Index trend and stocks in action March 01, 2019

The NSE enjoyed a buoyant start but, thereafter, the opening gains started to fade away. In the mid-session, the index turned choppy and traded in a narrow range. In the last hour of trading, some volatility crept in owing to expiry of February derivative series. In the end, Nifty ended marginally lower by 0.13 per cent below the important psychological mark of 10,800. The price action formed a bear candle. Even though the index has continued to trade in a broad range and remain above its crucial 100-day moving average, which presently stands at 10,686, it has shown some weakness emerging. It failed to pierce the 200-day moving and came off from 10,940 level, and in the process, registered a lower top. Going ahead, the 200-day moving average, which is placed at the level of 10,862, is likely to act as a resistance level ,followed by the level of 10,940. On the flip side, support is seen around 10,729, which is panic low of Tuesday’s session, followed by the 100-day moving average.

HCL Technologies: HCL Technologies and Sierra Wireless have showcased smart logistics solution at Mobile World Congress 2019.
 
Jubilant Life Sciences: The company’s material wholly-owned subsidiary, Jubilant Pharma Limited (a company incorporated under the laws of Singapore) has successfully priced its rated unsecured bonds (Notes) at 6.00 per cent per annum issued at par for US$200 million maturing in March 2024. The major portion of the net proceeds of the Notes will be used to refinance existing indebtedness and pay associated fees and premiums over a period of time and the balance amount for working capital and general corporate purposes.
 
Bharti Airtel: The board has approved the fund raising of up to Rs 32,000 crore through rights issuance of up to Rs 25,000 crore and issue of Perpetual Bonds with equity credit up to Rs 7,000 crore.
 
Motherson Sumi Systems: The company has announced the acquisition of Bombardier’s UK rolling stock electrical component and systems business

Orissa Minerals Development: The management had proposed to make the payment of Rs. 400 crore (as lump sum to be made to the Govt. of Odisha for penalty towards violation of Environmental Clearance (EC), Forest Clearance (FC), Mining Plan (MP) and Consent to Operate (CTO) of OMDC mines of earlier years, which is approved by the board.
 
Chambal Fertilizers: The company has informed that Hamriyah Free Zone Authority, Government of Sharjah, UAE, vide its clearance certificate dated February 28, 2019, has confirmed that India Steamship International FZE (ISS) has completed all the termination procedures related to Hamriyah Free Zone Authority.