Index Trend And Stocks In Action January 07, 2016

The Indian markets continued to collapse for the third consecutive session on the backdrop of a weak trend prevailing in the Asian and European Markets. The index has managed to hold on to its crucial support level of 7710 as defined by the 61.8 per cent retracement level of the previous up-move, from the lower levels of 7551 to 7973. Now going forward level of 7700-7710 is a very crucial support for the bulls, and a decisive breach of 7700-7710 will give a fresh momentum to the slide; and a retest of 7630 is likely. On the upside, levels of 7820-7830 will act as a stiff resistance for the index. If the index manages to sustain above this it’s likely to test 7880-7900 levels.

United Breweries: ICICI Bank, the country’s largest private sector lender has picked up 19.58 lakh shares from local beer giant United Breweries at Rs 950.10, representing 0.74 per cent stake in the company bulk deal data on the NSE.

Lupin: Drug major Lupin has launched its Tri-Lo-Marzia tablets, an oral contraceptive drug, in the US market after getting approval from the American Health regulator.

Transwarranty Finance: The Reserve Bank of India (RBI) has allowed foreign investors to buy upto 100 per cent of the paid up capital of Transwarranty Finance.

DLF: The Competition Commission of India (CCI) has rejected a complaint of anti-competitive practices made against realty major DLF relating to projects in Gurgaon and Haryana.

Corporation Bank: The Bank said it will purchase 4 per cent stake in LIC Nomura Mutual Fund Asset Management Company from existing shareholders for Rs 5.67 crore.

McNally Bharat: McNally Bharat Engineering Company has informed the exchange that the company has signed a Memorandum of Understanding with NIPPO India, a 100 per cent subsidiary of NIPPO corporation, Japan,  to jointly work on Road Construction Projects in India.