Index trend and stocks in action October 17, 2016

Indian benchmark indices after witnessing a sharp decline as on Thursday ended the Friday’s trading session with minor gains. On the daily time frame chart Nifty is continuing its sequence of lower top lower bottom from the higher levels of 8968.70. Nifty has managed to hold on to support zone of 8510-8550. A decisive breach of this support zone will open up for correction up to levels of 8470 and below. On the upside, the zone of 8610-8640 will act as a stiff resistance for Nifty. The daily 14 periods RSI is hovering around levels of 40. This is a key support level on RSI, and if the daily RSI slides and sustains below 40 levels, nifty is likely to witness momentum on the downside.

BPCL, HPCL and IOC: The prices of petrol were increased by Rs.1.34/litre while the price of diesel was increased by 2.37/litre. This marks the fifth increase in the last 2 months.

Bank of Baroda: Public sector lender Bank of Baroda today said it proposes to raise up to Rs 2,000 crore on a private placement basis to meet Basel III requirements.

M&M: A year after acquiring online maternity and childcare brand BabyOye, Mahindra & Mahindra (M&M) said it will sell its franchise business to competitor FirstCry for Rs. 362.1 crore on a slump sale basis and will also invest in it.

HDFC: HDFC has raised a sum of Rs.500 crore through its fourth Masala Bond issue. Masala Bonds are rupee denominated bonds that are issued in a foreign market like the LSE. Considering that the INR has been relatively stable versus the US$, there is an increasing demand for Indian paper in global markets. The bond will carry a coupon rate of 7.25 per cent and will mature in early 2020.

Canara Bank: Canara Bank said it will raise up to Rs 2,500 crore in one or more tranches by issuing Basel III-compliant bonds.