Index Trends And Stocks In Action March 10, 2015

It was Bloodbath on D-street with benchmark shedding over 2 per cent and resulting in Black Monday. The prime reason for fall was a better-than-expected US jobs data sparked fears of rate hike in the US. Technically, index opened with a down gap and consolidated around levels of 8780-8800 for some part of the day. However as day progressed market extended the fall and ended below its 20-day EMA support. On daily chart Nifty has breached its upward rising trend line which was formed by joining swing low of 8065. So this suggests that there is shift in trend and it’s likely that nifty will head towards its 50-day EMA level of 8667. On upside level of 8850 would act as a stiff resistance for index.

Two promoter holding firms of Fortis Healthcare (BSE Code: 532843) are mulling a combined Rs 280 crore buyback of non-convertible debentures that were alloted on private placement basis. Fortis Healthcare Holdings is mulling over a Rs 200-crore buyback of non-convertible debentures that were alloted on private placement basis.

RattanIndia Power (BSE Code: 533122) has commissioned the fourth 270 MW unit of the 1350 MW phase-I of its thermal plant at Amravati in Maharashtra. The company is developing a 2700 MW coal-based plant in Amravati in two phases of 1350 MW each. This unit is a part of the first phase of the project.

Monnet Ispat and Energy (BSE Code: 513446) (MIEL) is looking to sell some stake in its power generation subsidiary to fuel expansion plans and future growth, as per the company's Chairman and Managing Director Sandeep Jajodia.