Index Trends And Stocks In Action For 12th November 2013

Indian Equity market extended losses for the fifth straight session on Monday, amid a weakening rupee. Nifty closed below the important psychological level of 6100 mark to end the day at 6079 down by 62 points. In our last write up we mentioned market will witness a bounce back from levels of 6080-6100 and what we saw was in line with our expectation. Going ahead nifty has strong support around levels of 6030-6000. On upside nifty has strong resistance around levels of 6120-6145.

India's third-largest tractor maker, Escorts, is planning a foray into the highly competitive European market by leveraging its price competitive products at the entry-level segment. Escorts would be launching two ranges of tractors at the world's largest agri-show Agritechnica 2013 in Hanover Germany, in the smaller 50-70 horse power (HP) segments. The brands would later be launched in the UK, France, Turkey, Italy Spain, Germany, Poland and other major markets of Europe. We expect a positive impact on the counter.

The Supreme Court declined to stay the hearing relating to the appointment of a presiding arbitrator for adjudication of dispute between Reliance Industries and Government over recovery of cost for developing the country's key natural gas field in the Krishna-Godavari (KG) basin. We expect a positive impact on RIL.

The Supreme Court today allowed e-auctioning of nearly 11.48 million tonnes of extracted iron ore lying unused in Goa for over a year after it halted mining operations in 90 mines there. The apex court, on October 5, 2012 had stopped mining, transportation and export of iron ore in Goa following a report of irregularities. We expect positive impact on companies like Goa Carbon and Sesa Goa.

Wockhardt board has endorsed the decision of its Switzerland-based arm Wockhardt Bio AG to undertake a European listing. In order to meet long term aspirations of the company and its group, the Board of Directors of Wockhardt have endorsed the decision of the Board of Wockhardt Bio AG, Switzerland, to undertake a European Listing with a relatively modest dilution of approximately 5 per cent of shareholding of Wockhardt Bio AG, Switzerland. We expect a positive move for the counter on bourses.