Index trend and stocks in action September 27, 2016

Monday turned out to be a ‘Black Monday’ for the Indian equity indices, which got pounded by 1.25 per cent. After a gap down opening, the Nifty continued to move in the southward direction to end near its intraday low. On the daily chart the opening downside gap remains unfilled. There has been formation of long range bear candle, which has pierced the crucial support level of 8750. Now going forward Nifty has immediate support placed around levels of 8680 and decisive breach of this zone will open up for correction up to levels of 8640. On the upside, the zone of 8750-8780 will act as a resistance zone for the Nifty. The momentum oscillator RSI at present is quoting around levels of 48; the zone of 45-48 has acted as a good support level in the past 4-5 months. 

NTPC: India’s largest energy conglomerate NTPC will raise $500-700 million through masala bonds from the financial markets in London, Hong Kong and Singapore from November.

BOSCH: Auto components firm, Bosch said its offer to buyback 8.78 lakh shares, about 25 per cent of the paid-up capital of the firm, for Rs 2,019.76 crore would begin on October 6.

Mukta Arts: Subhash Ghai’s production house Mukta Arts plans to transfer its entire business of cinema division to its wholly-owned subsidiary Mukta A2 Cinemas. The company will hold a board meeting on September 29 to consider and get approval for slump sale through a business transfer agreement.

IRB Infrastructure: IRB Infrastructure Developers has received letter of award from National Highways Authority of India (NHAI) for Rs 2,100-crore highway project in Rajasthan and Gujarat.

8K Miles: 8K Miles has set October 13 as record date for stock split, bonus share issue.

Adlabs Entertainment and GTL Infrastructure: To curb excessive volatility, stock exchange BSE revise the circuit limit for share movement of 14 companies, including Adlabs Entertainment and GTL Infrastructure.

Indiabulls Housing Finance: Indiabulls Housing Finance said that it raised up to Rs 7,000 crore from non-convertible debentures (NCDs) to fund its business expansion.