Index trend and stock in action on March 14

Bhagyashree Vivarekar
/ Categories: Trending, Pre Morning, Markets

Tracking weak global markets, Indian markets too started off Tuesday’s session on a negative note. However, markets revived immediately tracking the release of positive domestic macroeconomic numbers and strong short covering in the PSU banks. However, markets were yet again dragged down in the afternoon session by the technology stocks to close flat, thereby registering tremendous volatility in intra-day trade. Nifty closed 5.5 points down at 10427. Nifty attempted to surge above 61.8 per cent retracement level of the prior downward rally but retreated and closed lower. Hence, if the fall continues, we hold 10380-10310 as the immediate supports, followed by 10270. However, the index is still trailing above its 100-day EMA resistance level and, hence, if it bounces back, we hold 10480 followed by 10525 as the resistance.

Stocks in action:
Bharti Airtel: The telecom giant is seeking a higher stake sale in its DTH subsidiary, Bharti Telemedia, to raise funds. With this, the company may be intending to sustain in the competition majorly with Reliance Jio. Additional 19 per cent is expected to be sold to Nettle Infrastructure Investments, the second stake sale in 2018 after 25 per cent in January. 


Fortis Healthcare: After bilateral negotiations with the promoters, Malaysia’s IHH Healthcare Bhd is likely to launch voluntary open offer to purchase non-promoter stake in Fortis Healthcare. 


IndusInd Bank: The Bank has received No Objection A from RBI to the proposed amalgamation of NBFC, Bharat Financial Inclusion with itself. 


Balrampur Chini: The renowned Indian rating agency, Crisil has revised the company’s loan facilities worth Rs 2283 crore. The agency has rerated it to AA/Stable for long term rating. 


Gitanjali Gems: Along with few other companies, Gitanjali Gems has been fined by NSE for not filing their December 2017 quarter results so far.
  

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