Index trend and stocks in action February 23, 2016

The Indian market started the trading session on a flattish note, however, it was a day of consolidation as the markets oscillated in a narrow range. In the end it ended with marginal gain and registered gains for fourth successive sessions in a row.  In the last trading session the index managed to cross its hurdle of 7240, however, it dint manage to sustain for a long. Now going forward the levels of 7270 will act as a strong hurdle for the index.  If the index manages to sustain above 7270 levels, the index could be bracing for a retest of 7330 levels. On the downside level of 7190 will act as an immediate support level and if this level is taken out by the index next important support is placed at 7140.

Eicher Motors, Aurobindo Pharma, Bharti Infratel and Tata Motor DVR: The NSE will be including 4 new companies into the Nifty 50 index. The new candidates to be included in the Nifty effective 1st April, 2016 are Eicher Motors, Aurobindo Pharma, Bharti Infratel and Tata Motor DVR. Out of the existing companies in the Nifty 50, Vedanata, Cairn India and PNB will be dropped. This will take the total number of stocks in the index to 51. However, the number of companies will continue to be 50 as Tata Motors and Tata Motor DVR will still be classified as a single company.

NTPC: The government will sell 5 per cent stake in the country’s largest power producer in today’s trading session at a floor price of Rs 122 per share to raise close to Rs 5000 crore.

Wipro: Software major Wipro has tied up with Verveba, a telecom network engineering company for providing advanced mobile radio network optimisation solutions.

Ultra Tech Cement: India’s largest cement maker Ultra Tech is in the race to buy the cement division of Jaiprakash Associates along with two other players, Dalmia Bharat Cement and US firm KKR.

Emami: FMCG firm Emami has allotted debentures worth Rs 300 crore to DBS Bank on a private placement basis to retire its short term debt.