW, it said in a statement. It is likely to result in trading with a positive bias for today.

Data released by the Directorate General of Civil Aviation showed that domestic air travel showed growth in March. Domestic airlines carried 51.89 lakh passengers, showing YoY growth of 1.59%. Increase in capacity and demand has been shown across the industry for the first time since last April. Share prices of airline stocks are expected to show some upward movement today.

Procter & Gamble Hygiene and Health Care (P&G) announced its Q4FY13 numbers post market hours yesterday. The company had revenues grow by 27.72% to Rs 416.63 crore on a yearly basis. Its profits remained flat, having increased to Rs 52.09 crore in Q4FY13 from Rs 52.05 crore in Q4FY12. Stock prices are expected to see volatility today.