Index trend and stocks in action June 27, 2019
After opening the session on a slightly negative note, Nifty soon managed to pull back smartly in the green and, thereafter, the index traded with positive bias throughout the day. In the midst of the session, Nifty did manage to move above the 20-DMA, but it failed to close above the 20-DMA as the index came off its intra-day high and ended the Wednesday’s session with modest gains. The price action formed a bullish candle carrying higher high-low, which indicates follow-up buying. Let us wait and watch whether or not Nifty sustains above its 20-DMA. Sustaining above the 20-DMA may extend the current rally towards the level of 11,920, which is 61.8 per cent retracement of the recent fall. However, closing above the 11,920 level will take the index above the 12,000 mark. Expect volatility to remain elevated in the second half of the trading session on the eve of F&O expiry of June series.
Infosys: EdgeVerve Systems, a subsidiary of Infosys, announced the launch of AssistEdge Engage at CCW Vegas. AssistEdge Engage is an intelligent automation platform for contact centres offering smart features that increase agent productivity, satisfaction and elevate customer experience.
Welspun India: The company has entered into a joint venture with Sense Organics Import & Trading GmbH, Germany, and has acquired 51% of the share capital, at par, of Pure Sense Organics Myanmar Limited, a company incorporated under the Myanmar Companies Act 2018 on January 24, 2018 and will be investing amounts upto US$ 140,000 during year 2019 as a part of the company’s sustainable sourcing strategy.
CreditAccess Grameen: CreditAccess Grameen has completed a direct assignment of Rs 138.89 crore on June 26, 2019. This is the first direct assignment transaction initiated during the FY2019-20. With this transaction, the company has completed one securitization and one direct assignment transaction totalling Rs. 249.24 crore in FY2019-20.
SBI: The meeting of central board of the bank is scheduled to be held on July 1, 2019, to consider the resolution: to raise additional tier-1 (AT1) capital by way of issuance of Basel-lll compliant debt instrument in USD and/or INR from domestic/international market during FY2020, subject to Government of lndia's approval.