Index trend and stocks in action March 17, 2016

After opening the session on a weak note, the benchmark indices extended their losses through the late morning session, tracking weakness in the Asian peers. However, the indices bounced back sharply from the important support levels of 7400-7430 and index closed around 7500 mark. On the daily chart the index has formed a "Bullish Piercing" candlestick pattern, which indicates the bulls are regaining force. However, the range bound trade continues in the index as Nifty continues to oscillate between 7400-7580 regions. Now going forward a major move is expected in index, only if the index manages to breach the range on either side. On the downside, important support zone is around 7400-7420; and on the upside resistance zone is around 7580-7610.

Persistent Systems: IT player Persistent Systems has informed that it has partnered with IBM to jointly work on the US Tech giant’s Internet of Things (IoT) platform.

IRB Infrastructure: In August, IRB had said that it would form an InvIT and was looking to raise as much as Rs 15,000 crore. In September, the company said that its Board had approved the formation of the Infrastructure Investment Trust and transfer of the company’s undertakings to the trust. Finally, with reference to the letter dated 23rd September, 2015 regarding formation of Infrastructure Investment Trust by the company, IRB has informed that SEBI has granted the certificate in terms of Regulation 6 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 to IRB InvIT Fund towards which the company is a sponsor, for carrying out the activities as an InvIT, subject to the conditions specified in the SEBI Act, 1992 and the regulations made thereunder.

Avanti Feeds: Thai Union Group PCL, the world’s largest producer of canned tuna is looking to increase its relationship with Indian Shrimp processor and exporter Avanti Feeds by acquiring a strategic stake in its newly spun-off frozen foods business for a consideration of Rs 125 crores.

IOC: Petrol Price has been raised by Rs 3.07 per litre; while diesel price has been raised by Rs 1.90 litre.

Tata Motors: Tata Motors has informed that it will supply 25 hybrid electric buses to the Mumbai Metropolitan Region Development Authority (MMRDA).

FTIL: Financial Technologies has exited from Dubai Gold and Commodities Exchange (DGCX) by selling its 13 per cent stake in the bourse to Dubai Multi Commodities Centre (DMCC).