Stock In News:
Tata Consultancy Services Ltd: TCS joined smaller rival Infosys in signalling a weaker Q4, sending its shares lower, even though India's largest software company remained confident about a stronger 2014-15.
Infosys Ltd: The country's second largest software services firm Infosys said it has signed a five-year deal with Swedish firm Lansforsakringar AB (LFAB) to provide application development and management support for its life life and non-life insurance business.
Zensar Technologies: IT services firm said it has bagged new multi-million dollar deals in the US and Europe. The deals signed include one with a multi-billion dollar American enterprise that designs and builds trucks and military vehicles as well as a dual shore IM deal with an existing American client.
Maruti Suzuki India Ltd: Maruti Suzuki's problems with regard to its Gujarat project are far from over as some proxy shareholder advisory firms on Tuesday said they may recommend to investors to vote against the revised proposal as well.
L&T Ltd: Larsen and ToubroBSE -1.17 % Executive Chairman A M Naik has sold his 2.25 lakh shares in the company worth about Rs 28.30 crore in the last 10 days. Besides, company CEO K Venkataramanan has also sold a part of his stake in the company, amounting to Rs 1.26 crore, in the same period, L&T informed BSE through a series of filings.
Sesa Sterlite Ltd: India's No.1 refined copper producer SesaSterlite Ltd (SESA.NS) will shut its smelter for 22 days starting April 26, two company sources said on Tuesday, in what would be the first maintenance closure in four years and cut supplies to top buyer China.
Sagar Cements Ltd: France's Vicat has started talks with its JV partner to buy the 47% stake it does not own in Vicat Sagar Cement in a deal that is likely to value the company at around Rs 4,100 crore, two people familiar with the development said.
SBI: The country's largest lender, State Bank of India (SBI), on Tuesday reported a flat advance tax payout for the March quarter at R1,456 crore.
Ashok Leyland Ltd: Commercial vehicles major Ashok Leyland on Tuesday offloaded 31.25 lakh shares of private sector lender IndusInd Bank.
Bharti Airtel Ltd: Sunil Mittal-founded Bharti Airtel and six other GSM majors serving the Africa and Middle-East markets will forge network infrastructure sharing pacts to provide Internet and mobile broadband access to unserved rural communities and drive down mobile services delivery costs for all sections of the population in these regions.
Nifty News:
Indian markets are expected to trade in a range on Wednesday following muted trend seen in other Asian markets. The key support for the index is around 6,432 levels.
"The Nifty is expected to trend up till 6575 in the next couple of days. In this period the key support will be at around 6432 and resistance will be at 6575," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"The Nifty has been forming higher tops and higher bottoms; it has also closed above the previous swing's high which is a positive sign for the market. The short-term bias remains positive for a target of 6600 with reversal at 6430," he added.
Mehta is of the view that the medium-term outlook remains positive as the index has started forming higher tops and higher bottoms on the weekly chart and the momentum indicator has given a positive cross-over.
Pre-market: Nifty seen opening higher; may hit fresh record highs
(Source: Economic TImes)The 50-share Nifty index is expected to open flat-to-higher on Wednesday following muted trend seen in other Asian markets. Tracking the momentum, the index is expected to surpass its lifetime high of 6,574.95.
At 07:30 a.m., Nifty India stock futures in Singapore were trading 17.50 point higher at 6576.50, indicating a higher opening on the domestic market.
Both Sensex and Nifty pared gains after hitting fresh record highs on profit-booking on Tuesday, amid cautious trading ahead of a US Federal Reserve policy meeting.
Tracking positive global cues, benchmark indices hit fresh record highs. But, gradual decline in index majors due to profit taking, trimmed the initial gains and resultant flat closing in the end.
"We have been seeing that Nifty is struggling to overcome the resistance barrier around 6600 but it also has strong cushion at 6350 on the downside," said Jayant Manglik, President-retail distribution, Religare Securities Ltd.
"Despite prevailing consolidation phase, we uphold our positive bias and advise to continue with buy on dips approach. Among the sectoral indices, preference should be given to metal, FMCG, select banking counters for short term buying," he added.
The Nifty index ended the day with a gain of 12 points at 6516 and has immediate support placed at 6485 and below that 6430 is an important support to watch out for the short term. As long as it trades above the level of 6430
"There is a possibility that it may surge higher till 6620 to 6640 range. Only in case if it breaks 6430 then we may see a deeper decline till 6350 which is the next support for the index," GEPL Capital said in a report.
Overnight, U.S. stocks climbed after comments from Russian President Vladimir Putin calmed anxiety that tensions over Ukraine could escalate.
"In an address to the Russian parliament, Putin said Russia didn't want Ukraine to be divided further, and that he did not want to seize more of the country after approving plans to make Crimea part of Russia following a disputed referendum," Reuters reported.
The Dow Jones industrial average rose 88.97 points or 0.55 percent, to end at 16,336.19. The S&P 500 gained 13.42 points or 0.72 percent, to finish at 1,872.25. The Nasdaq Composite added 53.364 points or 1.25 percent, to close at 4,333.313.
Asian share were trading mixed ahead of a closely-watched Federal Reserve policy review later in the session.
"The Fed is widely expected to continue to reduce the size of its monthly bond purchase program by $10 billion each meeting, but also alter its forward guidance when it delivers its policy statement on Wednesday," added the Reuters report.
The policy review will be the first presided over by Fed Chair Janet Yellen.
Japan's Nikkei 225 index was trading 0.2 per cent higher at 14,441.50 and Hong Kong's Hang Seng index was trading 0.14 per cent lower at 21,554.12.
South Korea's Kospi index was trading 0.2 per cent higher at 1,944. China's Shanghai index was trading 0.8 per cent lower at 2,009.
Buy Nifty on declines: Mitesh Thacker
(Source: Economic Times)In a chat with ET NOW, Mitesh Thacker, Technical analyst, miteshthacker.com, gives his outlook on the market.
ET Now: How are you approaching trade tomorrow and what would you be doing with the banks in particular?
Mitesh Thacker: We maintain a stock specific approach. The index is not giving any broad signals and we still are in the range of 6560-6430. The idea would be to buy slightly aggressively if you are getting stocks when the Nifty is on the decline or profit booking mode. Around 6450-6430 is the best levels to initiate long positions.
The sectors preferred are capital goods and the banking or the financial sector. In the last two weeks, the index did rally by about 5-6%. The Bank Nifty rallied by about 12% to 14% and they will take time at higher levels to consolidate.
We do not have any threat to the uptrend or signals of trend reversal. So we must assume that the trend remains on the upside and eventually, we will get a breakout. The idea remains to buy on declines and for the time being as the indices consolidate, we are more stock specific. But, once we see a breakout in the Nifty above 6560, you might want to trade Nifty and the Bank Nifty.
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