Index Trends & Stocks In Action For 4th July 2013
DSIJ Intelligence / 04 Jul 2013
The Indian equity markets ended in red for the second day in a row on Wednesday amid weak global cues. Further, the weakness in the rupee and rising crude oil prices saddened investors and traders. Find out how the markets look today and also, which stocks will be in focus for the day.
The Indian equity markets ended in red for the second day in a row on Wednesday amid weak global cues with Banking and Realty stocks leading the fall. Further, the weakness in the rupee and rising crude oil prices saddened investors and traders. The 50-share Nifty ended down by 87 points at 5771. Yesterday we mentioned the Nifty has formed a bearish harami pattern which indicates a reversal in trend. The Nifty opened gap down and closed near its intraday low.
Going ahead, bulls needs to hold the level of 5745 which is an important level as it is the 200-day EMA for the Nifty. If we break this level, we may slide down back to levels of 5670-5650. We do not see the Nifty moving up immediately as it closed below 5820, which was an important level for the bulls. The Nifty will face resistance in the zone of 5810-5820. If this level is sustained, we may see a pull-back up to levels of 5850.
NMDC’s iron ore sales grew by 5.83% to 7.26 million tonnes (mt) in the quarter ended June 30, 2013. The miner had sold 6.86 mt in the same period last year. NMDC said the iron ore production from its Chhattisgarh mines fell by 1.69% to 4.66 mt. The company produced 4.74 mt during the first quarter in the last fiscal. Stock prices of NMDC are expected to be volatile today.
Gillette India will have to comply with minimum 25% public shareholding norms, as the Securities Appellate Tribunal (SAT) rejected an appeal by the company against a SEBI’s decision in this regard. Upholding SEBI’s decision to reject a plan that involved an earlier promoter entity of Gillette India being re-classified as a public shareholder, SAT also vacated an interim stay given to the company on May 30, 2013.
Real estate firm Omaxe will invest Rs 200 crore to set up a five-star hotel in New Chandigarh, where it is developing an integrated township. The company has joined hands with the Intercontinental Hotel Group (IHG) to manage and set up the 150-room hotel, named as Holiday Inn.
The Board of Crompton Greaves approved a buy-back of its shares up to a maximum Rs 125 per share. This price is at a 40% premium over its current stock price of Rs 87.3 per share. This will lead to some upward movement in the stock prices of Crompton Greaves.
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