Index trend and stocks in action June 17, 2016

The Indian benchmark indices got off to a pessimistic start on the back drop of negative sentiment prevailing in the Asian markets as US Fed opted for a caution policy stand on global growth worries. Nifty once again took support at 38.2 per cent retracement level of the up-move from the levels of 7715 to 8294. The zone of 8060-8065 will remain an important support level and as long as Nifty trades above this zone it’s likely that Nifty will witness a pull back rally. However, if this level is breached with volumes, expect a correction up to levels of 7970. On the upside, the zone of 8200-8240 would act as a barrier for Nifty.

HDFC: HDFC Life and Max Life are in talks to create the country’s largest private life insurer as stiff competition and regulatory hurdles force firms to fund new ways of growing market share and profitability.

MCX: Leading commodity bourse Multi Commodity Exchange of India said it plans to introduce four-five contracts in agri-space in near future and hopes to launch its own clearing corporation.

United Breweries Holdings: The company said that properties worth Rs 1,375.94 crore have been attached by the Enforcement Directorate.

NTPC: The company plans to add 2,500 MW of conventional capacity and at least an equal amount of renewable plants every year as informed by the chairman and MD of NTPC.

Kajaria Ceramics: The company has informed BSE that the Board of Directors of the company at its meeting held on June 16, 2016 has approved the sub-division of the equity shares of the company from Rs 2 each fully paid up to Re. 1 each fully paid up.

Wipro: The Company is seeking the government nod to set up an IT special economic zone in Kolkata.

Pidilite Industries: The company has announced that Pidilite International and Pidilite Middle East Ltd., wholly owned subsidiaries of the company, have acquired shares of Nebula East Africa Private Ltd.(NEAPL), a company incorporated in Kenya