Index trend and stocks in action May 09, 2019

Nifty continued its corrective decline and logged a cut of over a per cent to end below the 11,400 mark. The index has lost more than 345 points in the past three trading sessions and has also closed below the 50DMA after February 28. The price action formed a long bear candle carrying lower high-low, indicating continuation of correction. The RSI closed at historical support of 39. Also, the momentum indicators on the shorter time frame are slightly oversold and this may result in minor bent towards the 11,420-11,450 level. On the downside, if Nifty slips below the Wednesday’s session low of 11,347, then it may go down all the way up to the level of 11,300, followed by 11,220.

Yes Bank: India Ratings has downgraded Yes Bank 'IND AA-'/Negative.

Dilip Buildcon: The company's subsidiary Mangalwedhada Solapur Highways Private Limited has received financial closure letter from the National Highways Authority of India for four laning of Sangli-Solapur section of NH-166.

TVS Motor: TVS Motor Company is making an investment of approximately Rs 11crore in Tagbox Solutions Private Limited, India and TVS Motor Company’s wholly-owned subsidiary in Singapore is making an investment USD 2.25 million in Tagbox Pte. Ltd., Singapore. Tagbox is helping organizations make their supply chains more reliable with solutions that lie at the intersection of Internet of Things based monitoring, automation and machine learning.

Bharat Financial Inclusion: Bharat Financial Inclusion has assigned a pool of receivables of an aggregate value of Rs 1,107.crore to one of the largest private sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the first direct assignment transaction FY20.

Hindalco Industries: The company's subsidiary Novelis reported record results for Q4 and FY2019. For fourth quarter, adjusted EBITDA was at $357 million and net sales were $3.1 billion.