Index trend and stocks in action January 09, 2018

Nifty opened the session with an upside gap and continued its jubilant performance as it ended above the level of 10,600 for first time ever. The price action led o formation of bullish candle, which maintained higher high and higher low, indicating continuance of the positive trend. Going ahead, Nifty is likely to continue its uptrend towards the level of 10,660, whereas any retracement may find support around Monday’s opening upside gap area (10,566-10,588.50) followed by 10,550.

SJVN: Fixed Record date for buyback as January 18, 2018. 

Coal India: The Board of Directors of Coal India approved revision of Non-Coking coal prices. Due to this revision, company will earn approx. incremental revenue of Rs. 1,956 crores for the balance period of financial year 2017-18. 

Sun Pharma: Company has increased its shareholding in one of the wholly-owned subsidiaries Ranbaxy Malaysia Sdn Bhd, Malaysia, by way of further purchase of 5,08,313 shares of face value of MYR 1 each. 

National Aluminium: Company’s Corporate Plan 2032 released by Secretary Mines, GOI. 

Deep Industries: Deep Industries incorporated subsidiary Deep International DMCC in Dubai. 

Sutlej Textiles and Industries: Board at its meeting approved setting up of a Green Fibre project to manufacture polyester staple fibre by recycling of pet bottle at Samba, Jammu and Kashmir. It also deferred plans of expanding its Baddi facilities due to uncertain markets condition in the yarn segment.