Index trend and stocks in action February 28, 2019

The NSE witnessed a positive start and remained buoyant in the first-half of the trading session as it touched a high of 10,940. However, the index erased the morning gains and slipped further into the red terrain as news broke out about the renewed tensions between India and Pakistan. In the end, Nifty dipped 0.26 per cent to finish at 10,807. The price action formed a long bear candle with upper and lower shadow, indicating selling pressure at higher levels and elevated volatility. Going ahead, Tuesday’s session panic low of 10,729 is likely to act as a support level. On the upside, immediate resistance is seen around the level of 10,865, followed by 10,940. In today’s session, volatility is likely to be embedded, given the geopolitical tensions, expiry of the current derivative series and the release of GDP data.  

Tata Metaliks: The board of directors of the company considered and approved capacity expansion of DI pipe unit from 2 LTPA to 4 LTPA along with augmentation of the mini blast furnace capacity and installation of a new 15 MW power plant. With this expansion, the product mix of DI pipes would be enhanced up to 1200 mm diameter pipes. 
  
ARSS Infrastructure Projects: The joint venture NPCC-ARSS received a work order of Rs 429 crore from National Highways & Infrastructure Development Corporation. 
  
Wipro: Wipro and Alight Solutions have agreed to expand their relationship by signing a definitive agreement to divest Wipro's Workday & Cornerstone on Demand business to Alight for cash consideration of up to USD 110 million. 
  
Vascon Engineers: Vascon Engineers has received work order amounting to Rs 83.52 crore from Airport Authority of India . 
  
SCI: SCI has given physical delivery of its one container vessel "M.V. Lal Bahadur Shashtri" to its buyer. 
  
Meghmani Organics: National Company Law Tribunal has approved the scheme of arrangement amongst subsidiaries of the company. 
  
Varroc Engineering: The Phase I of plant set-up by Varroc Lighting Systems S.A. Morocco (a wholly-owned step-down subsidiary of the company) has commenced commercial operations from February 26.