Index Trends And Stocks In Action For 29th July 2013
DSIJ Intelligence / 29 Jul 2013
In the last hour of trading on Friday, the markets did manage to bounce back from its crucial support level of 5870. Will the trend continue? Which stocks will see volatility today?
The India equity markets fell on Friday to mark their first weekly fall in the last five weeks as Hindustan Unilever slumped after its June-quarter sales as it missed forecasts. Banks such as SBI, Axis Bank and mid-cap 
banks witnessed a heavy downfall ahead of the Reserve Bank of India’s policy meeting scheduled to be held this week. In our last write up we mentioned the bears will be in action and what we saw was that the market was down and out. In the last hour of trading, the markets did manage to bounce back from its crucial support level of 5870.
Going ahead, we may see a minor pullback in the market from levels of 5850-5820 and if any pull back has to come it will come around this level. For intraday, on the downside, 5870 is one crucial level and the next crucial level is 5850. On the upside, 5920 will act as stiff resistance and the next level is 5940.
Dr. Reddy' laboratories has announced that it has launched generic of Aricept in the US markets on July 27, 2013. Aricept is a brand of Eisai and had US sales of USD 92.6 million in the American markets by the 12 months ending May 2013. The stock has seen a good run up in recent trading sessions and this launch will further strengthen the positive sentiment.
The shares of Electrosteel Steel should show volatility over the news that the consortium of 27 banks has deferred debt restructuring plans of Rs 7000 crore of Electrosteel Steel. There is difference in opinon over the issuance of fresh capital as well as corporate guarantee that the promoters of the company have provided.
SpiceJet is in advanced stage of discussion with a potential investor for stake sale and expects the negotiations to be concluded soon. Discussions are going on with a foreign carrier.
Tata Steel has set its sight on the Indian iron ore assets of one of Britain's largest independent steel trading companies - Stemcor. The British firm has run into trouble as a result of a global slowdown in the steel industry and is in rescue talks with banks after de-faulting on more than USD 1 billion of loans.
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