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Sensex rangebound; top ten stocks in focus in trade on Budget Day

"Going forward the range of 7550 - 7500 has now emerged as a make or break level for the index," GEPL Capital said in a report.

ET Online|
Updated: Jul 10, 2014, 10.28 AM IST
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Stocks in news: Bharti Airtel, JSW Steel, Suzlon
NEW DELHI: The S&P BSE Sensex which rose nearly 100 points pared most of its morning gains and turned choppy in trade on Thursday, ahead of the much awaited event Budget 2014. The fall in the index was led by ITC, ONGC, HDFC Bank and M&M.

Tracking the momentum, the 50-share Nifty index also started on a strong note but pared most of its morning gains and was trading below its crucial psychological level of 7,600.

Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST. Expectations are already running high with respect to the announcement pro-growth reforms from the Finance Minister that will put India back on high growth trajectory.

At 10:00 a.m.; the BSE Sensex was trading 0.01 per cent higher or 2.14 points at 25,446. It hit a low of 25,402.84 and a high of 25,535.79 in trade today.

The 50-share Nifty index was trading 0.12 per cent lower or 8.9 points at 7576. It hit a low of 7559.40 and a high of 7607.25 in trade today.

"Going forward the range of 7550 - 7500 has now emerged as a make or break level for the index," GEPL Capital said in a report.

"If Nifty manages to respect this range as a support then there may be attempts to edge higher till 7650 and beyond that 7680 is also a possibility," added the report.

The brokerage firm is of the view that the level of 7760 is a key resistance for Nifty. Till the time 7760 is not cleared convincingly Nifty still remains vulnerable to deeper declines.

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

Bharti Airtel Ltd: Bharti Airtel will sell over a fifth of its telecom tower portfolio in Africa to Helios Towers Africa (HTA), as part of its overall strategy to sell-off its 15,000 towers to a clutch of independent tower companies.

At 10:00 a.m.; the stock was trading 0.1 per cent higher at Rs 340.90.

Ashok Leyland Ltd: Hinduja Group flagship company Ashok Leyland has raised Rs 667 crore via qualified institutional placement (QIP), a move that would help the company improve its financial position.

At 10:00 a.m.; the stock was trading 1.9 per cent lower at Rs 32.40.

JSW Steel Ltd: JSW Steel will import six million tonne (mt) of iron ore this year, the highest by any domestic steel producer ever, with the mining crisis in Karnataka and Odisha striking at the heart of the country's steel production capacity.

At 10:00 a.m.; the stock was trading 0.7 per cent lower at Rs 1183.

Kingfisher Airlines & United Bank of India: In what has come as another setback for Vijay Mallya, the Calcutta High Court has refused to grant him exemption from a personal appearance before the United Bank of India Grievance Redressal Panel.

At 10:00 a.m.; Kingfisher Airlines was trading 1.2 per cent lower at Rs 3.28.

Indiabulls group stocks will be in focus after the three promoters of Indiabulls, the real estate to power group set up 14 years ago by two Indian Institute of Technology (IIT) graduates and their common friend, have split.
 
At 10:00 a.m.; Indiabulls Real Estate was trading 1.1 per cent higher at Rs 84.30.

Tata Teleservices Ltd: Japan's NTT DoCoMo has decided to exit Tata Teleservices by selling its 26.5% stake in its telecom joint venture with the Tata Group through a pre-agreed put option, setting the stage for protracted negotiations over valuation as the Indian conglomerate is likely to renegotiate the sum it has to pay to buy back the shares. The agreement was signed between the two companies in 2008-09.

At 10:00 a.m.; the stock was trading 0.6 per cent lower at Rs 11.93.

Infosys Ltd: Infosys is expected to post flattish revenue growth in the first quarter which ended on June 30 and maintain its full-year revenue guidance of 7-9 per cent when it announces results on Friday.

At 10:00 a.m.; the stock was trading 0.5 per cent higher at Rs 3321.

GMR Infrastructure Ltd: The GMR group, which operates the Hyderabad airport, is exploring several options, including legal remedy, to forestall any attempt by the Telangana government to build any more airports in the vicinity of the city.

At 10:00 a.m.; the stock was trading 1.4 per cent higher at Rs 28.60.

Lupin Ltd: The European Commission's antitrust authorities have slapped a fine of 427.7 million euros on a group of pharmaceutical companies including India's Lupin, Unichem Laboratories and the local unit of Mylan, accusing them of working together to block the generic entry of a blockbuster blood-pressure drug.

At 10:00 a.m.; the stock was trading 0.9 per cent lower at Rs 1025.

Subex Ltd: Bangalore-headquartered IT company Subex, which has gone through a meteoric rise followed by a calamitous fall under its founder and former chairman Subash Menon, has once again caught the fancy of global technology majors for a buyout.

At 10:00 a.m.; the stock was trading 4.9 per cent higher at Rs 10.05.

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