Stock Market Live

Indian equity markets witnessed a gap up on Monday. However profit booking at higher levels took the leading indices down by about 1% in the afternoon session. By the end of the day we saw some recovery in market and nifty managed to close at 6089. Nifty on daily charts has formed Bearish engulfing pattern and RSI is showing negative divergence. This suggest market is has formed short term top and may see some weakness ahead. However there are some positive points as well nifty has hold on to levels of 6080 on closing basis as well hold on to lows of hanging man which was formed on 11th October, 2013. This correction is healthy and trend will reverse only if nifty breaks 5960 on closing. So buying on dips would be best strategy.  For intraday nifty has resistance around levels of 6120-6175. On downside support for nifty is around 6040-5990.

National Aluminium Company’s alumina exports in the first half of FY14 vaulted 50 per cent from a year ago, mainly on account of the capacity expansion undertaken by the company. In the six months to September, Nalco exported 638,000 tonnes of alumina compared with 425,000 tonnes in the same period of fiscal 2012-13, the company said recently. The jump was largely because the company has expanded production capacity. We expect the scrip to move upwards in near term. 

Mindtree’s net profit rose by 77.8% to Rs 128.7 crore for the September quarter on the back of a strong growth in manufacturing and retail vertical. Revenues for the reported quarter grew 29.2% to Rs 769.5 crore from Rs 595.3 crore in the same period last fiscal.

Heidelberg Cement India today reported a Rs 28.35 crore loss for the July-September quarter on higher finance costs and depreciation expenses. The company, a subsidiary of German building material major Heidelberg Cement, had clocked Rs 7.5 crore net profit in the same quarter last fiscal.

Bajaj Holdings & Investments has posted a net profit after tax of Rs. 484.12 crore for the quarter ended September 30, 2013 as compared to Rs. 485.64 crore for the quarter ended September 30, 2012. Total Income has increased from Rs. 506.43 crore for the quarter ended September 30, 2012 to Rs. 508.36 crore for the quarter ended September 30, 2013.

Buoyed by a strong demand for outsourcing services, Tata Consultancy Services (TCS) would hire 5,000 people more than its initial target of 45,000 this fiscal. 

For more stock market news,updates and free Stock Tips visit our site www.capitalheight.com