Index trend and stocks in action May 03, 2018

NSE benchmark Nifty opened the session with a gap-up after a holiday on Tuesday, but it failed to hold on to its early gains as profit-booking was seen at higher levels and volatility was witnessed in the second half of the trading session. Nifty finally ended the day with a loss of 0.20% at 10,718.  The price action formed a bearish belt hold kind of candle. After a rally of more than 800 points from the March lows, the index was likely to witness some consolidation and, going ahead, if we see this consolidation continuing, it should be healthy for the market. In the coming session, the level of 10,630 would act as a strong short term support for the index and, on the higher side, the level of 10,780-10,800 is likely to act as a strong resistance.

Biocon: US FDA completed pre-approval inspection of sterile drug manufacturing facility, Bangalore this week. USFDA issues Form 483 with 7 observations.

Lemon Tree Hotels: Lemon Tree Hotels opens new hotel under brand name 'Lemon Tree Hotel' in Srinagar. 

Infosys: Infosys and Astound partner to Deliver Better Service Experience through an AI enhanced Enterprise Service Management Café. 

Cadila Healthcare: Cadila Healthcare says Zydus received final approval from U.S. FDA for Bumetanide Tablets.

Power Grid: Power Grid approves about Rs 461.63 crore of investment proposals. 

Techno Electric: The Company has entered into a Share Purchase Agreement to acquire 26% equity share capital of KDHIMA-MARIANI TRANSMISSION LIMITED (KMTL or SPV Company) from KALPATARU POWER TRANSMISSION LIMITED (KPTL).

Kridhan Infra: Kridhan Infra Limited's subsidiary Swee Hong Limited wins order worth Rs 566 million.

Sical Logistics: The company has received a Letter of Acceptance from Northern Coalfields Limited for excavation of overburden from Amlohri OCP. 

Infibeam Corporation: The Meeting of the Board of Directors of the Company will be held on Monday, May 7,2018 to consider and approve the preferential issue.

Adani Transmission: Adani Transmission appoints Anil Sardana as CEO.