Index Trends and Stocks In Action For December 06, 2013

Indian equity markets opened on a positive note and broke all the intraday hurdles. The indices also witnessed heavy volume, which indicates that it may continue with its upward momentum going forward. From last few trading session markets were stuck at higher levels and again its saw some profit booking on higher levels. However, at the current scenario bulls showed their real powers and as a result indices closed above the technical level of 6200. Going ahead Nifty has first hurdle around levels of 6275-6290 and if Nifty closes above this level than gates for 6350 will be opened. On downside immediate supports at 6180 and 6165.

Apollo Tyres launched its premium European brand Vredestein to cater to high-end cars and SUVs in India. The company, which acquired the brand when it bought the Netherlands-based firm in 2009, said it will initially manufacture Vredestein tyres in Holland, but may consider production in India in the future. The Stock may witness some buying interest in today's session following this development.

Steel Authority of India's sales grew by 10% in November to 9.7 lakh tonne as renewed marketing efforts yield results. While domestic sales were at 9.1 lakh tonne, exports zoomed three-fold to 61,000 tonne in November, compared to a year ago. The stock may witness some positive move in today's trade and may remain in focus.

Reliance Industries  said its natural gas production from its eastern offshore KG-D6 block has slipped further to about 10 million standard cubic meters per day. The present day production is made up of output from Dhirubhai-1 and 3 gas fields as well as MA oil and gas field. In November, it was about 12 mmscmd. RIL blames geological complexities like high water and sand ingress in wells as well as larger than anticipated drop in reservoir pressure for the fall in output from close to 70 mmscmd achieved in March 2010. The stock may witness some volatility in today's trade and some selling pressure cannot be ruled out.

Cipla owned subsidiary has acquired Croatia based firm Celeris d.o.o, distributor of its products in that country. Cipla, however, did not share the financial figure for which it has made the acquisition. The stock may remain in focus in today's trade.