Index trend and stocks in action March 03, 2016

The Indian market got off to a positive start in the morning trade as investor’s sentiments remained cheerful following firm pattern in the Asian market, in the aftermath of the overnight rally in the US on improved economic data. Eventually, the Nifty index settled over 7300 mark. The Nifty has managed to close above its crucial resistance zone of 7250-7260. Nifty index has filled the previous opening downside gap which was created on 9th February around levels of 7363-7323. Now going forward the level of 7300 will act as a strong support for the index, and if index sustains below this level it will open up for correction upto levels of 7240. On the upside, levels of 7400 will act as a stiff resistance. The daily 14-day RSI is quoting at 55 and now if the RSI manages to sustain above levels of 65, it would be another indication of an end of correction in the market.

Eveready Industries India: Eveready Industries India is looking to spin off its packet tea business into a separate unit and scale it up by aligning its operations with the promoter group McLeod Russel India.

Inox Wind: Inox Wind has bagged a 20 MW wind power project, which would be set up at Mandsaur in Madhya Pradesh. The order has been placed by PTC Energy, a 100 per cent subsidiary of PTC India.

Gayatri Projects: Gayatri Projects has forayed into the fast-growing railway EPC sector by winning a Rs 4,744-crore contract for designing and building the Iqbalgarh - Vadodara section of the western Dedicated Freight Corridor Corporation (DFCC) in a consortium with Sojitz Corporation and L&T.

Dr Reddy's Laboratories: Drug major Dr Reddy's Laboratories is seeking a nod from its shareholders for a share buyback for an aggregate amount not exceeding Rs 1,569.42 crore.

Tata Steel: Tata Steel has received final environment clearance for its Rs 1,877 crore expansion project to be carried out at Jamshedpur Steel works in Jharkhand.

HDFC: HDFC is looking to raise Rs 2000 crore through the issue of debentures on a private placement basis. These debentures will be in the form of secured redeemable debentures.

Bharat Forge: State-owned Life Insurance Corporation (LIC) has hiked its stake in Bharat Forge by 2.02 per cent, by acquiring 47.12 lakh shares in open market.

Hitech Plast: The Company has informed in a circulation that there are disruptions in manufacturing operations at their Rohtak plant unit due to the recent agitation in Haryana.

Central Bank of Indian: State owned Central Bank of India has informed that it has received nod from its board for raising over Rs 165 crore by issuing additional equity shares to insurance giant LIC on preferential basis.

TCS: IT bellwether TCS has informed that it has joined General Electric’s Digital Alliance program and will use GE’s industrial internet platform to build more internet-of-things based solutions.