Index Trends & Stocks In Action For 27th September 2013
DSIJ Intelligence / 27 Sep 2013
Nifty rallied nearly 9 per cent in September series marking the best series in 2013 so far. Market seems to be in consolidation after a strong up move.
Indian Equity market ended flat amid volatile trading session as traders adopted a wait and watch stance. The Nifty ended up by 8 points at 5882. Nifty rallied nearly 9 per cent in September series marking the best series in 2013 so far. Market seems to be in consolidation after a strong up move. Market has been trading in range of 100-120 points in range of 5800-5940; market is waiting for some cues to break this range. For intraday Nifty has string resistance around 5940 and if we sustain above this level nifty may touch 5970. On downside Nifty has strong support around 5830-5800.
Hero Motocorp has said that it will launch 15 new products by March 2014. Majority of these products would be introduced in upcoming festive season which falls in October to December quarter. The company is looking to cash as much as possible during the festival time with its new products. The shares of Hero Motocorp are expected to do well on the bourses today.
Omaxe has informed stock exchanges that it has set the floor price of offer for sale at Rs 1350 Currently the shares of Omaxe are trading at Rs 141 hence the OFS price is at discount. We have seen in earlier OFS issue that if a company sells shares at discount then the market price of the company cracks. We expect the same in the shares of Omaxe.
UB group company, Mangalore Chemicals & Fertilizers (MCFL) may show some volatility on the back of the news that the Saroj Poddar, promoter of Zuari Fertilizers has said that if the joint venture between Zuari Fertilizers and MCFL does not work, then he would sell his stake to the highest bidder. UB group chairman, Vijay Mallya is keen to keep control on MCFL and hence he is considering in buying the stake from Zuari Fertilizers as well as Deepak Fertilisers and Petrochemicals. Shares of Zuari Fertilizers would also be a focus for the day.
Ranbaxy has said that it has strengthened its manufacturing and monitoring systems to address issues raised by the US Food & Drug Administration last year with regard to its plant at Mohali. The company has taken stringent steps to ensure that we meet all US FDA concerns. The stock should remain in focus today.
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