Index trend and stocks in action September 13, 2019
After opening the session on a positive note, Nifty witnessed a sharp decline at the fag-end of the session and lost about 100 points from the day’s high to end at 10,983 level. Nifty declined on Thursday after rising for the fifth straight session. Nifty formed a bearish engulfing candlestick pattern, the diminutive size of the first small body of a bearish engulfing pattern shows that the momentum of the pullback rally is slackening and a large black real body after this small candle then proves that the bears have overwhelmed the bulls. It is time to be cautious on the long side trade as the index failed to maintain its rhythm of higher high and low as it has closed below the previous session low. Going forward, on the downside, supports are seen around 10,800-10,850 levels. On the upside, Nifty needs to sustain above the 11,055 level to maintain its positive stance, but if it is unable to close above this level, we can consider this rally as a pullback from an oversold condition in a downtrend.
Ballarpur Industries: Finquest Financial Solutions Private Limited (FFSPL) had granted credit facilities to the company which was secured by a pledge on 56,20,427 equity shares of Premier Tissues (India) Limited (a joint venture of the company) and a first pari passu charge on the current assets of the company. Since the company has not been able to repay the entire facilities, FFSPL has invoked the said pledge and charge.
Dr Reddy’s Laboratories: The company has received an EIR from the US FDA for formulations manufacturing plants (Vizag SEZ Plant 1 - FTO 7' and 'Vizag SEZ Plant 2 - FTO 9') at Duvvada, indicating closure of the audit.
Biocon: Biocon has announced it has signed a licence and supply agreement with a subsidiary of China Medical System Holdings (CMS) for three generic formulation products in Greater China.
Gravita India: The company has informed that Recyclers Ghana Limited, a step-down subsidiary of the company situated in Ghana, West Africa, has enhanced the production capacity of its existing lead recycling plant from 6,000 MTPA to 12,000 MTPA.