Index Trends And Stocks In Action December 09, 2014

The Indian markets continued to move lower for second consecutive trading session posting their biggest fall in seven and half week as IT services exporter Infosys slumped after its founders sold the company’s stock and offloading was seen in TCS, selling in both stocks accounted for almost half of the day’s losses for the benchmark indices. Nifty opened on flat note and shifted subsequently into consolidation around the initial support level of 8500 during first half of trading session. However as day progressed it witnessed sharp decline once it broke its important support of 8500. Currently the index is placed at a very crucial juncture as its trading near 21-day EMA level of 8436. A decline below level of 8410 could further have drag nifty down to level of 8330 in short term. The daily momentum oscillator like RSI has slipped below the support level of 60 odd levels.    

OnMobile Global (BSE Code: 532944) to held a meeting of the Board of Directors of the Company on December 11, 2014 to consider and approve, a proposal for buy back of securities of the Company.

The fair trade regulator Competition Commission of India (CCI) has given its nod to the merger of Sun Pharmaceutical Industries (BSE Code: 524715) and Ranbaxy Laboratories (BSE Code: 500359) with certain riders. Both the companies will get a period of six months from the effective date for the first divesture period, whereas the second divesture period will be the period of four months from the end of the first divestiture period.

MBL Infra (BSE Code: 533152) approved the issue price of Rs 365.18 per Equity Share (share), which is at a discount of Rs 19.22 per Equity Share, to the Floor Price of Rs 384.40 per Equity Share, for the Equity Shares to be allotted to eligible qualified institutional buyers in the QIP.