Index trend and stocks in action June 09, 2016

Indian market got off to a soft start as the indices showed signs of consolidation after scintillating a day ago. However, sentiments improved as the day progressed after Indian Meteorological Department reported that Southwest monsoon has hit Kerala.  Nifty continues to hover around its 61.8 per cent retracement level of down move from high of 9119 to low of 6825.8. On the daily time frame Nifty has formed a ‘Hanging Man’ like candlestick pattern, which is considered as a reversal pattern. Now going forward Nifty has strong resistance placed around levels of 8330-8350. On the downside, level of 8180 will act as an immediate support level and next major support is placed around 8130 level. 

BPCL: The Reserve Bank of India has informed that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid up capital of Bharat Petroleum under the Portfolio Investment Schemes (PIS).

HCL Technologies: HCL Technologies announced that it has signed partnerships with two leading automotive solution providers to expand its offering for the fast-growing smart vehicle ecosystem.

Lupin: Drug firm Lupin is recalling over 54,000 vials on anti-bacterial injection Ceftriaxone manufactured at its Mandideep facility in Madhya Pradesh due to violation of current goods manufacturing norms.

Ashoka Buildcon: Ashoka Buildcon has informed the exchange that it has entered into a share purchase agreement with GVR Infra Projects Ltd., by way of transfer of 23 per cent stake and by way of transfer of beneficial interest of 26 per cent stake in Ashoka GVR MudhoNipani Roads Ltd.

Surya Roshni: Surya Roshni has informed exchanges that a meeting of the board of directors of the Company has considered and approved the scheme of amalgamation of Surya Global Steel Tubes with the company.

JSW Steel: JSW Steel has reported its highest ever monthly crude steel production at 13.48 lakh tonnes in May, 2016. This was 16 per cent higher than the crude steel output of 11.62 lakh tonne in May, 2015.

Piramal Enterprises: The Company said that a meeting of the administrative committee of board of directors will be held on June10, 2016 to consider and approve the issue on private placement basis of Secured Non-Convertible Debentures amounting up to Rs 300 crores.