Twelve stocks in focus in Thursday morning trade

NEW DELHI: Indian markets are likely to trade in a range with a negative bias on Thursday tracking weak global cues. The immediate support level for Nifty is around 5730.

"The Nifty is expected to head lower till 5700. In this period the key support will be at around 5730 and resistance will be at 5817," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

"The Nifty has faced resistance around the 40-daily moving average (DMA) and been forming lower tops and lower bottoms on the daily chart," he added.

Mehta is of the view that the short-term bias for the Nifty remains negative for a target of 5630 with reversal around 5972. The medium-term outlook remains negative with reversal above the 40-DMA.

Here is a list of twelve stocks which are likely to remain in focus in morning trade:

Apollo Tyres Ltd, after the tyre maker said it will acquire US-based Cooper Tire & Rubber Company in an all-cash transaction valued at approximately Rs 14,500 crore.

Sun Pharma Ltd, after Pfizer Inc said Teva Pharmaceuticals Industries Ltd and Sun Pharmaceutical Industries Ltd would pay $2.15 billion to settle a patent infringement lawsuit related to its acid-reflux drug Protonix.

MMTC, after the group of ministers on disinvestment cleared 9.33 per cent stake sale in MMTC through offer for sale which may fetch the exchequer Rs 300 crore.

Gujarat Gas Company Ltd, after the London-based BG Group announced that it has completed the sale of its 65.12 per cent stake in India's largest private natural gas distributor Gujarat Gas Co Ltd (GGCL) for about Rs 2,460 crore to GSPC.

Heidelberg Cement Ltd, after the cement major said its shareholders have accorded approval for raising funds up to Rs 2,000 crore through borrowings.

Cement companies are likely to remain in focus, after the Supreme Court refused to give interim relief to cement manufacturers in their appeal against the interim penalty imposed on them on cartelisation charges.

"The CAT had told the companies to pay 10 per cent of the total Rs 6,300-crore penalty imposed by the Competition Commission of India (CCI) by June 16," said media reports.

IGL Ltd, after the company signed share purchase agreement to acquire 50% stake in Central U.P. Gas (CUGL). IGL will purchase 30 million shares of Rs 10 each at a price of Rs 23 a share aggregating to Rs 690 million from the financial investor shareholders of CUGL.

Zen Technologies Ltd, after ace stockbroker Rakesh Jhunjhunwala, who is on a revamping exercise of his portfolio of investments of late, has announced exiting completely from the Hyderabad-based manufacturer of weapons and defence simulators Zen Technologies, where his family holds some 10.14% stake.

Bharti Airtel Ltd, after Bharti Telecom Limited, a promoter group entity of Bharti Airtel, purchased over 18 lakh shares of the telecom firm for around Rs 50 crore through open market transactions this week.

Reliance Industries Ltd, after Pavana Enterprises LLP, a promoter group firm of Reliance Industries, offloaded 56 lakh shares of the energy giant for nearly Rs 440 crore to another promoter entity.

L&T Ltd, after the construction major bagged a Rs 900-crore contract from Wave Group's realty arm Wave Infratech to build residential towers in Noida.

Godrej Properties Ltd, after the real estate development arm of the Godrej Group, has now come up with the fifth phase of its residential project at Sodepur on BT Road near Kolkata.