Index trend and stocks in action June 08, 2016

After trading cautiously in the last couple of trading sessions, Nifty saw a scintillating rally and ended the session with gains of over 60 points. After opening on a positive note, Nifty moved in a tight band until 11am. On the outcome of RBI’s policy meet, it moved higher and registered a high of 8294. Nifty has managed to close above its 61.8 per cent retracement level of down move from high of 9119 to low of 6825.8. Considering the strong momentum it's likely Nifty will approach to levels of 8330, which will act as a major resistance zone. This area is swing high, that has been registered on October 26, 2015. On the downside, level of 8180 will act as an immediate support level and next major support is placed around the 8130 level. 

HDFC Bank: HDFC Bank reduced its one-month marginal cost lending rate (MCLR) to 8.95 per cent from 9 per cent and cut its two year MCLR to 9.20 per cent from 9.25 per cent effective 7th June.

Godrej Properties: The realty firm Godrej Properties has partnered with AR Landcraft to develop 100 acre township project in Greater Noida.

Bodal Chemicals: The Company announced that it has received sanction from both the bankers i.e. Union Bank of India and Bank of India (BOI), for release of promoters and promoter group shares holding which were pledged with UBI and BOI as collateral security.

MOIL & NMDC: Cash rich mineral explorer NMDC and MOIL will buy back shares worth 25 per cent of their paid-up capital and free reserves. The buy back shares from the market could fetch the government about Rs 6,500 crore in disinvestment revenue.

Tata Motors: Tata Motors-owned Jaguar Land Rover (JLR) sales in China saw a sharp jump of 28 per cent on a y-o-y basis even as overall sales for JLR grew by 18 per cent on a y-o-y basis. Apart from JLR sales, the domestic sales of MHCVs and HCVs also saw good traction, which was a further positive for the Tata Motors stock.

Asian Granito: The company said that it has won orders for 12 lakh square meters of its recenltly launched 1,000X1,000 m jumbo double charge vitrified tiles and 800X800 mm imperio double charge vitrified tiles from customers in New Delhi and Bengaluru.

Bharat Forge: Alstom Bharat Forge Power Pvt Ltd (ABFPPL) will supply two units of 800 MW ultra-supercritical steam turbine generator islands for NTPC’s Telangana Super Thermal Power Project Phase-1, coming up near Ramagundam.