Index trend and stocks in action March 21, 2016

Indian benchmark indices got off to a healthy start as investors and traders were largely influenced by the supportive leads from Asian markets. Indices soon gathered momentum and traded with around half a per cent gains in the morning session of trade. However, the Second half of the session saw the indices extending the momentum further and closed at the highest point of the day. The index has managed to close above its supply zone of 7600. Now going forward immediate hurdle for the index is placed at 7670 and if index manages to sustain above this zone its likely to fill the gap which was formed on 7th January, 2016. On the downside immediate support stands around levels of 7540-7500. The daily momentum oscillator like RSI has managed to sustain above 60 levels, now going forward it needs to sustain above level of 65 for further momentum on the upside.

ITC: FMCG major has said that its instant noodles brand Yippee is recovering and its market shares has increased to anywhere between 30 and 40 per cent.

Aurobindo Pharma: Aurobindo Pharma has received final nod from the US health regulator to manufacture and market its generic Naproxen Sodium tablets used for the treatment of osteoporosis in postmenopausal woman.

Fortis Healthcare: Fortis Healthcare has announced that one of their arm Fortis Cancer Care has increased its shareholding in Lalitha Healthcare (Lalitha) by 98972 equity shares i.e. 12.2 per cent of total share capital of Lalitha of Rs 10 each.

Torrent Pharmaceuticals: Drug firm Torrent Pharmaceuticals said it has plans to raise fund through various instruments including qualified institutional placements (QIP). The company in a filing said it board on 23rd March will consider the proposal for raising funds by way of issue of equity shares, including convertible bonds or debentures through qualified institutional placements or any other modes.

IDBI Bank: IDBI Bank will be able to raise only around Rs 850 crore through a preferential allotment of Life Insurance Corporation (LIC), against its earlier plan of Rs 1,500 crore after the lender was forced to follow the SEBI formula for issuing shares.

REC: Rural Electrification Corp has informed that its board has given its approval to increase its stake to 31.7 per cent by investing Rs 99 crore more in Energy Efficiency Service (EESL).