Index Trends And Stocks In Action March 19, 2015

Indian benchmark indices ended the session with losses amid highly volatility. Banking, oil marketing stocks were in limelight on buy side, on other hand Auto, FMCG, Infrastructure and IT stocks were culprit and dragged index lower.  Nifty after a positive opening it shifted instantly to sideways consolidation movement with negative bias. However the level of 8660 again acted as strong support for the bulls. Now going forward nifty index has strong resistance in zone of 8760-8780, if this zone is clear expect short covering rally up to levels of 8830. On downside level of 8860 will act as strong support.    

Usha Martin (BSE Code: 517146) has received the shareholders approval to issue 3.428 crore warrants at a maximum price of Rs 35 a warrant to its promoters, promoter group and their relatives and associates on preferential basis. Shareholders have also approved Rs 400-crore non-convertible debentures issues on private placement. The NCXs will be issued to individuals or institutional investors including FIIs, venture capital funds and insurance firms.

SAIL (BSE Code: 500113) has undertaken modernization and expansion at five of its steel plants to augment its crude steel production capacity to 21.4 MTPA. The five integrated steel plants are at Bhilai, Bokaro, Rourkela, Durgapur and Burnpur and a special plant at salem.

The government is likely to give nine coal mines to state-run Coal India (BSE Code: 533278) in case the ongoing scrutiny establishes that there was cartelisation in the recent auction for these blocks.