Index trend and stocks in action February 01, 2019

The NSE benchmark Nifty had a decent opening and, thereafter, the bulls dominated throughout the day. Finally, Nifty ended the preliminary series of calendar year 2019 with a gain of over 1.50 per cent above the 10,800 mark. The price action formed a sizeable bullish candle. Nifty managed to get past the 50-day and 100-day moving averages. Going ahead, the 200-day moving average, which is placed around 10,843, is likely to act as an immediate hurdle, followed by 10,980. Friday is a crucial day as the Union budget for the fiscal year 2019-20 will be unveiled. On the downside, the level of 10,700 is a key support.  

UPL: UPL, through its international arm UPL Corporation, has completed the acquisition of 100 per cent shares of Arysta LifeScience Inc. and its subsidiaries from Platform Speciality Products Corporation, an entity listed in the United States of America. 
  
ICICI Lombard General Insurance: ICICI Lombard has set a new Guinness World Record under its 'Ride to Safety' initiative with largest gathering of people wearing helmets in one location. 
  
Bank of India: Reserve Bank of India has decided to take ‘Bank of India’ out of prompt corrective action (PCA) framework, subject to certain conditions and continuous monitoring. 
  
Varun Beverages: The company has clarified that it has not issued any press release or statement for the news appearing related to buying Pepsi’s bottling distribution operations. However, the company will keep exploring various opportunities in various markets from time to time. 
  
Oriental Bank of Commerce: The bank has received an amount of Rs.1186.00 crore towards contribution of the Government of India in the preferential allotment of equity shares (special securities/bonds) of the bank as the government's investment and the same has been credited to `Share Application Money Pending Allotment account'.