Index trend and stocks in action October 10, 2018

The NSE benchmark Nifty opened the session with a gap-up, but failed to move above Monday’s session high and fell sharply. In the mid-afternoon, the index made an attempt to recover, but eventually surrendered to selling pressure and ended the day with loss of 0.45 per cent at 10,301 mark. The index hovered within the trading range seen on Monday, as a result, forming an inside day candle. Going ahead, the level of 10,250 is likely to act as an immediate support level for the index and failing to hold this support is likely to witness further correction towards the swing low of 10,198. In the coming sessions, this swing low would be a very decisive level for the index and it is important for the index to sustain above this level and move above resistance level of 10,400 and 10,450 for confirmation of base formation. Else, we may see Nifty heading towards the level of 10,100, followed by 10,040, in the short term

Dr Reddy’s Laboratories: The company launched colesevelam HCI tablets, a therapeutic equivalent generic version of Welchol (colesevelam HCI) tablets, in the US. The Welchol brand and generic had US sales of approximately $471 million MAT for the 12 months ending August 2018, according to IMS Health. 
  
Voltas: Voltas has launched Amazon Alexa compatible air-conditioners . 
  
Glenmark Pharma: A business purchase agreement for transfer of the company's API business to Glenmark Life Sciences Limited, a wholly-owned subsidiary of the company, has been executed on October 9, 2018. 
  
Bharat Forge:  BF-NTPC Energy Systems (BF-NTPC) is a 51:49 joint venture company between Bharat Forge and NTPC, incorporated in June 2008 for business of manufacturing, buying and selling equipment relating to power sector. Since its incorporation, BF-NTPC has not commenced any business activity, so both JV partners have decided to close down BF-NTPC. Accordingly, BF-NTPC has initiated a voluntary liquidation process under Insolvency and Bankruptcy Code. 
  
NLC India: The board has approved to buy back 14.19 lakh shares at Rs 88 per share aggregating to Rs 1,249 crore. The shares proposed in the buyback represent 9.28 per cent of the company’s equity paid-up share capital. 
  
Tata Motors:  The Tata Motors Group global wholesales in September 2018, including Jaguar Land Rover, were at 1,23,577 nos., higher by 6 per cent, as compared to September 2017. 
  
Graphite India: The company has  decided to halt operations in its Bengaluru graphite electrode plant by closing down the furnaces in a sequential manner by October-end during the ongoing revamp work for the replacement of roof sheets. The revamping work will be completed by November-end. The company said that it will make up for the production loss and expects total production level to remain unchanged from other production facilities.