Index trend and stocks in action October 03, 2018

The NSE benchmark Nifty saw a wobbly start and, thereafter, it slipped lower for the major part of the trading session. However, in the second half of the session, the index took support around its crucial 78.6 per cent retracement of the rally from July-August and closed the session above the 11,000-mark. The price action formed a bull candle with long lower shadow, which indicates buying interest at lower levels. On Wednesday, the level of 11,044, which is the 100-D SMA, is likely to act as an immediate resistance followed by 11,110. On the downside, the levels of 10,930, followed by 10,800, are likely to act as a supports for the index. In the coming trading session, we expect volatility to stay elevated ahead of the outcome of RBI monetary policy review meet. Hence, we are of the view that the index is likely to move in the broad range of 10,800-11,170. However, a failure to hold the 10,800-mark and a close below this level could lead to extension of the corrective phase. 

HCL Technologies: HCL Technologies (HCL) has signed a five-year managed services deal with TransGrid, a high voltage transmission network service provider for the state of New South Wales, Australia. As part of the five-year deal, HCL will create a transformation roadmap for TransGrid and provide outsourcing support for service desk operations, data centre operations, security, disaster recovery, end user computing and applications. 
  
Glenmark Pharmaceuticals: The company's board has approved transaction with True North for orthopaedic and pain management business. In addition, the operations committee approved the launch of buyback of FCC bonds from existing holders of FCC bonds. 
  
Future Enterprises: The company has executed shareholders agreement and share subscription agreement to acquire majority stake in Livquick Technology (India) Private Limited. 
  
Mpahsis: The board has approved share buyback at Rs 1,350 per share.  
  
Trigyn Technologies: Trigyn Technologies Inc. has joined SAP PartnerEdge Program to deliver solutions throughout the US. Also, the US subsidiary has received a contract to provide general, professional and information technology staff augmentation services for the New York City Housing Authority (NYCHA). 
  
Infosys: The company has announced  that it has entered into a three-year collaboration with Cornell University to reshape the workforce driving digital transformation by advancing employee education and research. 
  
Minda Corporation: The board has approved the scheme for amalgamation of domestic Indian wholly-owned subsidiary companies into the company. 

Coal India: The company has announced provisional production of April-September 2018 at 256.47 million tonnes versus 231.88 million tonnes YoY (up 10.6 per cent) and offtake at 290.81 million tonnes versus 269 million tonnes YoY (up 8.1 per cent). 

Dr Reddy Laboratories: The company has announced the sale of Cloderm (clocortolone pivalate) cream 0.1 % franchise to EPI Health, LLC. 
  
IL&FS Engineering and Construction: The company has stated that pursuant to the order passed by NCLT, the present board of directors of Infrastructure Leasing & Financial Services Limited (IL&FS), the promoter of the company, has been suspended with immediate effect and six new directors have been inducted on the board of IL&FS.