Index Trends And Stocks In Action For July 23, 2014
Indian Equity markets witnessed a surprisingly optimistic trading session in last couple of days. The Nifty closed at a higher level at around 7765, up by 83 points. Oil & Gas and some IT stocks broke their major hurdles to pull the indices on the upper side. Bulls continued its strength to show scintillating rallies, which is also indicating that a short-term as well as mid-term scenario may continue on the positive side.
In the present intraday scenario, indices in the grip of the bull remain same at above 7720/7680 level. On downside, the level of 7650/7600 will act as immediate support levels. Alternatively, in the present scenario the doors are already open for 7850 level and above.
The Bank of Maharashtra (BSE Code: 532525) has sought Rs 1000 crore capital infusion from the government and may hit the market next year to meet its fund requirement. The Union budget had made a provision of around Rs 11000 crore for capital infusion in the public sector banks. Government had allowed banks to reduce government holding to 51 per cent. Government holding in BoM is at 79 per cent. The bank had received Rs 800 crore last year. The stock may remain in limelight in today’s session.
State-owned Oil and Natural Gas Corp (BSE Code: 500312) will fast-track development of natural gas discoveries in its Krishna Godavari basin block with first gas planned no later than April 1, 2018. ONGC has made 11 oil and gas discoveries in the Block KG-DWN-98/2, which sits next to Reliance Industries' KG-D6 Block and Gujarat State Petroleum Corp's Deendayal gas field. The block is divided into a Northern Discovery Area (NDA) and Southern Discovery Area (SDA). The stock may trade with a positive bias in today’s trade.
Battery maker Exide Industries (BSE Code: 500086) would invest Rs 350 crore in the present fiscal to increase manufacturing capacity at its existing plants. The company might also consider raising the automotive battery capacity in the next fiscal as it expects the industry sentiments to improve. The stock may witness buying activity in today’s trade.
IT services major Infosys (BSE Code: 500209) has secured a multi-year deal from automaker maker Daimler AG for the management of infrastructure services and data centres. Financial details of the deal were not revealed. Infosys said in a statement that it has entered into a multi-year agreement with Daimler AG "covering management of infrastructure services and data centres, providing e-collaboration and middleware services as well as overseeing database operations" in the public domain. The stock may remain in limelight in today’s trade.