Index trend and stocks in action March 23, 2018

After opening the session on a positive note, Nifty made an attempt to move higher in the early part of the trading session. However, selling pressure emerged at higher levels and Nifty slipped in the negative terrain in the afternoon session and concluded the session near the day’s low. The price action formed a negative candle with long upper shadow, indicating selling pressure at higher levels. Going ahead, the level of 10,040-10,000 will be crucial for the Nifty as a decisive move below this level would trigger further sell-off, which may take Nifty towards the level of 9,930. On the upside, the level of 10,069 is an immediate resistance for Nifty and unless the index gets past this level and stays above the level of 10,227, no further upside is likely to be seen. 

United Spirits: Board of Directors of the Company to consider sub-division of the equity shares of the company of face value of Rs 10 each in such manner as may be decided by the Board at their meeting scheduled to be held on April 13, 2018. 

Idea Cellular: Aditya Birla Group and Vodafone Group announce the proposed new leadership team for the merger between Idea Cellular and Vodafone India. 

Cox & Kings: Cox & Kings, wholly-owned subsidiary Prometheon Enterprises Limited (PEL) has sold 11.58 per cent stake in Prometheon Holdings Limited (PHUK) to an investee company of SSG Capital Management. 

REC: The board of directors of REC approved the market borrowing programme under different debt segments for the financial year 2018-19, for an amount of Rs. 60,000 crore. 

Hero Motocorp: Hero Motocorp increased stake in Colombia joint venture to 68 per cent from 51 per cent. 

20 Microns: 20 Microns subsidiary filed DRHP for IPO. 

MCX: MCX to launch world's first Brass Futures contract. 

Shriram Transport Finance: Shriram Transport Finance raises Rs. 1,830 crore via bonds. 

Mahindra and Mahindra: Mahindra and Ford sign MoUs to co-develop Midsize and Compact SUV, Electric Vehicle and Connected Car Solution. 

Infosys: Infosys invests an additional US$1.5 million in Waterline Data Science. 

L&T Technology Services: L&T Technology Services bags multi-million dollar project from Germany's Covestro.