Index trend and stocks in action September 04, 2018
The NSE benchmark NSE started off the session on an optimistic note and made an attempt to test the recent high of 11,760, but soon after opening, Nifty pared most of the gains and traded in a capped range for the major part of the session. However, in the last leg of trading, as Nifty breached its identical low of previous two sessions, the selling pressure intensified and Nifty ended the day plunging 0.84 per cent at 11,582. The price action formed a long bear candle which has engulfed almost the entire range of previous four sessions. Going ahead, Nifty has support placed around the level of 11,550, which is 50 per cent retracement level of the recent upmove, followed by 11,500, which is 61.8 per cent retracement level. On the upside, the level of 11,640 is likely to act as a stiff resistance for the Nifty.
Persistent Systems: The company’s US subsidiary, Persistent Systems Inc., has acquired Herald Technologies Inc., a start-up in the US created to transform the data overload swamping healthcare professionals into clear and actionable insights.
Reliance Infrastructure: Reliance Infrastructure has paid all outstanding electricity duty and other taxes of Rs 2,640 crore to the Maharashtra government.
Hotel Leela Venture: The company has clarified that it is evaluating various options to reduce debt. The management says the company is in discussion with three to four investors, including Brookfield.
NHPC: NHPC Ltd has signed a memorandum of understanding (MOU) with Bharat Heavy Electricals Limited (BHEL) for consultancy and joint cooperation in hydro-electric projects in India for a period of three years from the date of signing.
Yuken India: The company has fixed Friday, September 14, 2018, as the Record Date for the purpose of determining the eligibility of members for issuance of bonus shares in the ratio of 3:1.
Jet Airways: ICRA has revised long-term rating to ICRA BB from ICRA BB+ .
Reliance Capital: The meeting of the board of directors of the company will be held on Tuesday, September 11, 2018, to consider and approve the unaudited financial results of the company for the quarter ended June 30, 2018.
Idea Cellular: The company has allotted NCDs worth Rs 1500 crore .