Index trend and stocks in action December 07, 2018

The NSE benchmark Nifty opened the session with a gap-down below its 200-day moving average and drifted lower as the day progressed to end near the day’s low. At the end, Nifty registered a significant loss of 1.69 per cent to close at 10,601. The price action formed a significant bearish candle with an opening downside gap. Going ahead, the area of 10,573-10,586 is likely to act as an immediate support as it is the 50-day moving average and 78.6 per cent retracement level of the current upmove which began on November 26 is placed in this region. However, a breach of this support level would lead to an extended correction up to the levels of 10,500-10,480. On the upside, the level of 10,638 is likely to act as an immediate resistance level, followed by 10,700.  

HCL Technologies: HCL Technologies has announced a definitive agreement under which HCL will acquire select IBM software products for $1.8 billion. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews. 
  
NHPC:  NHPC has been declared as the successful resolution applicant by the committee of creditors (CoC) of Lanco Teesta Hydro Power Limited, subject to the final approval by the adjudicating authority. 
  
Zydus Wellness: The company has said it will raise funds by issuing preference shares worth about Rs 2,575 crore to Cadila Healthcare, Zydus Family Trust, Pioneer Investment Fund and True North Fund. The board also approved raising NCDs worth Rs 1,500 crore within one year. 
  
Wipro: The company and Alfresco have expanded partnership to offer open source based digital transformation capabilities. 
  
Coal India: The government has reduced its stake in the company by 2.2 per cent to 72.92 per cent. 
  
Majesco: The company intends to use an estimated $35 million which it raised through a  qualified institutional placement in India in February 2018 to fund the remainder of the Exaxe acquisition, pay off debt, and accelerate cloud growth, which includes additional acquisition opportunities. 
  
Sagar Cements: The company's consolidated cement sales increased 36.29 per cent to 3,15,106 MT versus 2,31,202 MT YoY. 
  
REC: The board of directors has approved the proposals for incorporation of a joint venture company between REC Transmission Projects Company Limited (RECTPCL) and Maharashtra State Electricity Transmission Company Limited (MSETCL) for exploration of new business opportunities in power sector in India and abroad . Also, the sale and transfer of Jawaharpur Firozabad Transmission Limited, a wholly-owned subsidiary of RECTPCL and also of REC to M/s Power Grid Corporation of India was approved. 
  
Khadim India: The company has issued commercial paper for an aggregate amount of Rs 30 crore.