Index Trend And Stocks In Action November 17, 2015

The Indian market started the session under pressure and reacted in the sync to the global peers after deadly attacks in Paris during the weekend. However, after initially selling the market took support around levels of 7700-7710 and witnessed a dead cat bounce and managed to outperform other global peers. On the daily chart the nifty index has formed a Bullish Engulfing candlestick pattern, which indicates that the bulls are in a dominant position. Nifty also managed to fill the down gap which was made on 13^th November, 2015. Now going forward the level of 7850 is now the important hurdle and need to be taken out for any show of strength by the bulls. On the downside a decisive breach of 7700 levels will tip to additional weakness and then a test of the 7660 and 7600 regions.

ICICI Bank: The private sector bank has announced the sale of a 6 per cent stake in its subsidiary ICICI Pru Life Insurance. The 6 per cent stake is being sold to Premji Invest and Compassvale Investments for a consideration of Rs 1,900 crore giving the insurance subsidiary a valuation of Rs 32,500 crore. Post the stake sale, ICICI will hold 68 per cent while prudential will hold 26 per cent in ICICI Prudential Life.

Ajanta Pharma: Ajanta Pharma said it has launched generic version of Singulair granules, used in the treatments of Asthma, in the US market. The granules have been launched in cartons containing 30 individual sachets. Ajanta has so far received five abbreviated new drug application (ANDA) approvals from the US Food and Drug Administration (USFDA).

Reliance Infra: Anil Ambani-led Reliance Infra plans to sell 49 per cent stake of its power generation, transmission and distribution businesses related to its Mumbai operation to Canadian Pension Fund for an undisclosed amount. The Canadian Pension Fund has been active investor in strategic assets across the world. The power business of Reliance infra will be carved into a distinct SPV, in which 49 per cent stake will be sold to the Canadian Pension Fund. The Reliance ADAG group will have a 51 per cent stake in the SPV.

Talwalkars Better Value Fitness: Fitenss chain Talwalkars Better Value Fitness has picked up a majority stake in Chennai-based firm Inshape Health and Fitnez, for an undisclosed sum.

Maruti Suzuki: Haryana Industries Minister Captain Abhimanyu today met Maruti Suzuki MD & CEO Kenichi Ayukawa and suggested that the company set up a skill development centre and driving school in the state.