Index trend and stocks in action March 07, 2018
After a gap up opening, Nifty traded with positive bias in the first half of the session. However, in the mid-session, Nifty witnessed a rollercoaster ride as it lost almost 200 points from the day’s high and plunged to a fresh 2018 low. The price action formed a sizeable bear candle which has violated the broad range of the past four weeks. Now, going forward, the market could drift to test the daily 200-SMA, which is placed around the level of 10,120. But any bounce-back towards the levels of 10,310 and 10,350 will act as immediate resistance areas for the Nifty. The 14-period RSI has marked a fresh low of 34.25.
Infosys: Infosys inaugurated its flagship Technology and Innovation Hub in Indianapolis, US.
TCS: TCS and Virgin Atlantic, a leading UK-based global airline, have extended their strategic partnership for a further five years.
Bal Pharma: Australia-based Akaal Pharma and Bal Pharma announce a collaboration and the launch of Joint Venture Company 'AB VET Pharma. The new joint venture will be completely funded by Bal Pharma to develop Akaal Pharma's IP within the veterinary field.
Ashoka Buildcon: Ashoka Buildcon unit declared L1 for three road contracts worth Rs. 2,991.70 crore in Karnataka.
REC: REC board approves the proposal for sale of subsidiary WE-NR Power Transmission Ltd. to Power Grid.
Sadbhav Infrastructure Projects: Bid approved from NHAI for the project Four Lane of Tumkur-Shivamogga based on Hybrid Annuity Model .
Dabur: The acquisition of two companies 1. D & A Cosmetics Proprietary and 2. Atlanta Body & Health Products Proprietary, is now being done through company’s another step down wholly-owned subsidiary - Dermoviva Skin Essentials, in place of Dabur South Africa.
HPL Electric and Power: Issuance of Commercial Papers of Rs. 40 crores .
Avenue Supermarts: CRISIL rating revised from Stable to Positive at CRISIL AA .
Ultratech Cement: RBI allows raising FPI limit in Ultratech Cement to 40 per cent from 30 per cent.
ZEEL: Zee Entertainment will make partial redemption (20 per cent) of listed bonus preference shares .
Bharti Airtel: Airtel acquires the India leg of GBI's India-Middle East-Europe submarine cable .
Speciality Restaurants: Opening of new 'Zoodles' restaurant and 'Sweet Bengal' confectionery by Speciality Restaurants at Mumbai.