Index trend and stocks in action September 16, 2016

Indian benchmark indices got off to a positive start, and thereafter slipped into negative territory as investors turned jittery, tracking weak cues from the Asian markets. However, buying was seen in the later part of the trading session and Nifty ended the session with minor gains. On the daily chart Nifty has formed a ‘Long Legged Doji’ candle. This candlestick indicates indecision about the future direction. Now going forward the zone of 8750-8760 is likely to act as a resistance zone. A decisive move above this zone will open gates for up-move up to levels of 8800. On the downside, the level of 8680-8690 will act as a strong support zone for Nifty.

Union Bank of India: State-owned Union Bank of India said it has raised Rs 1,000 crore by issuing additional tier-I (AT1) bonds. The bonds are issued for face value of Rs 10 lakh each at par aggregating to Rs 1,000 crore on a private placement basis bearing 9.50 per cent per annum coupon payable annually.

Reliance Communications: Moody’s has placed the credit rating of Reliance Communications under “review for downgrade" a day after the telecom company announcement to merge its wireless telecom business with smaller rival Aircel.

Moil & NMDC: Mining giant NMDC and manganese miner Moil said their share buyback programmes worth close to Rs 8400 crore will open next week on September 19.

IOC, HPCL & BPCL: Petrol price was hiked by 58 paisa a litre while diesel rate was cut by 31 paisa per litre. This is the second increase in rates of petrol this month.

Gitanjali Gems: To restrict excessive volatility, BSE tweaked the circuit limit for share movement of Gitanjali Gems and seven other companies.

Orient Paper: C K Birla Group firm Orient Paper and Industries (OPIL) said it will demerge its consumer electric division.