Index Trends And Stock In Action For January 09, 2014

Indian Equity market opened on positive note and held its gain till the closing session. However the indices also saw low volumes on the buying side. Still, the markets may move higher, as the bulls may overtake the bears and is expected to break major hurdles or resistance. Nifty had seen consolidation at 6200 levels. If Nifty sustains above this level then Nifty may touch 6240 - 6280 as it has strong resistance at these levels. If it fails to sustain 6200 levels then the Nifty may go down to till its immediate support levels of 6170 - 6145.

Tata Steel (BSE Code: 500470) won a two-year contract to supply over 200,000 tonnes of highly wear-resistant rail tracks to a French rail operator. Tata Steel's Europe unit will supply the majority of SNCF's rail requirements from its plant at Hayange in northern France. The order was secured following a 35-million euro investment by Tata Steel in 2011, which allowed the Hayange mill to produce 108m lengths of rail that the SNCF will use throughout France's standard and high-speed networks. The stock is likely to trade with a positive bias in today's trade.

A day ahead of a ministerial panel meeting to decide on disinvestment in Indian Oil Corporation (BSE Code: 530965), the Petroleum Ministry opposed stake sale in the nation's largest oil firm at current subdued prices. The sock is likely to witness some volatility in today's session.

NHPC (BSE Code: 533098) signed a preliminary agreement with Kerala for developing wind energy projects in the state. NHPC will develop grid interactive wind power project in Nallasingam and Kottathara sites in Pallakad district with a potential of 82 MW capacity. The stock ay trade with a positive bias in today's trade.

Ranbaxy Laboratories (BSE Code: 500359) announced receipt of approval from Health Canada to sell generic version of Pfizer's Aricept, a drug used for treatment of dementia in Alzheimer's patients. The approval by Health Canada is given to Ranbaxy Pharmaceuticals Canada Inc (RCPI), a wholly owned subsidiary of the company, for manufacturing and marketing of donepezil hydrochloride (Aricept) tablets of strengths 5 mg and 10 mg, Ranbaxy said in a statement. The stock is likely to witness some buying interest in today's trade.