Index Trends And Stocks In Action March 26, 2015
Indian benchmark indices ended lower extending losses to a sixth successive session. Investors and trader’s prefer to adopt caution approach, in absence of any major trigger. Capital goods, Power and Metal stocks declined. Technically, index is flirting around its important support of 8480 as defined by 100-day EMA and rising trend line joined from swing low level of 6639. Now going forward as long as support of 8480 is held by the bulls there is no concern and we could see consolidation and choppy trade. By any chance if this level is breached expect a free fall and long unwinding and this will take index up to levels of 8300 in short term. On upside 8640-8680 is strong resistance zone. Today being expiry we expect market to exhibit volatile moves.
Shares of VA Tech Wabag (BSE Code: 533269) will turn ex-bonus on Thursday. The designer of water and wastewater treatment plants is rewarding its shareholders with a 1:1 bonus issue. Investors buying the shares from Thursday will not get the bonus shares. The stock will start trading in the range of Rs 850-875 from Thursday. This is the maiden bonus issue from Wabag since listing in 2010. About 31,840 small investors hold 10% stake in the firm.
Kansai Nerolac Paints (BSE Code: 500165) has fixed Friday as the record date for the proposed stock split. The paint major will split the face value of its shares from Rs 10 to Rs 1. The stock, which closed at around Rs 2,170 on Wednesday, will start trading in the Rs 210-225 range post-stock split. About 11,700 small shareholders own 8.17% stake in the company. However, those buying the shares on Thursday will not receive the stock split shares.
HMC-MM Auto the joint venture between Hero MotoCorp (BSE Code: 500182) and Milan-headquartered Magneti Marelli, today inaugurated its first autonomous production and development centre at Manesar, Haryana. The new centre will serve as a production facility and innovation hub to develop new-generation fuelling systems for Hero. The Delhi-based company holds 60 per cent in the JV company while Magneti Marelli holds the rest.