Index Trends And Stocks In Action September 02, 2015

The Indian market started the session with a gap down on the back of weak economic data and weak global cues. If that was not enough, the sentiments were further dampened by the PMI data that slowed to 52.3. On the daily chart of the index we have witnessed yet another downside gap, which remains unfilled. Now going forward index has the important support around levels of 7700, if it breaches this support zone we can see a sharp sell-off and this will open the gates for levels of 7500 in short term. On the upside hurdle for the bulls would be around levels of 7800. Even after relentless selling the market has not reached to over sold zone, this suggests we have not yet formed a bottom.

Info Edge: The promoter of Naukri.com has got approval from the Reserve Bank of India to raise the limit of foreign shareholding to 50 per cent from earlier limit of 40 per cent under the portfolio investment scheme (PIS).

Bharati Shipyard: Edelweiss Asset Reconstruction Company, an arm of Edelweiss group that deals with junk loan has attained management control of Bharati Shipyard that has tumbled in bad times. Edelweiss ARC has acquired 70 per cent of the Rs 8,500 crore outstanding loans to Bharati Shipyard.

Coal India: State-owned Coal India recorded an output of 36.21 million tonnes (MT) in August, missing target by 3.82 per cent. The company’s production target for August was 37.65 million tonnes.

DLF: Realty major DLF said its shareholders have approved the resolution to create charge, lien or pledge on its over 50 per cent shares in three subsidiaries, holding rental commercial assets, for raising up to Rs 7,500 crore.