Index trend and stocks in action January 03, 2019

The NSE benchmark Nifty opened on a negative note and witnessed a sharp drop in the middle of the session and ended the day below the 10,800 mark. With this, Nifty broke its five-day winning streak. The price action formed a bear candle which has a small lower shadow as it took support near about the 200-day moving average. On Wednesday, Nifty filled up the gap which was created on December 27 (10,748-10,765). Going ahead, the low of 10,735 is likely to act as a crucial support for the index and a breach of this support would lead to further sell-off and Nifty may head towards the level of 10,650. On the upside, 10,888 is likely to act as a stiff resistance for the Nifty.  

Equitas Holdings: Equitas Small Finance Bank has hiked its interest rate across various tenors with effect from January 1. For deposits from Rs 30-50 crore, the rate stands at 7.5 per cent. 
  
Asian Granito: The company has paid Rs. 3.5 crore differential duty under protest on the basis of findings by Directorate of Revenue Intelligence (DRI) and the actual impact of such default on the listed entity and its financials cannot be estimated at this stage. 
  
Autoline Industries: Autoline Industries has entered into an investment contract with IndiaNivesh Renaissance Fund wherein the fund will invest Rs 35 crore in the company. 
  
Dena Bank and Bank of Baroda: Fair equity exchange ratio: 110 equity shares of Rs 2 each of Bank of Baroda for every 1000 equity shares of Rs 10 each of Dena Bank. 
  
Vijaya Bank and Bank of Baroda: Fair equity exchange ratio: 402 equity shares of Rs 2 each of Bank of Baroda for every 1000 equity shares of Rs 10 each of Vijaya Bank. 
  
Bank of Baroda: Bank of Baroda to raise up to Rs 1,285 crore via Basel III bonds . 
  
Ashok Leyland: The company has increased its stake in Ashley Aviation Limited (AAL)  from 49 per cent to 76.25 per cent and thus AAL has become a subsidiary of the company. 
  
Tata Power:  Maharashtra Electricity Regulatory Commission (MERC) has allowed Brihanmumbai Electric Supply and Transport Undertaking (BEST) to extend its existing Power Purchase Agreement (PPA) with the Tata Power Company Ltd for supply of 677 MW from its Trombay thermal and hydro plants for a period of five years from April 1, 2019 to March 31, 2024.