Index Trends And Stocks In Action For 24th October 2013

Indian equity markets started on a positive note today. Market saw profit booking in the afternoon session and at one point of time nifty was down by 1%. But market recovered in last half an hour supported by banking stocks and some large cap stocks. Nifty closed at 6178 down by 24 points. Nifty after trading in narrow range for couple of days saw breakdown on downside on intraday basis. However on closing basis nifty managed to hold levels of 6120-6090. For intraday nifty has strong resistance around level of 6221 and 6250. On downside nifty has support around 6120-6088.

Birla Corporation has announced the recommencement of its production at Durgapur cement Units after the restoration of power supply by Damodar Valley Corporation. The capacity of this plant is 0.6 MTPA (Million Tonnes per annum) while the total capacity of Birla cement. As the demand is slowly rising for cement sector, this resumption would be add on for the company. Stock price Birla Corporation is expected to rise.

Power Grid Corporation has posted significant numbers in its Q2FY14 results. The topline of the company raised by 28% to Rs 3999 crore in Q2FY14 as against Rs 3118 crore in Q2FY13. Although the expenses of the company rose by 27%, still it managed to increase its bottomline by 10% to Rs 1239 crore. Stock of the company is expected to move up.

In a bid to cash in on a possible rise in consumer demand over Diwali, Bajaj Finance has launched a promotional offer on online personal loans. Bajaj Finance, the lending arm of the Bajaj Finserv is the first non-banking institution to launch online personal loans. The company expects a 40% increase in customer acquisitions through the festive season, through over 20000 loan applications.Expect positive impact on the counter.

Jindal Steel and Power hopes to double its steel production capacity to 10 million tonnes in three years at an estimated investment of Rs 20,000 crore. Focus would also be on coming up with niche offerings with higher margins such as head-hardened rails (used in Metro project) and so on. The company's current facilities are spread across Raigarh in Chhattisgarh (1 million tonne), Angal in Odisha (2.5 million tonne) and Oman in West Asia (2 million tonne).