Index trend and stocks in action December 06, 2018

The NSE benchmark Nifty opened the session with a downside gap and later shifted to sideways movement. Bouts of volatility were seen post the announcement of RBI’s policy decision and Nifty ended the day with a loss of 0.80 per cent below the 10,800 mark. The price action formed a bear candle carrying minor lower shadow as buying demand emerged around its 200-day moving average. The index has filled the opening upside gap which was created on November 29. Going ahead, the 200-day moving average is likely to act as a strong support for the index and as long as Nifty stays above it, it would be considered as a normal correction after a strong upmove. However, a sustainable breach of the 200-day moving average would lead to extended correction towards the level of 10,700. On the upside, the level of 10,845 is likely to act as an immediate resistance for the index. 

Lemon Tree: The company opened its hotel under brand name 'Lemon Tree Premier' having 201 rooms in Pune. The company presently operates 52 hotels, including managed properties across 31 cities in India 
  
Sagar Cements: The board of directors has approved a proposal to invest a sum of Rs 150 crores in Satguru Cement Pvt Ltd (SCPL), Indore, Madhya Pradesh, to set-up a greenfield cement manufacturing plant of 1 million tonne capacity along with waste heat recovery power plant at a total cost of Rs.426 crore. SCL will be holding 65 per cent in the equity share capital of SCPL on completion of the above projects. Board has also approved a proposal to invest a sum of Rs.108 crore in Jajpur Cements Private Limited (JCPL), Jajpur, Odisha, in a phased manner to acquire 100 per cent shareholding In It and to set-up a greenfield grinding unit of 1.5 million tonne capacity in Jajpur at a total cost of Rs.308.10 crore. This Investment is subject to approval from the Government of Odisha and other regulatory authorities as may be required. 
  
Kirloskar Industries: The company has  clarified to a news about promoter group's alleged insider trading, stating that it will not impact the company materially as this case refers to the purchase of shares in its arm in 2010 and that SEBI had not initiated any inquiry or investigation against the company.
  
Elecon Engineering: The board said it will consider raising Rs 150 crore via non-convertible debentures on December 10. 
  
Avenue Supermarts:  The company has issued commercial paper of Rs 100 crore on December 5, 2018.  

Power Grid: Power Grid Corporation of India Limited has been declared as the successful bidder under the tariff-based competitive bidding to establish transmission system for evacuation of power from 2x660 MW Jawaharpur thermal power project and construction of 400 kV substation at Firozabad along with associated transmission lines on build, own operate and maintain (BOOM) basis.  This is the first intra-state transmission system project won by the company under tariff-based competitive bidding. 
  
Tata Communications: UROS Group has joined forces with Tata Communications to accelerate IoT and Smart City projects. 
  
Trigyn Technologies: The  New York-based enterprise artificial intelligence startup WhizAI today announced a $1.1 million round led by strategic partner Trigyn Technologies, Inc, a wholly-owned subsidiary of Trigyn Technologies.