Index trend and stocks in action June 21, 2019
On the day of the weekly derivative settlement, the short covering led to about 140-point rally in Nifty and enabled it to reclaim the 11,800 mark. The price action formed a sizeable bull candle carrying higher high-low. The Nifty retraced 38.2 per cent (11,820) from the bottom. Going ahead, let us wait and watch as this rally can go beyond the 11,900-11,940 mark. Closing above the 11,940 level, which is 61.8 per cent retracement of the recent fall, will take the markets above the 12,000 mark. Currently, it is advised to avoid short positions as long as Nifty stays above the 11,820 mark.
Reliance Nippon Life Asset Management: ETF Securities, Australia, has launched the first Indian ETF in Australia. Reliance Nippon Life Asset Management has entered into an arrangement to provide advisory services to Australian investors.
Tata Motors: Moody’s Investors Service has downgraded Tata Motors corporate family ratings (CFR) and the company’s senior unsecured instrument rating by a notch to Ba3 from Ba2.
Balaji Telefilms: Balaji Telefilms has completed the sale of theatrical distribution rights for its upcoming slate of four exciting movies. Pen Marudhar Entertainment (subsidiary of Pen Studios) has acquired the distribution rights for Mental Hai Kya, Jabariya Jodi, Dream Girl & Dolly Kitty Aur Woh Chamakte Sitaare.
TCS: TCS has won 2019 Pega Partner Award for excellence in digital transformation.
Wipro: The company has announced the official opening of the Pivotal Center of Excellence at Wipro's Dallas office to accelerate the innovation and digital transformation capabilities offered to joint customers.
Au Small Finance Bank: The bank has said that the board of directors has approved the proposal to raise Rs 500 crore.
GAIL: The company has fixed July 10 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1.