Index trend and stocks in action February 16, 2018

Nifty opened the session on an optimistic note and the index extended this optimism and went on to surpass the 10,600-mark. However, similar to the previous trading session, the sellers once again started dictating at higher levels and majority of the gains were wiped out by thebend of the day. The price action formed a ‘high wave’ like candle. The index has been oscillating within a range of 200-220 points in the last five trading sessions, indicating time-wise correction after a sharp decline from the higher levels.  We believe, if any directional movement has to come, then Nifty should give a decisive breakout from the range of 10640–10400. Until then, the index will continue to consolidate in the broad range of 10,400-10,640.  

Mahindra and Mahindra: Company announced it would be investing in Zoomcar, company would invest up to Rs. 176 crore in Zoomcar for approx. 16 per cent stake in Zoomcar. 

Idea Cellular: Board meeting is scheduled for February 21, 2017 to approve QIP issue price. 

Future Consumer: Future Consumer has joined hands with CDC Group Plc, UK’s development finance institution (CDC) to raise Rs. 2,000 million through Non- Convertible Debentures (NCDs) primarily to finance capex, long-term working capital and support the growth of the business. 

8K Miles: 8K Miles announced the launch of 8K Health Edge, a proprietary blockchain platform which may translate into solutions for some of the most complex problems in global healthcare. 

IDBI Bank: IDBI Bank has sold entire 30 per cent stake in NSDL e-Governance Infrastructure (NEGIL). 

India Grid Trust:  Indian Grid Trust acquired three power transmission assets for Rs. 1,410 crore. 

HDFC: HDFC allots 2.49 crore shares to investors at Rs.  1,726.05 per share on a preferential basis. 

Infosys: UCAS appoints Infosys as its core technology partner up to 2021 . 

Prakash Industries: Issue of 1 crore convertible equity warrant at a price of Rs. 208 each to promoter and promoter group. 

Indoco Remedies: Indoco Remedies gets European GMP certification for manufacturing facility in Goa.