Index Trends And Stocks In Action April 30, 2015

The Indian equity market after witnessing a strong pullback rally in the previous session continued its collapse. Banking stocks did help market to recovery its early losses; however traders and investors prefer to stay light ahead of F&O expiry. On the daily chart the Nifty index has formed a bearish harami candlestick pattern; this suggests that bear’s are coming back in action after a breather. Now going forward 8180 is very crucial level for the index, if bulls fail to hold this level expect a sharp correction up to levels of 7950-7880 in the short term. However the break of 8180 will moreover change the long term trend of nifty. On the upside the level of 8270 will act as a strong resistance level. Thursday being the settlement day for April month expiry, expect volatile moves in the second half of trading session.

Hexaware Technologies reported a net profit growth of 19% at Rs 83.35 crore for the first quarter ended March 31, 2015. The firm had posted a consolidated net profit of Rs 70.30 crore in the year-ago period. Consolidated revenue rose by 21% to Rs 713.43 crore in January-March quarter of 2015 fiscal from Rs 588.9 crore in the same quarter of 2014 fiscal. On quarter-on-quarter basis, its net profit fell by 5 per cent from Rs 87.25 crore in October-December of 2014, while revenue grew marginally from Rs 711.8 crore in that period.

The Index Maintenance Sub-Committee has decided to exclude IDFC ltd from the CNX Nifty Index and has included Bosch, and these changes shall become effective from May 29, 2015.

Promoter Gulf Oil International buys 12.37 lakh shares in Gulf Oil Lubricant via block deal