Index trend and stocks in action February 04, 2019

The NSE benchmark Nifty got off to a decent start on the interim budget day and, thereafter, Nifty was locked within a narrow range as traders awaited announcement of the budget. As Interim Finance Minister Piyush Goyal started presenting the budget proposals in the parliament, Nifty surged past 10,900 mark and hit an intra-day high of 10,983. However, in the last leg of trading, Nifty pared some of its gains to end just shy of 10,900 mark. Going ahead, the index needs to move past the zone of 10,950-10,990, and until that time, sustainable upmoves would be difficult to come by. On the flipside, the zone of 10,743-10,845 is likely to remain an important support zone as all key moving averages like 50-day, 100-day and 200-day converge in this area. Overall, the Nifty remains caught in a broad range with the level of 10,985 acting as a major hurdle in the near term.  

VEDL: The company has clarified in relation to the transaction with Volcan that the investment now has full capital and downside protection to ensure that the interests of Vedanta shareholders are protected. 
  
Godrej Properties: The Mumbai-based real estate developer has announced a strategic platform partnership for the development of over 2.3 million square metres (approximately 25 million square feet) in Pune. 
  
Wipro: Wipro has launches next-generation ATSC 3.d Digital TV receiver solution . 
  
Tech Mahindra: The company’s board has approved the acquisition of 100 per cent stake in Netherland-based company Dynacommerce Holding. 
  
Reliance Communications: Reliance Communications management will propose a similar debt resolution plan in the National Company Law Tribunal (NCLT) process as was earlier being pursued outside NCLT. 
  
DHFL: The company has considered and accorded approval for disinvestment to BCP Topco VII Pte. 23,01,090 (9.15 per cent) equity shares in Aadhar Housing Finance . 
  
Cyient: The board of directors of the company has approved the buyback by the company of its fully paid-up equity shares at a price not exceeding Rs 700 per equity share for an aggregate amount not exceeding Rs. 200 crore.