Index Trends And Stocks In Action August 04, 2015
Indian Equity Market rose on Monday to mark their fourth successive session of gains led by buying in the Banking stocks and Select heavyweights. Technically, the index opened with a marginal gap down and recovered immediately thereafter. Later it moved in a tight band of 25-30 points and closed with marginal gains. The mood of the market was cautioned mainly due to RBI’s monetary policy. Now going forward this major economic event will dictate the movement of the market. Important support for the index stands at a level of 8480 and next important support around level of 8420. On the upside level of 8572 is major resistance and next resistance stands at 8660, if nifty sustains above this level expect a fresh trend emerging in the index which will be in the favor of the bulls.
CEAT: A unit of HSBC has increased its stake in tyre maker Ceat to 5.64% by acquiring shares for an estimated Rs 130 crore. Jwalamukhi Investment Holding (JIH), a sub-account of HSBC Bank (Mauritius), acquired 14, 21,375 shares in Ceat amounting to a 3.51% on 31st July, 2015.
Wockhardt: Divergences in current good manufacturing practice norms laid down by the American Health Regulator has promoted Wockhardt to recall over 50 lakh bottles of various drugs, used for treating aliments like high blood pressure and ulcer, in the US Market.
Cadila Healthcare and Tata Global Beverages: The Foreign Investment Promotion Board (FIPB) cleared 18 foreign direct investment (FDI) proposals, comprising those of Cadila Healthcare and Tata Global Beverages.
Hero Motocorp: India’s largest two wheeler company Hero Motocorp announced better than estimated results, with net profit surged to 33% to Rs 750 crore in the April-June quarter, driven by moderating commodity prices, higher other income and benefits accrued from the end of royalty payments to its erstwhile Japanese partner.
Tamil Nadu Newsprint and Papers (TNPL) reported a 96.87% growth in its first quarter net profit ending June 30, at Rs 51.64 crore as against net profit at Rs 26.23 crore during the year-ago period. Total income from operations for the April-June quarter soared to Rs 647.63 crore from Rs 485.60 crore registered during corresponding period of previous year.