Index trend and stocks in action February 02, 2018
One of the most anticipated events, the Union Budget, saw Nifty getting into wild swings during the session. Nifty ended the budget day with modest loss, but managed to hold the 11,000-mark. The price action led to formation of a ‘high wave candle’, which is characterised by small negative body with large upper and lower shadows, indicating the huge volatility in the market during the day. In the coming session, we believe the low of ‘high wave candle’ i.e. 10,879 is a crucial support and a follow through move below this level may trigger further sell-off up to levels of 10,800. On the other hand, the level of 11,121 would be a crucial level to watch out for and any follow through move above this level would once again open the gates for all-time high levels
Lupin: Lupin launches generic Clobex Lotion in the US.
Info Edge: I nfo Edge to sell 32,629 shares (6.66 percent) in Zomato to Ant Small and Micro Finance Services Group for US$50 million.
Grasim Industries: Grasim Industries to raise production capacity of VFS business to 46,300 tonne per annum from 21,300 tonne per annum.
Zee Media: Acquisition of the balance 40 per cent equity stake in Zee Akaash News Pvt Ltd, a 60 40 per cent s ubsidiary of the company .
Gammon Infra: The company in consortium with Gammon Engineers And Contractors received EPC order worth Rs. 577 crore from NHAI.
Hinduja Ventures: Hinduja Ventures acquires 10.32 lakh shares of Hinduja Leyland Finance on rights basis.