Index trend and stocks in action September 11, 2018

The NSE benchmark Nifty opened the session on a negative note and the weakness got intensified amid rupee falling to its fresh all-time low against the US dollar. The price action formed a long bear candle. Going ahead, the levels of 11,390, followed by 11,320, are likely to act as immediate support levels. On the way up, the index has strong resistance in the zone of 11,550-11,600 and the index needs to convincingly pass through this resistance zone if it has to gain some real strength in the near term.  

Sun Pharmaceuticals: One of the wholly-owned subsidiaries of the company has agreed to acquire shares of Tarsius Pharma Ltd, Israel, by way of subscription of 345,622 ordinary shares of nominal value of NIS 0.01 each, representing 18.75 per cent of shares of Tarsius, on a fully diluted basis.  
  
Jaiprakash Associates: ICICI Bank has filed bankruptcy petition against  Jaiprakash Associates . The company has said that it has seven days to reply to the bank’s petition. 
  
Container Corporation of India: Container Corporation of India and Central Warehousing Corporation (CWC) have entered into an agreement to form a Joint Working Group (JWG) to operate the CFS facility of CWC located at Pipavav Port. 
  
Manali Petrochemicals: The company will launch the products of its wholly-owned subsidiary Notedome Limited, UK, manufactured at the facilities of the company in Chennai during September 2018. 
  
Yes Bank: The bank’s board and shareholders approved raising Rs 30,000 crore via debt from the domestic as well as foreign buyers. The Capital Raising Committee will consider this issue of Tier-2 bonds on or after September 14. 
  
NMDC: The company has fixed iron ore price with effect from September 7, with the lump ore priced at Rs 3,550 per tonne and fines at Rs 3,110 per tonne.