Index trend and stocks in action September 09, 2016

Indian benchmarks got off to a weak start owing to pessimistic sentiments prevailing in the Asian markets. However, the indices soon gathered momentum and traded in positive territory. In the end Nifty ended the session above 8950. On the daily chart a small positive candlestick has been formed. Now going forward the zone of 9000-9010 will act as a resistance for the Nifty. On the downside, the level of 8850 will act as a good support for Nifty and dips up to levels of 8850 should be used to accumulate long positions. However, the breach of this support zone will attract sellers and will open up for short term minor correction up to levels of 8720. At present, the immediate support trend looks sideways and there is high probability that Nifty would move in a range in the coming trading session.

Yes Bank: Yes Bank, which had opened its institutional placement of equities, has decided to abruptly close the placement to QIPs and postponed it to a later date. While the company cited the lack of clarity on the regulatory front, the market grapevine has it that the issue was withdrawn due to lack of institutional appetite. The floor price of the issue was fixed at Rs.1371.84, but that level saw limited institutional appetite. The total capital raising was likely to be worth $1 billion.

IRB Infrastructure: IRB Infrastructure Developers said it has filed an application for an initial public offering of its infrastructure investment trust to raise up to Rs 43 billion rupees ($647.20 million).

Jindal Saw: To curb excess volatility, the leading stock exchange, BSE tweaked the circuit limit for share movement of 10 companies, including Jindal Saw.

SAIL: SAIL has posted a net loss of Rs 535.52 crore for the first quarter ended June 30, 2016 against a net loss of Rs 248.18 crore for the first quarter ended June 30, 2015.