Index trend and stocks in action October 08, 2018

The NSE benchmark Nifty began the session with a downside gap and it remained under pressure throughout the day. The selling pressure intensified as RBI surprised the street by maintaining a status quo on interest rates. This resulted in Nifty extending its losses for the third straight day and ending the day with a cut of 2.67 per cent at 10,316. The price action formed the longest bear candle of CY2018 till date. The sharp fall in the last three trading sessions has led to oversold conditions on technical indicators. As we enter the first trading session of fresh week, we may see a nervous opening to the trade and the levels of 10,205, followed by 10,130, could act as support levels for the Nifty, while on the way up, resistance is likely to be seen at the levels of 10,370, followed by 10,400. 

Sobha: The company is poised to launch one affordable housing project each in North Bangalore and GIFT City (Gujrat), respectively, and normal Sobha products launches are also planned in Bangalore, Thrissur, Pune, Cochin, which should further improve its operational performance. 
  
Sunteck Realty: The company issued commercial paper (CP) of Rs 35 crore. 
  
UltraTech Cement: The company had filed an appeal against the NCLAT order before the Supreme Court, which has admitted the company’s appeal and granted stay against the orders of the CCI/NCLAT. 
  
HFCL: The company has received an advance purchase order worth Rs.879 crore approx. from Telecommunications Consultants India Limited ("TCIL") New Delhi . 
  
Texmaco Rail and Engineering: The company and Russian firm RZD International, during annual India-Russia bilateral summit, signed a memorandum of understanding for working in collaboration for mutually identified various domestic and international projects in the sphere of railways and infrastructure. 
  
Avenue Supermarts: The board of directors at its meeting scheduled to be held on Saturday, October 13, 2018, will consider raising of funds by issuance of commercial paper. 
  
Gravita India:  Gravita India has informed exchanges that the order received for supply of 18,000 MT of pure lead and lead bullion worth Rs. 300 crore from Kyen Resources Pte. Ltd., Singapore could not be completed and the contract entered with them has been terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore. 
  
PNB Housing Finance:  PNB Housing has raised its first ECB of USD 200 mn (INR 1470 crore) under the automatic route. 

Gati: CARE downgraded its rating for the company's long term bank facilities of Rs 173 crore to BBB/Stable from A-/Stable.