Index trend and stocks in action September 29, 2016

After starting the session on a positive note, Indian benchmark indices moved in a tight range for the first half of the trading session. In the second half of the trading session buying was seen in the PSU banking stocks and this helped market to spurt to an intraday high. On the daily chart Nifty has formed a small body positive candle, which has overlapped the previous negative candle of September 27, 2016. However, this pattern does not have any major predictive value. Now going forward Nifty needs to sustain above the level of 8770 to continue its up-move. If it does, its likely to move up to levels of 8810-8840. On the downside, the zone of 8670-8680 will act as a strong support zone for the market. Today being the expiry day for the September series we expect some volatility in the markets.

Infosys: Software major Infosys has launched Skava commerce, an e-commerce platform for retailers.

Hindustan Copper: The government will sell a 7 per cent stake in state-run miner, Hindustan Copper through a two-day offer for sale (OFS) beginning Thursday.

CEAT: Singapore-based fund management company Amansa Holding Pte has increased its stake in tyre major Ceat to over 5 per cent by acquiring 1.17 per cent stake through open market.

JP Associates: Debt laden JP Associates said it has received its shareholders’ approval to allow for conversion of its debt to equity stake in the company.

Bank of India: State-owned Bank of India has cut the base or the minimum lending rate by 0.05 per cent to 9.65 per cent with effect from September 30.