Index trend and stocks in action December 19, 2018

The NSE benchmark opened lower as the cues from global peers were depressing. The index spent the first half of the trading session in the negative territory while trading in a narrow range. However, in the second half of the trading session, strong buying emerged and eventually the index managed to close above the 10,900 mark. The price action formed a sizeable bullish candle. With the index recouping the losses and also managing to close near the high of the day, we can expect the momentum to continue on the upside. Going ahead, the 100-day moving average placed at 10,938 is likely to act as an immediate resistance level. A follow-through move above this would open up for further upside towards the level of 11,000, followed by 11,090. On the downside, the zone of 10,761-10,810 is likely to act as a support zone. 

Biocon: Ogivri, a biosimilar Trastuzumab jointly developed by Biocon and Mylan, has been approved in the European Union. The European Commission has granted marketing authorisation for Ogivri to Mylan. Ogivri is indicated for the treatment of patients with HER2 positive early breast cancer (EBC), metastatic breast cancer (MBC) and metastatic gastric cancer (MGC). 
  
Majesco: Bajaj Allianz General Insurance Company has selected Majesco distribution management to power their growth strategies. 
  
NTPC: The company has informed t hat Unit-6 of 500 MW capacity of Feroze Gandhi Unchahar thermal power station has been synchronised with grid after boiler restoration. 
  
Karnataka Bank: Karnataka Bank has tied up with Paisabazaar.com for home loans. 

Mahindra and Mahindra Financial Services: The board will meet on December 21 to consider issue of non-convertible debentures with a shelf limit of Rs 10,000 crore. 
  
Lemon Tree: The company has signed a licence agreement for a 69-room property located at Viman Nagar, Pune in Maharashtra under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by March, 2019 and shall be third hotel besides other two owned hotels of the company in Pune. 

PVR: A meeting of board of directors will be held of December 21 to consider raising of funds.  
  
Glenmark Pharmaceuticals: Glenmark Pharmaceuticals has received ANDA approval for Fluocinolone Acetonide oil, 0.01% (ear drops). 
  
Yes Bank: Yes Bank has sold about 2.13 per cent stake in Fortis Healthcare. The bank had been selling the shares of the healthcare company in various tranches. 
  
Piramal Enterprises: The committee has approved amendment to the terms of NCDs issued vide Information Memorandum dated November 15, 20I8, and November 28, 2018 by modifying rating trigger threshold from A+ to BBB+ i.e. the debenture holder(s) shall have option to call for an early redemption of NCDs in case the credit rating of the issuer falls to JCRA BBB+ or below. The b oard will also consider bond issue on December 21 of up to Rs 3,000 crore. 
  
Welspun Enterprises: The company has completed its transaction for the sale of balance 13 per cent stake in Dewas Bhopal Road Corridor Private Limited with India Infrastructure Fund-II and has received consideration of Rs 57.7 crore. With this, the company has completely divested its 50 per cent stake in Dewas Bhopal Road Corridor Private Limited for a total consideration of Rs 184.1 crore as against its fund infusion of Rs 85.4 crore implying a multiple of 2.15X.