Index Trend and Stocks in action September 30, 2015

The Indian Benchmark Indices ended higher on Tuesday, erasing early morning losses of more than a per cent after the Reserve Bank of India (RBI) delighted the street with more than expected rate cut of 50 bps. However, the indices could not sustain at higher levels and pared most of the gains in the last half an hour of trading session. On the daily chart the index formed a bullish candlestick pattern, which indicates short covering in the market on the back of positive announcement. Nifty index failed to cross its hurdle at 7930 and it also failed to close above its 21-day EMA, this suggests that this is just a average pullback rally supported by some positive development and this cannot be viewed as the emergence of a new trend. Now going forward the level of 7900 is a stiff resistance for the index and next resistance is around levels of 7930. On the downside level of 7800 is a good support and the next major support is around levels of 7760. 

Eveready Industries: The Reserve Bank of India (RBI) has today notified that foreign institutional investors (FIIs) and registered foreign portfolio investors (RFPIs0 of Eveready Industries can now invest up to 49 per cent of the paid up capital.

Idea Cellular: The telecom major said its shareholders have approved to raise up to Rs 10,000 crore through issue of non-convertible securities on private placement basis in one or more tranches.

PVR: Multiplex operator PVR said its shareholders have approved raising Rs 500 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

AB Nuvo and SPARC: FIPB cleared 18 foreign investment proposals, including that of Aegon Religare life insurance, SPARC and Aditya Birla Nuvo worth about Rs 5,000 crore.

State Bank of India: The largest public sector lender SBI reduced its base rate by 40 basis points to 9.3 per cent with effect from 5th October, 2015. The bank announced reduction in base rate after the Reserve Bank of India (RBI) Governor, Raghuram Rajan, said that the RBI will work with the government to enable the banks to transmit the rate cut. 

Blue star InfoTech: Infogain Corporation, a global business and IT consulting leader announced that Infogain Corp has entered into an agreement with Blue Star InfoTech to acquire its information Technology operation. The consideration for the IT business of Blue star and its subsidiaries in the US, the UK and Singapore will be Rs 180.80 crore.