Index trend and stocks in action August 25, 2016

Indian benchmark indices got off to a flat start with a positive bias, shrugging the subdued sentiments prevailing in the Asian market. Thereafter, indices failed to show any kind of momentum and moved around the neutral line for the most part of the day. However, buying was seen in the later half and Nifty settled around 8650 levels. On the daily chart Nifty has formed a ‘Doji’ candlestick pattern, and this candle indicates indecision amongst the market participants. Now going forward the zone of 8580-8600 will be a key support for Nifty. On the upside, the zone of 8680-8700 will act as a resistance zone.Today being expiry of August series, we expect some volatility. However, we have to wait and watch whether Nifty breaches its sideways consolidation.

IDBI Bank: IDBI Bank said it will raise Rs 1,500 crore through Tier I bonds. The public sector bank will allot the bonds on August 30, 2016.

Hero Group: International Finance Corp (IFC) will invest up to $125 million in Hero Future Energies, the renewable energy venture of the Hero Group.

8K Miles: Cloud computing player 8K Miles Software said it plans to raise Rs 500 crore through a mix of instruments, including issue of fresh equity shares or convertible bonds via a qualified institutional placement, among others. The company also informed the exchanges that its board has approved a plan to split the shares having face value of Rs 10 each into two equity shares of face value of Rs 5 each.

Tata Power: Tata Power, one of India’s largest integrated power company has announced that its generation capacity has increased by close to 9 per cent in the first quarter of the current fiscal against the corresponding period of the previous fiscal.

Reliance Communication: RCom has unveiled a software-based WAN (wide area network) product from its subsidiary, Global Cloud Xchange, which targets banks, government departments and other firms having offices across the country.

ITC: The Delhi High Court has not issued any stay order on ITC Ltd’s suit against its rival biscuit maker, Britannia Industries, which had alleged that the latter had copied the packaging colour combination of its digestive biscuit for their recently launched product.