Index trend and stocks in action October 05, 2018
The NSE benchmark Nifty opened the session with a downside gap of over 100 points and below its 200-DMA and continued to witness pressure throughout the day. At one point, Nifty was down by about 300 points, however, it ended the day with a loss of 2.39 per cent below the 10,600-mark. The price action formed a sizeable bear candle with a gap down opening. Going into the last trading session of the week, the low of Thursday’s session (10,547) would be the crucial level to watch out as it coincides with the low of June 28 from where the upward rally started. A follow-through move below this support level would most likely result in the extension of the fall where Nifty could head towards the level of 10,400. On the upside, the gap area of 10,755-10,844 shall now act as a key hurdle for the bulls. The volatility is likely to remain elevated as RBI is set to announce its decision on interest rates.
Lupin: Pharma major Lupin has announced the launch of potassium chloride oral solution USP, 20 mEq/15mL (10%) and 40 mEq/15 mL (20%), having received an approval from the United States Food and Drug Administration (FDA) earlier.
Cadila Healthcare: The company's biologics manufacturing facility (Zydus Biologics) located at the Zydus Biotech Park in Ahmedabad has received an Establishment Inspection Report (EIR) from the USFDA, signifying the successful closure of the audit.
Dixon Technologies: The company has commenced manufacturing of Mi LED TVs for Xiaomi. The manufacturing will take place from Dixon's state-of-the-art manufacturing facility located at Tirupati, Andhra Pradesh.
NBCC: NBCC has received a Letter of Award (LoA) of work from IIM Ranchi to provide project management consultancy for development of permanent campus (Phase-1 works) amounting Rs. 400 crore (approx).
TVS Motor: The company has introduced TVS Jupiter Grande for the festive season .
Titan: The watch business has carried on its good run from the first quarter and the growth in the jewellery business has picked up very well after a relatively soft growth in Q1 of FY2019.
Dilip Buildcon: The company has received a letter of acceptance (LoA) for an EPC project for a dam in Rajasthan for Rs 601 crore. The order was given by the Water Resource Department of Kota.
IDBI Bank: LIC has made an open offer for 26 per cent stake in IDBI Bank at Rs 61.73 per share.
Jet Airways: ICRA has revised the long term rating to B (negative outlook) from BB (negative outlook) and reaffirmed short term rating at A4. This long term rating downgrade has primarily been attributed to the impact of steep increase in jet fuel prices and rupee depreciation as well as delays in the implementation of liquidity initiatives by the company.