Index trend and stocks in action March 30, 2016

The Indian market opened the session on a subdued note as a pessimistic trend prevailed across the Asian markets. The market did manage to recover in the afternoon trade owing to optimistic opening in the European market. However, in the final hour of trading, volatility prevailed and profit booking dragged indices lower, which resulted in a negative closing for the index. In the daily chart, Nifty has formed  a small body negative candle with a long upper wick against previous day’s large body bearish candlestick, which is representing a rejection of buying at higher levels and this hints that market is facing selling pressure at higher levels. Now going forward the zone of 7530-7550 remains a vital support for the index.  If Nifty fails to hold this support then it’s likely to test levels of 7400 in the short-medium term. On the upside, the level of 7630 will act as a stiff resistance.

Sun Pharma: India's largest drug maker Sun Pharma has acquired 14 established prescription brands from Swiss drug firm Novartis in Japan for a cash consideration of USD 293 million (over Rs 1,940 crore).

Rallis India: Rallis India has transferred the land lease of its plant at Turbhe near Thane to IKEA India for a consideration of Rs 214 crore. Many of the chemical companies, including Bayer Crop Science, have shifted out of Thane as residential apartments have sprung up in the region.

Ceat: Tyre maker Ceat has commissioned a new unit at its manufacturing plant in Nagpur resulting in addition of 15 metric tonne (MT) per day installed capacity of the plant. Full expansion project of 120MT per day is however expected to be commissioned, in phases, by end of FY 2017-18," it added.

PNC Infratech: PNC Infratech has bagged a Rs 205.69 crore contract for construction of three lane road on both sides of Sharda Sahayak Feeder Canal in Uttar Pradesh. During the current quarter, the company has received letters of award for a total contract value of over Rs 1,000 crores.

Piramal Enterprises: Piramal Enterprises and Dutch pension fund asset manager APG Asset Management will jointly invest USD 132 million (Rs 900 crore) in Essel Infrastructure Ltd’s solar platform across India.