Index trend and stocks in action September 19, 2016

Indian benchmark indices got off to a positive start amid firm cues from Asian markets and overnight gains on Wall street. Thereafter, Nifty builded up on the early gains in the first half of trade. However, a sudden bout of selling emerged in the afternoon session owing to weak cues from the European markets. A long legged doji type candle has been formed on the daily chart of Nifty. The major opening downside gap which was formed on September 12, 2016 has been almost filled. Now going forward the level of 8740 will act as an immediate support for the Nifty. A decisive breach of this support will open up gates for correction up to levels of 8690-8680. On the upside, the zone of 8850-8870 will act as a major hurdle for the Nifty.

South Indian Bank: Reserve Bank of India has restricted overseas investors to make further investment in South Indian Bank as the prescribed foreign shareholding limit has reached the maximum.

UBL: Heineken International, the maker of Heineken beer, has increased its stake in United Breweries by buying shares worth Rs 152 crore in an open market transaction.

State Bank of India: India's largest lender wants to increase disbursement of loans to small and medium enterprises (SMEs) by at least 10-12 per cent this year and improve their order book positions and cash flows, while the corporate sector continues to be under stress.

Indiabulls Housing Finance: Indiabulls Housing Finance has pre-closed its bonds issue after it received bids of over Rs 7,200 crore, more than twice the offer size.