DSIJ Mindshare

Index Trends And Stocks In Action March 27, 2015

Indian benchmark indices ended with huge losses on account of global sell-off triggered by new tension in the Middle East and unwinding pressure on account of March Series Future and Options Expiry. Technically, Nifty opened with a down gap and post that it continued its downward journey making lower top lower bottom pattern on intraday chart. Nifty on daily chart filled the gap which was formed on 15th January, 2015. Now going forward 8180 is important support and next important support is around level of 8100. On upside 8380 is major resistance and next resistance is around 8490.

State-run generation utility NTPC (BSE Code: 532555)  launched its Rs 10,306 crore issue of bonus debentures, the largest by any Indian Corporate and the First by any public sector entity. Being the largest shareholder with nearly 75 per cent shareholding, the government received 618.06 crore debentures amounting to Rs 7,725.76 crore.

Bharti Airtel (BSE Code:532454), a global telecommunications services provider with operation in 20 countries across Asia and Africa informed it has acquired 111.6 MHz of prime spectrum across 900 MHz, 1800 MHz and 2100 MHz bands for a total consideration of Rs 29,130 crore in the just concluded spectrum auction conducted by the Government of India. Of this, Rs 17,618 crore has been spent on the renewal of existing spectrum while the balance Rs 11,512 core has been spent on procuring new spectrum. The auction results are subject to the outcome of the decision by the Supreme Court. 

Shares of Idea Cellular (BSE Code:532822) and YES Bank (BSE Code: 532648) will remain in focus as they replace DLF and Jindal Steel & Power in Nifty from Friday. The CNX Nifty is used for a variety of purposes, such as benchmarking fund portfolios, index-based derivatives and index funds. Fund managers of index funds have to adjust their portfolios to align with changes in the Nifty. Shares of DLF and JSPL may come under pressure on index rebalancing.

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