Index Trends And Stocks In Action July 07, 2015
The Indian Market opened on jittery note due to Greek No Vote, however, as the day progressed buying was seen at lower levels and momentum picked up in late afternoon session as index heavyweight helped the market to clock its highest closing since Mid-April. Technically, the index opened with a downside gap on back of global weakness. This down side gap was filled completely as buying was seen at lower levels. On the daily charts, the index has formed a Bullish Marubozu candlestick pattern, which suggests that the bulls are in strong momentum. Now going forward index has resistance around the level of 8580 and 8630. On the downside the level of 8470 is strong support for the index.
Power Grid: State-owned Power Grid Corporation of India said it has approved a Rs 2,247.37 crore investment plan for the third part of the interstate electricity transmission project.
Reliance Industries: Reliance Industries will offload 3.1% stake in media and entertainment firm Network18 Media and Investment for an estimated Rs 200 crore to bring down its shareholding to the permitted level of 75%. The floor price for the offer for sale, which would take place on 8th July, will be decided after close of market hours on Tuesday.
Financial Technologies: The corporate affairs ministry has called the scam hit National Spot Exchange (NSEL) and its parent company Financial Technologies (FTIL) to hear any objections to their proposed merger ahead of the Bombay High Court’s deadline to the government for issuing the final order. The high court had in April given the government time till 31st July to come up with the final order on the merger. However the government can seek another extension from the high court if it fails to complete the review before the deadline.
Hindalco Industries: The Supreme Court sought views from the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) on a petition that demanded a probe into alleged payments worth crores made by Aditya Birla group Company Hindalco Industries to environment ministry officials for getting various clearances to group companies.