Index Trends And Stocks In Action For December 23, 2013

Indian Equity markets opened on positive note and witnessed a massive rally till closing session on Friday, December 20. The indices also witnessed some heavy volumes on the buying side. As a result it has not only broken all vital resistance levels but also managed to close above these levels. Going ahead bulls may continue to show their strengths. The Nifty has a given bullish signal around levels of 6250 and if Nifty sustains above this level than gates for 6320-6350 will be opened. On the lower hand 6220-6200 will be the immediate support levels.

Larsen and Toubro’s (BSE Code: 500510) subsidiary L&T IDPL has sought FIPB approval for raising up to Rs 2000 crore through FDI. L&T was evaluating avenues to monetise certain assets of the subsidiary, L&T Infrastructure Development Projects(L&T IDPL), including by way of an initial public offering (IPO). The stock may remain in limelight and is likely to trade with a positive bias in today’s trade.

IL&FS Engineering and Construction Company (BSE Code: 532907) has bagged Rs 145 crore project for rail flyover and other infrastructure works in Uttar Pradesh and Bihar in a joint venture with GPT Infra projects. The counter may witness some buying in today’s session.

GMR Infrastructure (BSE Code: 532754) has informed that GMR Energy has signed a Joint Developpment Agreement with the private sector lending arm of the World Bank IFC to develop Upper Marsyangdi-2 hydropower project in Nepal jointly. Buying interest in this counter backed by this news cannot be ruled out in today’s session.

Ashok Leyland’s (BSE Code: 500477) UK arm, Optare, will focus more on exports, taking advantage of its parent's global network. Ashok Leyland holds 75% stake in the bus and coach maker. Presenting its half-yearly report, Optare said it had appointed a new export distributor in Australia via the parent’s network to take advantage of the increased market demand. The stock may witness some buying interest in today’s session.