Index Trends And Stocks In Action For 30th July 2013
DSIJ Intelligence / 30 Jul 2013
The India equity markets continued their downward journey as they fell for the fourth consecutive session on Monday. What is the technical view for the Nifty today? Which stocks will see volatility today?
The India equity markets continued their downward journey as they fell for the fourth consecutive session on Monday. The Nifty shed 54 points to close at 5831 ahead of the central bank’s first quarter review of monetary policy on July 30. Traders and investors confidence has remained wobbly since the Reserve Bank of India announced additional measures to curb volatility in the rupee.
Going ahead, on the downside, the Nifty has support at levels of around 5820 and 5780. If we break this level we may head to levels of 5650 in the short term. On the upside, 5870 will remain a big hurdle for the Nifty. Investors and traders will take cues from the RBI policy and this will guide the market ahead. Most of the experts have stressed that there will not be any changes in key rates at this moment.
The FIPB has finally cleared the Jet-Etihad deal, subject to certain conditions. The deal didn’t go through the previous time due to remarks related to the ownership company. The stock got a hammering due to this but with the proposal finally getting a clearance it could be seen positively by the markets. There is thus a high probability of the stock showing gains.
The FIPB cleared six proposals envisaging investments of Rs 855 crore in the pharmaceutical sector. One of these proposals was that of Fresenius Kabi to bring in FDI worth Rs 349 crore. Stock prices of Fresenius Kabi Oncology are expected to see some upward movement today.
With the RBI hinting status quo on the policy front, rate sensitive sectors such as Auto, Banking and Realty would be under pressure. Today one can expect some volatility in the shares of Tata Motors, Bajaj Auto and Maruti Suzuki among others in the Auto space while DLF in the Realty space can be volatile. In the banking space shares such as SBI, ICICI Bank and HDFC Bank among others may also come under pressure.
Mahindra Holidays and Resorts reported an increase of 10.81% in its net profit to Rs 21.01 crore in Q1FY14, on account of higher occupancy, as compared to Q1FY13. Its revenues increased to Rs 180.29 crore from Rs 157.44 crore, on a yearly basis. Stock prices of Mahindra Holidays and Resorts are expected to see some upward movement today.
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