Index trend and stocks in action March 06, 2018
Nifty opened the session with a downside gap and, thereafter, the index witnessed a drastic fall which was clearly a catch-up move with global peers as our markets remained closed on account of the Holi holiday. To conclude, Nifty ended the session below the 10,400-mark. The price action formed a long bear candle with the gap-down opening. Going ahead, the zone of 10,270-10,300 is very crucial for the Nifty and a decisive breach of this support zone may trigger a sell-off which may drag the market up to the levels of 10,200-10,080 in the near term. On the upside, the gap area of March 5, 2018 (10,429-10,447) will play out as the resistance area.
Infosys: Infosys selected by Allison Transmission to provide next-generation infrastructure management services.
Prime Focus: Double Negative (DNEG), a Prime Focus group company, was honoured at the 90th Academy Awards for its work on Blade Runner 2049. The film picked up the Oscar for ‘Visual Effects’. This is the third Oscar win for DNEG since the merger with Prime Focus and fourth overall.
Mahindra and Mahindra: Mahindra unveils new off-road vehicle ROXOR.
Wanbury: Announce the completion of USFDA inspection at its major API facility in Tanuku Plant, Andhra Pradesh with five observations.
JSW Energy: JSW Energy acquired JSW Electric Vehicles Private Limited. Consequent to this acquisition, JSW Electric Vehicles Private Limited is now a wholly-owned subsidiary of JSW Energy Limited.
Reliance Industries: JioTV, India’s leading Live TV App, announced that it has acquired the exclusive India digital rights for the upcoming T20 cricket series Nidahas Trophy.
Somany Ceramics: Board approved plan to merge three units of promoter group with itself.
HDFC: QIP closes. It has issued 1.03 crore equity shares at an issue price of Rs. 1,825 per equity share.
Ramco Cements: The Company has entered into an agreement with Ramco Industries Limited, a Related Party, for acquisition of their clinker grinding unit situated at Kharagpur, West Bengal.
Reliance Infra: Company along with its subsidiary, Reliance Defence Systems, has issued an Arbitration Notice against Shri Nikhil Gandhi, Shri Bhavesh Gandhi and their companies being the founder promoters of Pipavav Defence and Engineering Limited (now Reliance Naval and Engineering Limited), for claims aggregating Rs. 5,440.38 crore.