Index trend and stocks in action March 28, 2019

The Nifty opened the session on a firm note and went on to register intra-day high of 11,546, but, thereafter, the index witnessed a thrill ride as bears came to life in the second half of the trading session and Nifty pared over 100 points from the high of the day and ended the session with a loss of 0.33 per cent below 11,450 mark. The price action formed a bear candle. In the coming session, the zone of 11,550-11,572 is likely to act as a stiff resistance for the Nifty and any fresh and sustainable upmove is likely to emerge only as soon as this resistance zone is taken out. Till then, there is a possibility of Nifty once again consolidating with limited upside, while on the downside, the swing low of 11,311 is a crucial support for the bulls and a breach of this support would invite selling pressure. However, volatility is likely to be the hallmark of Thursday’s session and much of this would be due to the F&O expiry for the current series.   

NELCO: The board of directors of NELCO at its meeting has granted in principle approval for sale of company's entire investment of 2,53,665 equity shares (representing 12.30 per cent of equity share capital) of Nelito Systems Ltd at a consideration of Rs 6.77 crore to DTS Corporation, Japan.

DFM Foods: The company has launched a new product in the market under its CRAX brand name, i.e. “CRAX Pasta Crunch”. This product is offered in a pack size of 22 gramme for a retail price of Rs 5 per pack.

Welspun Corp: The company has received 4th EKDKN Gold Award 2018 in manufacturing sector for outstanding achievement in environment preservation and sustainability.

NBCC: NBCC has secured new works for various infrastructure projects and the total estimated cost of these projects is Rs 1003 crore (approx.).

M&M Financial: The company has informed that it will acquire additional 9.68 per cent in Mahindra Rural Housing Finance Ltd (MRHFL), a subsidiary of the company, and consequently the shareholding of the company in MRHFL will increase from 88.75 per cent to 98.42 per cent.

Godrej Agrovet: The company has acquired an additional 1.1% of the paid-up equity share capital of its joint venture Godrej Tyson Foods Limited (GTFL), increasing its total shareholding in GTFL from 49.9 per cent to 51.0 per cent. The company has also acquired additional 2.16 per cent of the paid-up equity share capital of Godrej Maxximilk Private Limited (GMPL), increasing its total shareholding in GMPL from 49.9 per cent to 52.06 per cent.