Index trend and stocks in action August 26, 2016

Indian market opened with a positive bias and shifted into sideways consolidation till afternoon. A sudden bout of selling emerged in the second half of the trading session. Finally, the Nifty ended the session with a loss of over half a per cent and ended below 8600 mark. On the daily chart, Nifty has formed a ‘Bearish Engulfing’ Candlestick pattern, which indicates the bears were able to regain control on the market. The immediate support for Nifty is placed around levels of 8580, and breach of this support level will open up for correction up to levels of 8530. On the upside, the zone of 8645-8660 will act as a strong resistance zone. The RSI is quoting around the level of 50 and the next major support for RSI stands at 45 levels.

NCC: Infrastructure firm NCC said Blackstone GPV Capital Partners (Mauritius) has offloaded a 3.25 per cent stake in the company through open market sale.

Interglobe Aviation: Interglobe Aviation will seek approval of its shareholders for increasing its borrowing limit to Rs 20,000 crore. The current cap is Rs 15,000 crore. Increasing the borrowing limit is one of the proposals for which the airline will be seeking a nod at the annual general meeting to be held on September 21.

Nalco: Aluminium maker Nalco’s Rs 2,835 crore offer to buyback 64.43 crore shares will open on August 30. The buyback offer will open on August 30 and close on September 14, 2016.

DHFL: Mortgage firm DHFL said it plans to raise Rs 10,000 crore from non-convertible debentures (NCDs) to fund business growth.

IL&FS Transportation Networks: IL&FS Transportation Networks said it has signed a pact to sell entire stake in Andhra Pradesh Expressway to Singapore-based Cube Highways & Infrastructure Pte Ltd for Rs 140.37.

Union Bank of India: Public sector lender Union Bank of India plans to raise Rs 750 crore by issuing Basel III complaints bonds.