Dead cat bounce is a temporary, short-lived recovery of asset prices from an extended decline followed by the continuation of a downtrend.
Market correction halted: Indian market jumped back today with a gap up of +130 points. After opening at 7921, it made a high of 7963 and a low of 7862 and finally closed at 7960. The global outlook was also very positive today with the DJIA gaining 3.95% followed by S&P500(+3.90%), FTSE100(+2.23%), NIKKEI225(+1.08%) and CRUDE OIL(WTI)(+4.6%). The highest gaining stocks today are HDFC(+8.66%), CAIRN(+7.48%), VEDL(+7.01%), NMDC(+6.5%), AMBUJACEM(+6.41%). The stocks which lost the most today are BHEL(-3.27%), BAJAJ-AUTO(-2.36%), TCS(-0.38%), WIPRO(-0.26%), HEROMOTOCO(-0.24%).
Aurobindo Pharma gets USFDA approval for hepatitis B drug – The company has received approval from USFDA for the manufacture of its Hepatitis B drug Entecavir tablets. Entecavir tablets are indicated for treatment of chronic hepatitis B virus infection of the liver. The stock was up by more than 3% on the back of the news.
Hindalco seeks shareholders approval to raise up to Rs 6000 cr– The company seeks shareholders permission to raise upto Rs 6000 cr through non convertible debentures (NCDs) on private basis in one or more tranches until september 15,2016.
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