Index Trends & Stocks In Action For 29th May 2013
Shailendra Lotlikar / 29 May 2013
A smart recovery in the last hour helped markets close in the positive yesterday. Will the positive momentum continue for the third straight day? Vibes from the Asian markets are looking mixed, however, India has its own set of market influencers and these come into play on a day when there aren’t any visible cues on the domestic front. Here is what you could technically expect the Index to do today along with the stocks that are likely to remain in action.
The Indian markets witnessed a smart recovery in the last hour of trade to end higher yesterday. The last mile rally was led by index heavyweights Hero Motocorp and ITC and the Nifty gained 28 points to end at 6111. We expect the market to be volatile in today’s trading session. Going ahead the Nifty will face a stiff resistance around 6130-6150 levels. If the index sustains above 6150 it can go on to touch levels of 6200. On the other hand 6090 will act as a support level with the second support coming around 6050 levels.
Pharma major, Sun Pharma beat market expectations by reporting a top line of Rs 3087 crore and net profit of Rs 1011 crore. Overall the market was expecting it to report a net profit of Rs 922 crore putting the actual results nearly 10% above market expectations. The company has also announced a dividend of Rs 5 per share and a bonus in the ratio of one equity share for every one share held. The stock is expected to head northwards on the back of these strong results and the bonus announcement.
Tata Power intends expanding the generation capacity of its 4000-MW Mundra plant, the country's first operational ultra mega power project, to 5600 MW. These two units are not covered through any existing arrangement for pricing and thus could participate in any new Case 1 bidding with imported coal. The stock is likely to remain in action following this development.
The Coal Ministry has asked the Power Ministry to probe "violation" of captive coal block allocation norms by Jindal Steel and Power (JSPL) through selling surplus power generated by leftover coal from its mine in Chhattisgarh to others. The development spells a negative for the company and could adversely impact the stock today.
ONGC is setting up an integrated gas processing plant in Maharashtra with an investment of nearly Rs 10000 crore. The plant will have a processing capacity of 10 mmscmd and a 30 megawatt captive power plant as part of the project. Watch out for the stock as it rides this development today.
On the policy front, the Telecom Regulatory Authority of India (TRAI) has issued new tariff orders to make Set Top Boxes and other equipment for digital TV available at reasonable prices. TRAI said the objective of these tariff orders prescribing standard tariff package for STBs for Digital Cable TV and CPE for Direct to Home (DTH) services is to ensure effective commercial inter-operability.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.