Index trend and stocks in action April 23, 2019

The Nifty opened the session with a gap down and, as the day progressed, selling pressure intensified and Nifty ended the session below the crucial psychological mark of 11,600 with a loss of 1.35 per cent. The price action formed a long bear candle carrying lower high-low. Also, the opening price of the day turned out to be the highest level of the day. In just last two trading sessions, the index has lost over 2 per cent from the all-time high level of 11,856 and, for the first time in the last one month, it has breached the 20-day moving average on a closing basis. Going ahead, the level of 11,549 is a crucial support level of the index and the bull camp will closely monitor this level. A sustainable move below the 11,549 level could trigger further correction towards the levels of 11,440-11,400. On the higher side, bulls may face resistance in the range of 11,710-11,730.

Cipla: The company has announced the appointment of Dr. Raju Mistry as President and Global Chief People Officer (GCPO) of Cipla.

Biocon: The board of directors will consider and recommend a proposal for dividend and issue of bonus shares at the scheduled board meeting on April 25, 2019.

Godrej Consumer Products: The company has launched a new product Godrej Expect Easy 5 minute hair colour.

Essel Propack: Blackstone has entered into a definitive agreement with Ashok Goel Trust to purchase a majority stake in Essel Propack (EPL), a leading global specialty packaging company and the largest global manufacturer of laminated tubes. Ashok Goel Trust and its affiliates currently hold ~57% of EPL. Blackstone will pay a purchase price of Rs 134 per share to acquire a 51% shareholding from Ashok Goel Trust.

Suven Life Sciences: The company has completed purchase of assets of Rising Pharmaceuticals through its joint venture partner, Shore Suven Pharma Inc.

Hindustan Copper: The board meeting of the company is scheduled on April 25 to consider and recommend seeking members approval for raising funds through issue of equity shares through qualified institutional placement method in supersession of the earlier resolution.

Symphony: The company has surrendered the lease rights of Surat SEZ unit and received the consideration amounting to Rs 3.50 crore towards the same.

Asian Paints: The company's paint manufacturing operations have now resumed at the Vishakhapatnam plant.

TCS: The company has partnered with the Department of Posts in its multi-year transformational journey to become a multi-service digital hub, modernize the delivery of mail and packages, enhance customer experience and launch innovative services that will drive new revenues.