Index trend and stocks in action August 29, 2019

The Nifty opened the session with a modest uptick and stayed in the positive territory for a brief time. Thereafter, Nifty steadily declined and remained in the falling trajectory for the rest of the day. At one point of time, Nifty breached its important psychological 11,000 level on intra-day basis, but it took support near its 21-DMA and came off its lows to end at the 11,046 mark, down by 0.53 per cent. The price action for the day formed a bear candle with a lower shadow. Nifty has closed below its prior session low. Going ahead, the zone of 11,150-11,200 is likely to act as a stiff resistance as it is a confluence of 38.2 per cent retracement of the decline seen from July 5 and the last three week’s high placed at 11,181 and the 200-DMA (11,205). In case Nifty falls below 11,000 and sustains for at least two days, then there are chances of its going back to the recent low.

Balaji Amines: Balaji Speciality Chemicals Pvt. Ltd., a subsidiary of Balaji Amines Ltd, has completed REACH Registration process for ethylenediamine.

Nestle: The NSE will include Nestle in Nifty 50 from September 27 and remove Indiabulls Housing Finance.

Infosys: Infosys has strengthened collaboration with Microsoft to offer new solutions for clients to accelerate digital transformation.

Hero Motocorp: The Caribbean Premier League (CPL) has announced that Hero MotoCorp Limited has agreed to extend its title sponsorship of the tournament for another three years.

JMC Projects: The company’s holding company, viz. Kalpataru Power Transmission Limited (KPTL) has received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than seven years ago. KPTL has disagreed with the bank's position and intends to contest the proceedings vigorously.

L&T FH: An agreement has been executed by the company to sell its investment in L&T Capital Markets Limited, its wholly-owned subsidiary (carrying on the Indian wealth management business) to IIFL Wealth Finance Limited. IIFL Wealth Finance Limited may acquire L&T Capital Markets Limited solely or jointly with a wholly-owned subsidiary of IIFL Wealth Management Limited.

CG Power: The company has clarified to a news item. As per the company, the news has arisen from investors' presentation submitted to the stock exchanges on August 27, 2019, where it is mentioned that the company is evaluating divestments of non-core assets and considering other fund-raising avenues, including a potential equity raise for bridging the cash flow gaps as well as working capital requirement to avoid any business disruption.

PEL: The board of directors has decided to defer the issue of privately placed NCDs aggregating up to Rs 3000 crore.