Index trend and stocks in action June 05, 2018

NSE benchmark Nifty opened the session with a gap-up, but later witnessed a sharp decline from the higher levels to end at 10,629. The price action formed a sizeable bear candle. Nifty has slipped below its 21-day SMA and now it remains in very close vicinity of the 100-day SMA support area, which stands near the level of 10,550. In the coming trading session, immediate support is seen around the level of 10,600 and a breach of this support could take Nifty to test its 100-day SMA level. On the way up, Nifty may face immediate resistance around the levels of 10,670, followed by 10,700.

Biocon: The USFDA has approved Mylan and Biocon’s Fulphila (pegfilgrastim-jmdb), the first biosimilar to Neulasta. 

Idea Cellular: Idea Cellular has received approval from the Department of Telecom on its application to increase FDI limit in the company to 100 per cent from the current 67.5 per cent.   

Sunteck Realty: The board of directors of the company approved a proposal for an increase in the investment limits by  registered foreign portfolio investors (RFPIs) including FIIs from the existing limit of 24 per cent to 49 per cent of the paid-up equity share capital of the company . 

GE Ship:  The company has contracted to sell its 2001 built Supramax dry bulk carrier Jag Ratan having 52,179 DWT. 

Lupin: Lupin has received FDA approval for generic Nystatin and Triamcinolone Acetonide Cream USP, 100,000 units/gram and 1mg/gram. 

Quess Corp: The company has approved acquisition of additional 8 per cent equity in Simpliance Technologies.  

Vedanata: The company has deposited an upfront amount of Rs 5,320 crore in escrow account of Electrosteel Steel.  

SBI:  A penalty of Rs 7 crore has been imposed on the bank in terms of section 13(1) of FEMA 1999.