Indian markets witnessed a fierce sell-off on Wednesday. As a result, Nifty formed a bearish engulfing pattern on the daily chart. Further, India VIX jumped nearly 10 per cent and closed above the 23 mark. A sharp fall with rising VIX is definitely not a pleasing sign for the bulls.

Immediate support for the index is placed at 12,820 and breach of this would open gates for a further correction towards 12,700 levels. On the upside, the level of 12,940-12,970 is likely to act as a stiff resistance.

Lakshmi Vilas Bank will be merged with DBS Bank. Regarding this, Reserve Bank of India (RBI) has issued a press release which states that the amalgamation will come into force on the appointed date i.e. November 27, 2020, and all the branches of Lakshmi Vilas Bank Ltd will function as branches of DBS Bank India Ltd with effect from this date.

It also mentioned that the exports would continue gaining their momentum in H2FY21 and FY22E, determined by lower penetration of the exporting countries, firm crude oil prices, unsafe public transport, and infrastructure amid the pandemic situation.

Indian Pharma major, Alembic Pharmaceuticals informed the bourses on Wednesday that its joint venture, Aleor Dermaceuticals Limited received tentative approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Testosterone gel, 1.62 per cent.

Shiva Cement Limited is set to invest Rs 1,500 crore in a 1.36 million tonnes clinker unit project to be established in Sundergarh district of Odisha in order to enhance its capacity. Funds for this investment will come through a combination of long-term debt and equity.

Lupin Limited announced on Wednesday that it has launched Tacrolimus capsules USP, 0.5 mg, 1 mg, and 5 mg, after Lupin’s alliance partner Concord Biotech received approval for its ANDA from United States Food & Drug Administration (USFDA).

On Wednesday, the domestic benchmark indices snapped their gaining streak as Sensex fell by 694.92 points or 1.56 per cent to close at 43,828.10 levels while Nifty declined by 196.75 points or 1.51 per cent to settle at 12,858.40 levels.

On Wednesday, the shares of Lakshmi Vilas Bank (LVB) gained by around 10 per cent intraday and locked in at its upper circuit of 5 per cent at Rs 7.65 per share during the afternoon trading session.

On Wednesday, Sensex fell by 106.73 points or 0.24 per cent at 44,416.29 levels. In spite of that, some stocks are still shining in today’s session, which is highlighted below.