Index trend and stocks in action June 10, 2016

After witnessing a range bound movement in the previous trading session, market ended with losses of about a per cent owing to rising crude oil prices, which are hovering around their one year high; and rise in crude oil prices will adversely impact India’s fiscal deficit situation. Nifty closed below its 61.8 per cent retracement level form high of 9119.90 to low of 6825.8. Now going forward important support level of Nifty is placed around 8150-8130. On the upside, the zone of 8245-8265 levels will act as a major hurdle for Nifty. The daily 14-day RSI after turning flat around 70 level has started to dip lower, which suggests that market is likely to enter into a corrective mode for a couple of days.

Granules: Granules India has announced that its subsidiary has entered into a product in-licensing pact with US Pharma Windlas LLC, to market and distribute four products in the US.

ITC: ITC has stepped into the dairy whitener market with its Sunfresh brand, its second offering in the dairy business, after it opened its innings in this space last October with packaged ghee.

Motherson Sumi: A unit of Indian auto parts maker Motherson Sumi raised $300 million via global bond sale, in part to support its expansion in North America.

Dr. Lal PathLabs: Diagnostic service provider Dr. Lal PathLabs is looking at expanding its presence in pan-India and it will be a key driver for the next phase of growth for the company.

Sadbhav Infrastructure: The Company has received provisional completion certificate for 86.00 km, out of total 87.25 km, and a start of toll collection in Bhilwara-Rajsamand Tollway Private Ltd.

GVK Power & Infrastructure: GVK Power & Infrastructure has sought shareholders’ approval for increasing the maximum limit of loans and guarantees that can be given to other entities to the tune of Rs 15,000 crore.