Sensex trading with negative bias; top ten stocks in focus - Economic Times

NEW DELHI: The S&P BSE Sensex pared its early morning gains and was trading with negative bias on Wednesday, led by losses in HDFC, ICICI Bank, TCS and Infosys.

Tracking the momentum, the 50-share Nifty index was trading in a narrow range and was trading very close to its crucial psychological level of 6700, weighed down by losses in metal, IT, banks and realty stocks.

At 10:00 a.m.; the 50-share index was trading at 6700, down 15 points or 0.22 per cent. It touched a high of 6,718.75 and a low of 6,699.10 in early trade today.

The S&P BSE Sensex was trading at 22,460.56, down 47 points or 0.21 per cent. It touched a high of 22,532.82 and a low of 22,455.49 in trade today.

The Nifty formed a star in the Tuesday's trading session, thereby continuing to trade in the 6750-6650 range. The Japanese candlesticks formed in the last couple of trading sessions clearly showed that the fight between bulls and bears has been quite strong.

"The index continues to trade between the levels 6750 and 6650, i.e. the 20-day moving average [DMA] and the 40-day exponential moving average," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

"In doing so, the Nifty has formed a triangular pattern on its hourly chart and trading within this range is almost like a suicide attack, i.e. "Kamikaze"," he added.

Here is a list of ten stocks which are in focus today:

Wipro Ltd: Wipro Ltd, a leading Information Technology, Consulting and Outsourcing company today announced that it has signed a partnership with Axiom Software Laboratories Inc.

At 10:00 a.m.; the stock was trading 1.2 per cent lower at Rs 508.25.

Opto Circuits Ltd: The management informed the exchanges that its board has approved the proposal to raise funds for the Company and/or for its Indian/Overseas Subsidiaries by way of issue of securities, including Global Depositary Receipts (GDRs) and or American Depository Receipts (ADRs) convertible into equity share.

At 10:00 a.m.; the stock was trading 3.6 per cent higher at Rs 32.80.

Titan Industries Ltd: Titan Company Ltd today reported 11.6 per cent increase in net profit at Rs. 206.44 crore for the fourth quarter ended March 31, 2014. The company had reported net profit of Rs. 184.97 crore in the corresponding quarter a year ago.

At 10:00 a.m.; the stock was trading 1.1 per cent higher at Rs 274.

TCS & Infosys Ltd: Domestic firms including TCS, Infosys and Wipro are vying for Bharti Airtel's IT services contract said to be worth $1-2 billion, which is likely to close soon.

At 10:00 a.m.; TCS was trading 0.7 per cent lower at Rs 2182 and Infosys was 0.5 per cent lower at Rs 3148.

Essar Oil Ltd: Essar Oil's shareholders have accepted the proposal to acquire a group company and making investments in another at its extraordinary general meeting on Tuesday, the company informed the bourses.

At 10:00 a.m.; the stock was trading 0.5 per cent higher at Rs 62.95.

BPCL: Bharat Petroleum Corp Ltd, India's second-biggest state refiner, plans to invest Rs 1,419 crore in replacing an old crude processing unit at its 12 million tons a year Mumbai refinery by May 2015.

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