Index trend and stocks in action December 13, 2018
After making a cheerful start to the session, there was no looking back as the NSE benchmark Nifty extended its upmove and ended the session with a robust gain of 1.79 per cent to close above the 10,700 mark. The price action formed a sizeable bull candle carrying higher high-low in comparison with the candle of the previous session. Going ahead, we expect the pullback to continue, however, the upmove on Wednesday's session has halted near the 200-day moving average which stands at 10,753. It would be important for the Nifty to surpass its 200-day moving average and trade above this zone for extending its rally. Sustaining above the 200-day moving average will open up for upmove towards the levels of 10,840-10,890, while on the downside, 10,680 is likely to act as an immediate support, followed by 10,630.
Lupin: Pharma major Lupin announced that the General Court of the European Union has delivered its judgment concerning Lupin's and other companies' appeal against the European Commission's (EC) 2014 decision in the Perindopril litigation. The General Court upheld the EC's decision holding Lupin liable to pay a fine of EUR 40 million. Lupin will study the General Court's judgement and evaluate further course of action.
Stride Pharma Science: Stride Pharma Science’s Singapore arm has received the US FDA's approval for Lidocaine ointment, which is used to numb the skin. This drug will be immediately launched by the company in the U.S.
Pricol: The company and Pointer Telocation have signed letter of intent to form a joint venture to provide advanced telematics and IoT solutions in India and other countries in South East Asia.
Sadbhav Engineering: Sadbhav Engineering has received appointed date from NHAI for EPC project worth Rs 981 crore in Uttar Pradesh.
Punjab & Sind Bank: The bank plans to raise equity via QIP upto Rs 500 crore and issue bonds worth Rs 1,500 crore within a period of 12 months. It will also issue five crore equity shares to employees.