Index trend and stocks in action March 06, 2019

After an extended weekend, Nifty opened the session on a lacklustre note and slipped in the negative terrain in the early part of the session. However, the index took support near about Friday’s session low and, thereafter, it gathered momentum. As the day progressed, it went from strength to strength and, on the way up, it managed to cross its previous swing high and closed at 10,9867. The price action formed a sizeable bull candle. Nifty managed to comfortably close above its 200-day moving average. Going ahead, we expect the momentum to continue in the index, but on the way up, the index may face immediate resistance around the level of 11,050, followed by 11,090. On the other hand, the 200-day moving average placed around the level of 10,864 is likely to act as a strong support and any dip towards this zone should be utilized for incremental buying opportunity.  

Quick Heal Technologies: The promoters of the company have communicated their intention to participate in the buyback and offer up to 46,02,772 equity shares.  

Grasim Industries: The company has signed a definitive agreement, to acquire 100 per cent equity shareholding of Soktas India Private Limited from its current promoters for an enterprise value of Rs 165 crore, subject to net debt and working capital adjustments as of the closing date.  

Sterlite Technologies: The company has unveiled TruRibbon - Ribbon Reinvented at the Optical Networking and Communication Conference at California. TruRibbon is a fully backward compatible cable built for high-capacity networks.

Bharti Airtel: The company has collaborated with Zoom to launch India's first high quality unified communications solution for businesses.

Newgen Software Technologies: The company has received patents from Indian Patent Office for its inventions.

Karur Vysya Bank: The Capital Raising Committee has approved the information memorandum in relation to issue of Basel III compliant unsecured non-convertible Tier-II bonds in the nature of debenture of Rs 1,00,000 each for a total approved borrowing programme of Rs 1,200 crore in one of more tranches with present 'Tranche A' of Rs 300 crore with green shoe option of upto Rs 300 crore aggregating up to Rs 600 crore.