Index trend and stocks in action May 03, 2019

Nifty ended the range-bound session with a modest decline. However, volatility was observed through the session as the index was seen seesawing back and forth on either side in a defined range. This led to formation of Doji-like pattern. Nifty is trading in the zone for the past 20 trading sessions. On Thursday, Nifty continued to show exhaustion at the higher levels. As there is no confidence in the market direction, the volatility persists and traders may not get clear signals on either side. As long as Nifty does not close above 11765 and sustains there for at least two days, we do not expect Nifty to post any runaway rise. Meanwhile, on the downside, immediate support is seen around the levels of 11,660, followed by 11,550.

IRCON : The company has been awarded an international railway contract worth approx. USD 91 .27 million (equivalent to Rs 635 crore) from Sri Lanka Railways under the Ministry of Transport & Civil Aviation, Govt. of Sri Lanka.

Tata Motors: Tata Motors' commercial and passenger vehicles business sales in the domestic market in April 2019 at 42,577 units witnessed a drop of 20 per cent, as against 53,511 units sold in April 2018, as weak consumer sentiments continued.

JSW Steel: The National Company Law Appellate Tribunal has, by its order dated April 30, 2019, received by the company suggested that the resolution plan as approved by the committee of creditors may be implemented subject to final orders to be passed by the NCLAT in the appeal. However, since the implementation of the resolution plan would in effect be on an interim basis and could create wide-ranging uncertainties around the rights and liabilities of various stakeholders dealing with Vardhman Industries, the company is evaluating its options, which include approaching the Supreme Court to seek a direction to defer the implementation till the resolution plan, as approved by CoC, is unconditionally approved.

HDFC Life Insurance: One of the promoters, Standard Life (Mauritius Holdings) 2006, will sell up to 3.6 crore shares representing 1.78 per cent stake in the open market. The floor price is set to Rs 390 per share. The seller proposes to sell these shares on May 3 for non-retail investors and on May 6 for retail investors and for non-retail investors who choose to carry forward their unallotted bids.

Persistent Systems: Persistent Systems has joined Siemens’ MindSphere Partner Program to bring industrial IoT solutions to the market.

Grasim Industries: The company's brownfield expansion of 45 TPD value-added specialty fibre capacity at the company's unit at Kharach in Gujarat has been fully commissioned and the commercial production at this plant has commenced from May 1, 2019.