Index Trends And Stocks In Action March 30, 2015

Indian benchmark indices slipped below crucial level of 8300 but bounced back as the index trim early morning losses. The recovery was led by the banking, capital goods and the auto stocks. Technically index saw a good buying from lower level with good volumes. Now going forward it’s important for index to sustain above immediate hurdle of 8380 and if it does this could lead nifty to levels of 8435 and 8480. On downside if index breach support of 8260, expect a fall up to 200-day EMA which is around 8110 level.

The Public sector bank Canara Bank will remain in lime light as shareholder of the bank approved a proposal to allot shares to the Government. The bank will allot 1.394 crore shares at Rs 408.95 per share to the Centre on a preferential allotment basis.

Fortis Healthcare sold its Singapore hospital to Concord Medical Service (International) Pte Ltd for Rs 251 Crore in line with strategy to focus on the domestic market.

The State-owned bank Union Bank has deferred its plan to raise Rs 1,386 crore through qualified institutional placement (QIP) to the next fiscal.

SpiceJet plans to lease seven more Boeing 737 aircraft by May while another Rs 500 crore is expected to be infused by its new owner Ajay Singh next month. According to the revival plan, submitted to the civil aviation ministry in January for its approval, the new promoter had to invest Rs 1,500 crore in three tranches of Rs 500 crore each between February and April. "However due to the deal going to the anti-competition watchdog CCI, the dates were pushed forward," the source said, adding the date for the infusion of the balance Rs 500 crore is yet to be finalised.