Index Trends And Stocks In Action For 4th October 2013
DSIJ Intelligence / 04 Oct 2013
Indian markets witnessed a good bounce back yesterday on account of FII inflows. However the Nifty Still faces a stiff resistance at 5835.
Indian Equity market opened with a positive bias in the morning and continued to build on to the initial gains. The US government shutdown bought back US dollars in Indian markets as FIIs feared that the quantitative easing will continue in the US for longer period. Nifty rallied about 2% and Banking stocks continue to outperform. Going forward Nifty has stiff resistance around level of 5835 and once we trade above this level we may see bounce till 5970 and this will act as major resistance for nifty. On downside support for nifty comes around 5850 and 5820.
More than five months after it was announced, the Jet Airways' proposed stake sale to Etihad Airways got the government's nod, officially making the two airlines the first beneficiaries of a rule that last year allowed foreign carriers to purchase into India's airlines. On April 24, Jet had announced its plans to sell 24% stake to Etihad for $379 million. Jet Airways is likely to witness up-move in medium term.
Zee Media Corporation has approved acquisition of upto 100% equity stake in Maurya TV Private Limited, an entity engaged in the business of broadcasting of a regional News and Current Affairs. Though the amount is not specified the deal is likely to provide positive impact on Zee Media.
Indian Government has stated that it would provide additional funds to state-run banks so that they would provide cheaper loans to buy two-wheeled vehicles and other consumer durables. The move is aimed at stimulating demand in an economy hurt by slowing growth and high interest rates. The news is likely to make a positive impact on the automobile companies especially the two wheeler companies like Hero Moto Corp and Bajaj Auto. Even four wheeler companies like Maruti Suzuki may get positively impacted.
India ratings have downgraded ABG Shipyard's Rs 200 crore non-convertible debenture (NCD) issue to default rating, citing delayed repayments. The rating has been cut to 'IND D' from 'IND BB-'. The 'IND D' ratings are assigned to entities or financial commitments which are currently in default. The scrip is expected to witness a downward move in near term
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