Index trend and stocks in action September 30, 2016

Indian benchmark indices started the session on a firm note tracking positive leads from the Asian peers, but sentiment turned pessimistic at noon on the geo-political news (India conducting surgical strikes in Pakistan). In the end Nifty ended with losses of 1.76 per cent. On the daily chart Nifty formed a long range bear candle, which indicates dominance of bears on Thursday. Nifty is now flirting around a key support level which is placed in the zone of 8510-8550. A decisive breach of this support zone will open up for correction up to levels of 8420. On the upside, the level of 8650 will act as a stiff resistance for Nifty. RSI has breached an important support level of 45 and at present is quoting around 40 levels.  

Kotak Mahindra Bank: Dutch financial major, ING on Thursday offloaded a 2.5 per cent stake in Kotak Mahindra Bank for an estimated Rs. 3,653 crore through an open market transaction. The Dutch Bank's investment arm, ING Mauritius Investments, sold a total of 4.67 crore shares, representing a 2.5 per cent stake, according to a bulk deal data available with the stock exchanges.

Oriental Bank of Commerce: State-owned Oriental Bank of Commerce on Thursday said it will raise Rs 500 crore through an issue of additional Tier 1 bonds which will open for subscription today.

Cipla: Drug companies are facing a tough environment due to the government bringing more products under the price control policy and tightening of registration procedure that has impacted the time required to market newer products, Cipla chairman, Y K Hamied has said.

Lupin: Pharma major, Lupin, has received US FDA's approval for its generic Alzheimer treatment drug. Lupin’s memantine hydrochloride capsules are used to treat Alzheimer’s disease. Lupin’s product is a generic version of Allergan’s Namenda XR capsules. These capsules are used to treat moderate to severe Dementia as well as Alzheimer’s.