Index trend and stocks in action April 01, 2016

The Indian market got off to a steady start in the back drop of mixed cues from the Asian markets. However, as the day progressed the index slowly but steadily gathered steam and surged by half a per cent. But in the last hour of trade index suffered a setback as swift bouts of profit booking emerged, and eventually the index closed with modest gains. On the daily time frame chart, Nifty has formed a potential ‘Doji’ candle, which indicates confusion amongst the investors. Now going forward the zone of 7770-7790 will act as a stiff resistance and only if index moves above this zone its likely to touch levels of 7850-7970. On the downside, level of 7670 will act as an immediate support level.

L&T: Infrastructure major L&T has informed that it has sold its entire 89 per cent stake in L&T Infocity (LTIL) to Hyderabad based Ace Urban Developers for a sum of Rs 191 crore.

KEC International: Infrastructure firm KEC International has bagged new orders worth Rs 836 crore in segments including transmission and distribution.

Dishman Pharmaceuticals: Dishman Pharmaceuticals has said it has acquired further 50 per cent stake in Schutz Dishman Biotech, a joint venture Indian company, from the existing JV partner i.e. SCHUTZ & CO. BETEILIGUNGSGESELLSCHAFT MBH, Germany for a consideration of Euro 300,000. 

Mercator: Mercator International has received approval from the Singapore Exchange for divestment of the entire stake in Mercator Lines Singapore.

ICICI Bank: Private sector ICICI Bank has cut interest rates on fixed deposits by up to 0.55 per cent on bulk deposit rates of over Rs 1 crore.

JP Associates: Debt laden Jaiprakash Associates announced the part sales of its cement business to the Kumarmangalam Birla led Ultratech Cement for Rs 15,900.

Tata Motors: Tata Motors has announced that the company has divested entire stake in Shebha properties to its subsidiary Tata Motors Finance.

IVRCL: The Hyderabad based company IVRCL which constructed the Kolkata flyover, a portion of which collapsed, said it will cooperate with the state authorities probing the collapse.