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Index Trends And Stocks In Action March 5, 2015

The Indian Equity market scaled to fresh life-time high after Reserve Bank of India surprised with rate of 25 basis points. However as day progressed, reports of a possible downgrade by S&P dampened the sentiment dragging the index in negative territory and ending with losses of about 1 per cent. Technically, nifty has formed a bearish engulfing candlestick pattern at new all time high area. The implication of this candlestick is bearish on market. However confirmation is required on next trading session. Now going forward important support for index is placed in zone of 8820-8860. If bulls manages to hold this support levels expect uptrend to continue.

Tata Motors (BSE Code: 500570) shareholders have approved a proposal to raise Rs 7500 crore via rights issue. In a filing to the BSE, the company said 93.97 per cent of the shareholders voted in favour of the proposal through a postal ballot. The Mumbai-based company intends to utilise Rs 7,500 crore to fund various activities, including introduction of more than 100 new commercial vehicles over next three years and passenger vehicles on new modular platform from FY 2016-17.

Public sector IDBI Bank (BSE Code: 500116) said it proposes to raise Rs 20,000 crore through bond issuance from domestic market next fiscal. The board has approved "the proposal for Rupee bond issuance limit of Rs 20,000 crore to be borrowed in one or more tranches comprising of senior or infrastructure bonds, Basel III compliant Tier II or additional Tier 1 Bonds by way of private placement or public issue during 2015-16," IDBI Bank said in a filing in the BSE. 

Foreign fund house Citigroup Global Markets Mauritius today acquired shares worth more than Rs 619 crore in Eicher Motors (BSE Code: 505200), in which Swedish company Volvo sold 4.7 per cent stake for Rs 1920 crore. A total of 409675 shares (representing 1.15 per cent stake) of Eicher Motors were purchased by Citigroup Global through a bulk transaction on stock exchange BSE.

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