Index trend and stocks in action June 14, 2019
The Nifty started the session on a soft note and the index traded with corrective bias as the session progressed and made a low of 11,817. However, in the second half of the trading session, there was a twist in the tale as bulls made a strong comeback and erased entire losses to end the session with a modest gain of 0.07 per cent at 11,914. The price action formed a small body bull candle carrying a long lower shadow indicating buying emerging at the crucial 20-day moving average. Technically, the range of 11,770-12,000 remains in play and the market is seeing criss-cross action within the same. In the coming session, a break below the last week’s low of 11,770 would be the first red flag to a potential down leg. While, on the upside, the zone of 11,980-12,000 is likely to act as a barrier for the index. Only a decisive move above the zone of 11,980-12,000 would lead to acceleration of upward momentum towards 12,100-12,240 levels.
Union Bank of India: The bank has executed an agreement for sale of 10,00,000 equity shares of Rs 100 per share of National Payments Corporation of India (NPCI) at Rs 740 per share resulting in cash consideration of Rs 74 crore, subject to requisite approvals and charter documents of NPCI.
Wipro: The company has announced that it will be opening a new 'Centre of Excellence' for clients in the Minneapolis-St. Paul region in USA.
Intellect Design Arena: The company’s subsidiary SFL Properties Private Limited vide a share purchase agreement dated June 13, 2019, has been divested to a third party for a sale consideration of Rs. 20.50 crore at arm’s length basis.
Wockhardt: The US Food and Drug Administration (USFDA) has carried out inspection of Bioequivalence Centre located at R&D Centre, Aurangabad, from June 10-12, 2019, during which bioanalytical and quality systems of bioequivalence studies of Tamsulosin 0.4mg capsules and Metoprolol ER tablets were audited. At the end of inspection, there was 'nil' observation (i.e. zero 483 observation), signifying that best practices were followed, in compliance with regulations.