Index trend and stocks in action March 29, 2016

The Indian market opened the session on a positive note and was not able to sustain at higher levels during the opening trade. The selling intensified during the afternoon session and Nifty enrolled its biggest single day fall in five weeks.  After, filling the opening downside gap which was created on 7th January, 2016, the index faced a hurdle around the opening gap area i.e. 7720-7750 and formed a Doji candle as on 23rd March, 2016. The Doji candle was followed by a big body Bearish candle yesterday, on 28th March, 2016. Now going forward important support for the index is placed around 7540 level. On the upside, level of 7675 will act as a stiff resistance. Severe decline in the Nifty seems to be a sign of a profit booking from higher levels. Traders will keep a close tab on the level of 7540, and a possible break underneath this zone could mean continuation of sharp decline ahead.  

SBI: State Bank of India has informed that the bank has made payment on 28th March, 2016 to the eligible bondholders of SBI Unsecured Non-Convertible Bonds 200-506 SBIN (Series III), issued by the former State Bank of Indore (since merged with State Bank of India) which were due for payment on redemption.

Wipro: Wipro announced a five-year partnership with Jubilant Foodworks, which holds master franchise of Domino’s Pizza and Dunkin’ Donuts in India, to deliver energy management services and help reduce energy and operational costs. The Eco Energy business of Wipro rolled out its multi-year Managed Restaurant Energy Services (MRES) programme last year, which ensures effective sustenance of energy cost reduction, Wipro said.

NTPC: State-run power generator NTPC announced the commissioning of 660 MW unit-3 at Mounda super thermal power station.

IDBI Bank: IDBI Bank has allotted 158 million equity shares, equal to 7.16 per cent stake on preferential basis to Life Insurance Corporation of India (LIC), which now owes over 14 per cent stake in the bank.

NBCC: State-owned construction firm NBCC has sought shareholders’ approval for stock split as the company is likely to launch a Follow on Public Offer (FPO) under the government disinvestment programme.

Torrent Power: Ahmedabad based Torrent Power has entered into a contract with a top wind turbine manufacturing group for development of 197.40 MW Wind Power Project across three sites in Gujarat.

ARSS Infra: ARSS Infrastructure had informed that it has won Rs 109 crore contract in Odisha by East Coast Railway.

UCO Bank: The bank had informed in the BSE filing that it will raise Rs 935 crore by issuing preferential shares to the government.