Index Trends & Stocks In Action For 16th May 2013
DSIJ Intelligence / 16 May 2013
The Indian markets surged 2.5% on Wednesday to post the highest single-day rise in almost 18 months on hopes that the Reserve Bank of India will slash key rates in the upcoming policy review in June. Going ahead, the Nifty will face resistance at levels of around 6160-6190.
The Indian markets surged 2.5% on Wednesday to post the highest single-day rise in almost 18 months on hopes that the Reserve Bank of India will slash key rates in the upcoming policy review in June. Rate sensitives like Banking, Realty and Auto stocks were star performer as the WPI inflation for April 2013 showed a drop for the third straight month. The Nifty ended up higher by 151 points at 6147.
In our last write up, we mentioned the significance of a bullish harami candlestick. It tells us that selling has been diminished and fresh buying can be expected. Going ahead, the Nifty will face resistance at levels of around 6160-6190. On other hand, support is expected to come in at 6110-6080.
Linde India’s OFS is scheduled for today. The promoter of Linde India, The BOC Group will be offloading an aggregate of 1.23 crore equity shares representing 14.5% of the paid-up equity share capital of the company. The floor price for the OFS has been declared to be Rs 230 per share.
MMTC said it aims to produce 100 tonnes of gold and silver each in the current fiscal. It would use all of its refining capacity to produce 100 tonnes of imported gold. With this, it expects to double its revenues and profits in the current fiscal year. Share prices of MMTC are expected to see some upward movement today.
According to the data released by telecom industry body COAI, Bharti Airtel added six lakh new users during April 2013 taking its subscriber base to 18.8 crore. At the same time, Idea Cellular added 12.8 lakh new customers with the total subscriber base reaching 12.28 crore.
Tata Motors said its global sales were down by 7.02% in April 2013, as compared to April 2012. Although sales of Jaguar Land Rover have been robust, overall sales were led lower by poor growth in Tata Motor’s passenger vehicles. Sales of commercial vehicles saw moderate upward movement. Share prices are likely to be under pressure.
Among the major companies to announce their Q4FY13 results today are Arvind, Bajaj Auto, DB Corp, Gujarat Alkalies, Kalpataru Power, Mahindra Satyam, Tara Jewels, TTK Prestige and V-Mart Retail. These stocks are expected to remain volatile through the day with the directional trend depending on the results they announce.
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