Index trend and stocks in action February 18, 2019

Nifty started off the day on a sluggish note and, thereafter, the index remained under the grip of the bears as the downward pressure intensified in the first-half of the trading session. However, in the last leg of trading, Nifty rebounded from the lower levels, but closed in the red for the sixth session in a row. The price action formed a negative body candle carrying a long lower shadow, highlighting sharp pull-back. Going ahead, a positive follow-through above the Friday’s session high of 10,786 can lead to pull-back towards the level of 10,860 as the important 200-day moving average is placed at this level. On the flip side, the zone of 10,620-10,580 would be the key area to watch out for and failure to hold this crucial support may possibly result in accelerated sell-off.  

Signet Industries: The company has announced successful expansion in its production capacity, implemented both in the infrastructure and as well as Irrigation lines. The irrigation capacity stands increased by 35 per cent, whereas capacity for production of HDPE high pressure pipeline has been increased by about 100 per cent. 
  
Dr Reddy’s Laboratories: The company has received  the inspection closure report for its Duvvada facility in Visakhapatnam from the US health regulator.
  
Tech Mahindra: The board of directors of the company at its meeting scheduled on Thursday, February 21, 2019, will consider a proposal to buy back the fully paid-up equity shares of the company. 
  
NBCC: The company has submitted a resolution plan for Jaypee Infratech. 
  
Coffee Day Enterprises: The promoter V.G. Siddhartha has received orders u/s 281B of Income Tax Act, 1961, provisionally attaching 2,04,43,055 encumbered shares (as second charge) of Coffee Day Enterprises Limited in demat account maintained with Way2Wealth Brokers Private Limited to safeguard the interest of the revenue in respect of future likely tax and penalty obligations in respect of open assessments. The company has clarified that in response to notices u/s 148 & 153A of the Income tax, the promoter has filed the required revised returns and discharged all the tax liability along with the revised returns. Further, there is no undisputed tax liability for the promoter. 
  
TRF: The board of directors of the company at its meeting held approved issuance of Non-Convertible Redeemable Preference Shares (NCRPS) to Tata Steel Limited on a private placement basis for an amount not exceeding Rs. 250 crore. In view of the above, a meeting of the board of directors will be held on Wednesday, February 20, 2019 to consider certain matters in relation to the terms and conditions of the issue of NCRPS, including fixation of the issue price for the NCRPS to be offered in the issue. 
  
Wipro: Market regulator SEBI has granted certain exemptions to Wipro from the buyback norms in case of the IT firm's proposed share repurchase programme.