Index trend and stocks in action September 02, 2016
Chirag Gothi / 02 Sep 2016
In the last two sessions, it has been witnessed that profit booking has emerged around levels of 8810-8820 and Nifty has formed a minor long upper shadow in the candle, which indicates traders are jittery at higher levels.
Indian benchmark indices got off to a positive start, overlooking subdued cues from the Asian markets. Thereafter, the markets built on morning gains and registered new intraday high. However, profit booking emerged at higher levels and Nifty closed with marginal losses. In the last two sessions, it has been witnessed that profit booking has emerged around levels of 8810-8820 and Nifty has formed a minor long upper shadow in the candle, which indicates traders are jittery at higher levels. Now going forward the zone of 8820-8850 is a strong barrier for the bulls, and a decisive move above 8850 levels will open gates for 8930 levels. On the downside, important support for Nifty stands at 8690-8700.
Tata Motors: Tata Motors has reported a 6 per cent increase in total sales at 43,061 units in August. The company sold 40,679 units in the same month last year. Domestic sales of the company’s commercial and passenger vehicles has grown by 3 per cent to 36,466 units in August over the same month of the previous year. Sales of passenger vehicles in the domestic market has grown by 16 per cent to 13,002 units last month as against 11,163 in the year ago period.
TVS Motors: TVS Motors has reported a growth of 20.5 per cent in sales during August, 2016 with total sales increasing to 274,303 units from 227,653 units recorded in the same month of last year.
Coal India: State-owned Coal India said it produced 32.43 million tonnes of Coal in August, 2016 missing its target for the month. The company’s target for the month of August was 40.89 million tonnes.
NTPC: State-run NTPC has decided to snap power supply to BSES DISCOMS in eastern and central parts of Delhi from Sunday midnight because of non-payment of dues amounting to Rs 961.58 crore.
Trent: Reserve Bank of India (RBI) has restricted foreign investors to increase stake further in Tata Group's departmental firm, Trent, as the permissible limit has been crossed.
Bharti Airtel: Bharti Airtel said it has received the approval of Bangladesh High Court for merger of its Bangladesh operations into Robi Axiata Ltd.
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