Index trend and stocks in action August 19, 2016

Indian benchmark indices got off to a positive start as investors were largely influenced by the supportive leads from Asian markets. Thereafter, the indices soon capitalised on the momentum and registered intraday highs in the late morning session; but indices failed to hold onto the higher levels on account of profit taking in selected stocks. In the end market ended with gains of over half a per cent. In the past four trading sessions Nifty has moved in a tight band of 70-80 points with 8690 being the highest point of the range. Now going forward a decisive move above 8690 levels will open gates for upside upto levels of 8730-8750. On the downside, support is placed around zone of 8600-8610, and a breach below this zone will open gates for correction up to levels of 8530.  

Dilip Buildcon: Infrastructure firm Dilip Buildcon has bagged a road project worth Rs 2,016 crore in Uttar Pradesh.

Wipro: Country’s third largest software services firm Wipro has bought a minority stake in Israeli Cyber Security Company, Intsights Cyber Intelligence, for $ 1.5 million.

Nestle: Global food and nutrition giant Nestle said it has regained a leading market share after growth in India turned positive in June owing to good progress with relaunch of Maggi noodles.

UltraTech Cements: UltraTech Cements is looking to raise Rs 500 crore through issuance of secured redeemable non-convertible debentures (NCDs) on a private placement basis.

SBI: The merger of SBI with its 5 subsidiaries viz. State Bank of Hyderabad, State Bank of Travancore (SBT), State Bank of Patiala, State Bank of Bikaner & Jaipur (SBBJ) and the State Bank of Mysore (SBM) has been approved by the central board of directors of SBI. Additionally, the Bharitiya Mahila Bank will also be integrated into SBI. As per the merger proposal, SBBJ's shareholders will get 28 shares of SBI for every 10 shares. Similarly, SBM's and SBT's shareholders will get 22 shares of SBI for every 10 shares.