Index Trends And Stocks In Action For 30th October 2013. indian equity markets surged on Tuesday led by banking stocks after the RBI in its monetary policy announced repo rate by 25 bps which was as per market expectation. The MSF rate was cut by 25 bps to 9.25%. CRR was left unchanged at 4%.Nifty formed a Bullish Engulfing candlestick pattern, which is a bullish candlestick. Going ahead we feel market may consolidate in range of 6120-6250. Only if index close above 6250 we may see levels of 6330-6366. For Intraday nifty will face resistance around levels of 6235-6255. On downside nifty has strong support around levels of 6200-6160. The Telecom Ministry will take a call next week on spectrum base price for the third round of auction, which is expected within a few months, a top official said here today. The inter-ministerial panel Telecom Commission was to take a call on spectrum today but the meeting was cancelled. We expect the Telecom stocks to remain in positive zone in near term. Gujarat NRE Coke has initiated the process of corporate debt restructuring (CDR), a month after the auditors comment on its Australian subsidiary, Gujarat NRE Coking Coal. The company informed its plan to approach the CDR cell to realign its debt and is holding discussions with major secured lenders. We expect positive fallout on the counter. Amid a prolonged downturn in demand for some of its key products, Tata Steel Europe announced major restructuring proposals to boost its competitiveness that could lead to the loss of around 500 jobs in the UK. The proposed changes in Long Products business will predominately affect management and administrative functions at sites in Scunthorpe, Teesside and Workington. Tata Motors launched an upgraded version of its entry level sports utility vehicle Tata Sumo Gold, with price starting from Rs 5.93 lakh onwards (ex-showroom, New Delhi). The new Tata Sumo Gold, which is available in five variants, has been conceived keeping in mind passenger comfort and maximum all-round performance, Tata Motors said in a statement. Expect a positive move for the counter on the bourses. IRB infrastructure has announced the withdrawal of suspension on Toll Notification by State of Maharashtra and honourable Bombay High Court has ordered for the police production to each of the toll plaza of the project while the wholly owned SPV of company, IRB Kolhapur Integrated Road Development Co has commenced tax collection from October 17, 2013. The stock of the company is expected to rise. From 2017 Gas Authority of India (GAIL) will be chartering 6-7 LNG ships to transport its natural gas cargoes from US. The ships would carry 6 million tonnes of GAIL’s contracted LNG cargoes on free on board basis. It would also swap its US cargo with those available for other destination. Transportation would be handled by its Singapore subsidiary GAIL global. Hence, stock of GAIL is expected to rise
Posted on: Wed, 30 Oct 2013 02:20:07 +0000
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