Index trend and stocks in action August 02, 2018

The NSE benchmark Nifty ended its four-day winning streak amid rate hike by Reserve Bank of India (RBI). Nifty settled at 11,345 with a modest loss of 0.09 per cent. The price action formed a spinning top like candlestick pattern. Going ahead, immediate support for the Nifty may come in at 11,310 and 11,260 levels, while on the upside, the level of 11,400 is likely to act as a stiff resistance, followed by 11,450. There are high chances that the Nifty may see some consolidation as momentum oscillator has reached overbought zones and minor throwback or consolidation may be on the cards before it resumes its upmove again.   

Tata Power:  Tata Power's generation has increased to 13,113 MUs in Q1 FY19 as compared to 12,429 MUs Q1FY18. 

Excel Crop Care: Excel Crop Care board has given nod for merger with Sumitomo Chemicals. 

ICICI Bank: The bank has received RBI nod for Sandeep Bakshi's appointment as COO. 

Punjab National Bank:  The bank will consider capital infusion of Rs 2,816 crore by Government of India on August 6. 

Mangalore Chemicals and Fertilizers:  The company's board of directors has approved the re-classification of UB Group companies, namely, United Breweries (Holdings) Limited, Kingfisher Finvest India Limited and McDowell Holdings Limited from the 'promoter and promoter group' category to the 'public' category. 

NALCO: There is a reduction in coal supply to 1200 MW at Angul plant, temporarily importing 120 MW power from state grid without curtailing production and without production loss due to coal shortage. 

MCX: Multi-Commodity Exchange Clearing Corporation (MCXCCL), a wholly-owned subsidiary of MCX, has been granted recognition to act as a clearing corporation. 

Gujarat Alkalies and Chemicals: The commercial production at the company's PAC plant has started successfully. The estimated increase in the topline of the company by the production from this new plant is about Rs.33 crore.  

Pratibha Industries: The company has received an order with joint venture Ceylex Engineering for total contract value worth of Rs 32.31 crore and other projects worth Rs 35.56 crore.