Sensex Rangebound; Top 16 Stocks In Action

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Standard & Poor’s 500 BSE Sensex managed to bounce back from lows today, even as other markets of Asia reel under pressure after factory activity of China shrank for the 2nd straight month last month and reached its lowest in 9 months. At 10:00 AM, 30-share index was up 0.28% or 54 points at 19,449.10, touching a low of 19,347.57 and a high of 19,496.09 in trade today. The Nifty was at 5857.00, up 15 points or 0.27 per cent. It touched a high of 5,870.35 and a low of 5,822.20 in trade today.

Somil Mehta, Senior Tech Analyst, Sharekhan said that Nifty is likely to head higher till 5900. In this period the resistance will be at 5900 and key support will be at around 5836. Nifty has bounced sharply completing a 5-wave decline and is now likely to continue to rise till 5916. Mr. Somil is of the view that short-term bias for Nifty has changed to positive for target of 5916 with reversal around 5630. While, the medium term outlook remains negative with reversal above overlap level of 5936 i.e. wave 1.

Check out the list of 15 stocks that are in focus in morning trade:

IOC, HPCLBSE 0.14% and BPCLBSE -0.21% will be in focus, after state-owned oil companies increased petrol prices by Rs 1.82 per litre, excluding VAT or local sales tax.

At 10:00 a.m.; IOCBSE -0.60% was down 0.7%, followed by HPCL which was trading 0.3% lower.

Automakers will remain in focus as they start revealing monthly sales volume data for June 2013 from 01, July 2013.

At 10:00 a.m.; Maruti Suzuki BSE -0.65% was trading 0.3% higher at Rs. 1542.96.

Cement companies will remain in focus as they start revealing monthly sales volume data for June 2013 from 01, July 2013.

At 10:00 a.m.; ACC Ltd was trading 1.5% higher at Rs. 1241.65.

Reliance Infrastructure Limited, after Reliance Infrastructure-led consortium temporarily shut down operations of Delhi Airport Metro Express citing safety concerns; it has decided to walk out of the project from 30th June. Delhi Metro will operate the 22.7km line from today in public interest.

At 10:00 a.m.; the stock was trading 1.3% higher at Rs. 353.50.

Tata Power BSE 2.15% Limited will be in focus as it’s one of 3 power distribution companies in Mumbai, the other 2 being Reliance Infra and BEST.

At 10:00 a.m.; the stock was trading 2.2% higher at Rs. 88.

Jet Airways and SpiceJet will be in focus after ATF (Jet fuel) prices were hiked by steep 5.8%, the 2nd consecutive increase since last month, as rupee depreciation made imports costlier.

At 10:00 a.m.; Jet Airways was up 1.8% to Rs. 457.85 and SpiceJet was trading 3.8% higher at Rs. 28.

United Spirits Limited, after Morgan Stanley Asia, bought 10.80 lakh shares of Vijay Mallya led United Spirits Limited for estimated Rs 229 crore.

At 10:00 a.m.; the stock was trading 4.8% higher at Rs 2276.80.

Jindal Steel and Power Limited, after the company plans to commission two MTPA (million tonnes per annum) capacity plant in October in Oman, which the company claims would be the biggest steel plant in Gulf region.

At 10:00 a.m.; the stock was trading 1.7% higher at Rs. 221.

TCS Limited, after the biggest software exporter of India is planning to sack 172 employees at its Finland offices by August as a part of process to streamline its operations.

At 10:00 a.m.; the stock was trading 1.08% lower at Rs 1501.

After Noida-based Company, HCL Technologies Limited is expected to lay off around 250 of its employees in Finland. According to the reports, HCL Tech had entered into international, long term IT infrastructure management outsourcing services agreement with TCS together with Nokia this year.

At 10:00 a.m.; the stock was trading 0.6% lower at Rs. 771.

GMR Infrastructure Ltd, after infrastructure major GMR Group is amongst 11 bidders originally shortlisted to build 200 MW gas-fired power plant in Malta, Africa.

At 10:00 a.m.; the stock was trading 2% higher at Rs. 17.95.

ONGC (Oil and Natural Gas Corporation) has initiated talks with RIL (Reliance Industries) seeking a deal to share infrastructure at KG (Krishna-Godavari) basin.

At 10:00 a.m.; the stock was trading 1% higher at Rs. 334.35.

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