Index Trends And Stocks In Action July 29, 2015

It was a choppy session on the Indian benchmark index as indices oscillated between green and red for the major part of the day, however, in last hour bulls gave up and the market ended in red. Technically, the index opened with marginal gains and shifted into a sideways consolidation phase for the better part of the trading session. Now going forward the index has strong support in the zone of 8315-8295. Firs the index formed a doji candlestick pattern as on July, 2015 and low of the candle was around levels of 8315 and saw a good pull back rally the lows. Second the level of 8295 is the lower end of the Bollinger band, considering this it’s likely we may see a bounce back from this band of 8295-8315. On the upside resistance for the index is placed around levels of 8410 and 8455. 

Ceat: Kotak Mahindra (International) offloaded 3.51 per cent stake in tyre maker Ceat for an estimated Rs 113 crore through an open market transaction. The shares were purchased by Ambit Wealth Advisors. The shares were shed on an average price of Rs 795 valuing the transaction at over Rs 113 crore.

Sun TV: The Centre has decided not to proceed against 33 channels of Sun Tv, at least for now, after both Madras and Delhi High Courts disregarded MHA’s objections to the Chennai based group participating in the auction for FM radio licences. The short-term stay would extent to Sun DTH which has one lakh subscribers. 

Hero Motocorp: The American unit of Hero Motocorp, India’s largest two wheeler maker, has entered into a settlement agreement to acquire bike maker Erik Racing’s (EBR) consulting business for USD 2.8 million. EBR, in April, shut operations and filed for bankruptcy protection from creditors. Hero Motocorp American unit has agreed to acquire the ownership of certain “Tangible and Intangible assets” of the EBR entities as identified in the settlement agreement.

Amtek Auto: Amtek Auto has informed the Exchange that the Board of Directors of the company at its meeting has approved raising funds through various means i.e. issue of equity and convertible/non-convertible securities or other equity linked securities and issuance of Equity shares to promoters of the company upon conversion of their unsecured loan by way of Preferential Issue.