Index trend and stocks in action March 18, 2016

Indian benchmark indices got off to a sparkling start as investors and traders cheered after the US Federal Reserve kept key rates unchanged. Nonetheless, towards the afternoon trading session, profit booking was seen and indices ended with modest gains. Yet another attempt was made by index to clear its strong resistance zone of 7570-7610, but it failed to clear this hurdle. Now going forward bulls need to cross this hurdle of 7570-7610, for further momentum on the upside. On the downside, strong support is pegged at levels of 7440-7400. If this zone is pierced by the bears, it’s likely that the index may touch levels of 7330 in a short span. 

Dhanuka Agritech: Dhanuka Agritech received a licence to manufacture insecticides. The Joint Director of Agriculture (Plant & Protection), Rajasthan has granted a licence to manufacture insecticides at its Jaipur Unit.

Oil India: Life insurance Corp of India (LIC) has raised its stake in the state-owned explorer Oil India by 2 per cent through open market acquisition. LIC bought 1.22 crore shares.

Eros: Eros International Plc was among the biggest gainers on the Russell 2000 as the stock surged up 20.57 per cent. About 1.02 million shares exchanged hands, as against an average daily volume of 931,263 shares.

Hindustan Unilever: FMCG major has agreed to sell its rice exports business to LT foods for a consideration of Rs 25 crore as part of its strategy to exit a non-core business.

Bharti Airtel: Bharti Airtel has acquired the Videocon Telecom spectrum for Rs 4428 crore. With this procurement Bharti gets the right to use 2X5MHZ 1800 band allocation rolled out to Videocon. Likewise it will expand Bharti 4G coverage to 19 circles from 15 circles earlier.

DLF: India’s top realty firm DLF has sold its shopping mall at Saket in the national capital to its wholly-owned subsidiary for Rs 904.5 crore as part of its strategy to consolidate and monetise the rental assets.