Index trend and stocks in action June 24, 2019
The Nifty started Friday’s session with a loss and, as the day progressed, selling pressure intensified. In the end, Nifty registered a loss of 0.91 per cent to end at 11,724 level. The price action formed a bear candle, with the price remaining within high-low range of the previous trading session. Having retraced about 38.2 per cent of the recent downmove from the high of 12,103 to low of 11,625 on Thursday, there was no follow-through movement seen on Friday, while bulk of the gains of Thursday’s session were erased. Hence, in the coming sessions, the previous week’s low of 11,625 would be a key support level to keep a watch on, as holding above this support level would keep the positive options open. On the upside, a follow-through move above the previous week’s high of 11,844 will lead to acceleration of the upmove towards the 11,920 level, which is 61.8 per cent retracement of the recent downmove (12,103-11,625). A close above the 11,920 level will take Nifty towards the recent swing high of 12,000.
BHEL: BHEL has won an order for emission control equipment from Nabinagar Power Generating Company Limited (NPGCL), a subsidiary of NTPC, valued at about Rs.840 crore for supply and installation of flue gas desulphurisation system for control of SOx emissions at the 3x660 MW Nabinagar project of NPGCL in Aurangabad district of Bihar.
Network 18 Media & Investments: The company has entered into a term sheet to sell its shareholding in NW 18 HSN Holding Plc. Further, the company has sold 13,20,481 shares in Television Home Shopping Network (Home Shop) (formerly known as TV18 Home Shopping Network Limited).
Reliance Infrastructure: India Ratings and Research (Ind-Ra) has downgraded Reliance Infrastructure (RInfra) long-term issuer rating to ‘IND D (ISSUER NOT COOPERATING)’ from ‘IND C'.
Dr Reddy’s Laboratories: Dr. Reddy's Laboratories has announced the launch of phytonadione injectable emulsion USP, 10 mg/ml single-dose ampules in the US market.
MBL Infrastructures: MBL Infrastructures Ltd has received completion certificate for the project of construction of 96 flats {Basement + Ground + 12 storey), Tulsi Tower, Tulsi Nagar, Bhopal, Madhya Pradesh, for M P Hosing & Infrastructure Development Board.
Glenmark Pharmaceuticals: The US Food and Drug Administration (US FDA) has issued a Complete Response Letter (CRL) regarding the new drug application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), nasal spray. The CRL cites deficiencies in the Drug Master File (DMF) pertaining to one of the active pharmaceutical ingredients (APIs) and in the manufacturing facilities.