Index trend and stocks in action December 31, 2018

The NSE benchmark opened the session with a gap-up and extended its upmove to touch the day’s high of 10,894. However, in the last leg of the session, the index cooled off from the high point of the day to end at 10,860 with a gain of 0.74 per cent. The price action formed a small body positive candle with an upper wick. Going ahead, the zone of 10,889-10,914 is likely to act as an immediate resistance zone as it is the confluence of 78.6 per cent retracement of the recent downmove and the 100-day moving average placed in this region. A sustainable move beyond this zone would infuse further strength in the Nifty, which may take it towards the recent swing high of 10,985. On the downside, 10,810 is likely to act as an immediate support level, followed by the gap area created on December 27. 

Power Grid: Power Grid Corporation of India has entered into a loan agreement for euro 200 million with KfW, Germany, for financing of transmission project for integration of clean energy and system strengthening. 
  
Ashok Leyland: The company has filed the amended Memorandum of Association with the Registrar of Companies. The brief of the amendments to the object clause of the company are as follows: To engage in the business of developing, manufacturing and selling light commercial vehicles up to 7.5 tonnes gross vehicle weight (LCVs), powertrain for LCVs and spare parts thereof in India and other countries and to adopt changes to LCVs and LCV powertrains that are cost-effective and indigenous.  
  
Bharat Financial: Bharat Financial Inclusion has assigned a pool of receivables of an aggregate value of Rs. 849.36 crore to one of the largest private sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the fifth direct assignment transaction in FY19.   With this transaction, the company has completed direct assignment transactions worth Rs 3,864.91 crore in FY19. 
  
Cadila Healthcare: Zydus Cadila has received the final approval from the US FDA to market Clindamycin phosphate and Benzoyl peroxide gel. This combination medication is used to treat a certain type of acne (inflammatory acne vulgaris). It helps to decrease the number of acne pimples. 
  
Asian Granito: The company’s promoter and MD Mukeshbhai Patel  was arrested  by Directorate of Revenue Intelligence for a case related to an amount of Rs 3.5 crore. Currently, Patel is out on bail. 

IDBI Bank: IDBI Bank has allotted 239 crore shares via preferential issue to LIC at a price of Rs 60.73 per share aggregating Rs 14,500 crore in tranche 1. This exercise is the part of the ongoing acquisition of 51 per cent controlling stake by LIC in IDBI Bank. 
  
Oriental Bank of Commerce: The  government has conveyed its decision to invest Rs 5,500 crore in Oriental Bank of Commerce by way of preferential allotment. The meeting to consider this increase in capital will be held on January 2. 
    
Aavas Financiers: Aavas Financiers has received fresh refinance assistance of Rs. 400 crore, in addition to the approval of undrawn limit of Rs 100 crore pertaining to the previous year in December 2018. 
  
CreditAccess Grameen: CreditAccess Grameen has completed a direct assignment transaction of Rs.176.59 crore. With this transaction, the company has completed 5 securitisation transactions and two direct assignment transactions totalling Rs.909.70 crore in FY19.