Index Trends And Stocks In Action August 31, 2015

The Indian Indices started the September Series with positive vibes extending its previous day’s gains and helping the Nifty to cross its psychological mark of 8000. Index heavyweights like ONGC, Bharti Airtel, HCL Tech and Bajaj Auto were among the top contributors. On other hand stocks like BPCL, Lupin, Ambuja Cement and Sun Pharma saw profit taking and ended as top losers. Technically, the index after opening in positive territory on the back of positive trend in global markets, scaled higher soon after opening. However, as the day progressed the bulls looked tired and shed most of the gains. This suggests that the market will witness selling on every rise and as long as it stays below 8330 mark it will be a sell on rise market. Now going forward 8048 is a crucial resistance for the index on the upside and next resistance is around levels of 8120. On the downside 7940-7950 would act as a strong support zone for the index. If this support zone is breached, expect a worthy correction up to levels of 7800-7700.

Sun Pharma and Wockhardt: Sun Pharma and Wockhardt have separately voluntary recall of a number of drugs from the US market due to different reasons. Sun Pharma initiated voluntary recall of multiple lots of Bupropion Hydrochloride Extended-release Tablets USP (SR), 2oo mg, 60-count bottle, from the United States Market for “failed dissolution specification”, on other hand Wockhardt started recalling its Lisinopril Tablets USP, 5mg and 20 mg from the same market for “CGMP violations”.

Aurobindo Pharmaceuticals: Hyderabad based, Aurobindo Pharma, has received US FDA approval for its generic osteoporosis drug. This 60 mg drug is equivalent to the exiting Evista 60 mg drug that is manufactured by Eli Lilly of the US. This generic drug will essentially be used for treatment and prevention of osteoporosis in post-menopausal women. The product has a worldwide market valued at $404 million.

Bharrti Airtel and Idea: Bharti Airtel and Idea Cellular have hiked data charges for their post-paid users by around 20 per cent in Delhi NCR, and other regions in India. This hike comes two months after the two telecom operators, along with Vodafone, had laid down an almost 47 per cent charges hike in 2G and 3G data plans for their prepaid users across various regions.

Tata Motors: Country’s major commercial vehicles manufacturer Tata Motors launched a new model of its popular small pick-up truck Ace and said it expects the LCV segment to pick up in six months from now.