Index trend and stocks in action October 20, 2016
Chirag Gothi / 20 Oct 2016
Nifty is facing resistance around October 13, 2016's opening downside gap. Going forward the zone of 8700-8730 will act as a stiff resistance for Nifty. On the downside, the zone of 8600-8630 will act as a support for Nifty.
Indian benchmark indices started the session on a positive note, but Nifty was not able to sustain at higher levels after the opening. It later shifted into a sideways to negative bias. However, some recovery was witnessed in the second half, which failed to hold on. At the end Nifty ended with marginal losses. On the daily chart Nifty has formed a small negative candle; however, this candlestick pattern doesn’t have any analytical value as it’s usual after a strong move of over 1.5 per cent. On Tuesday market took a breather. Nifty is facing resistance around October 13, 2016's opening downside gap. Going forward the zone of 8700-8730 will act as a stiff resistance for Nifty. On the downside, the zone of 8600-8630 will act as a support for Nifty.
NBCC: The government will be looking to raise Rs.2200 crore through the sale of a 15% stake in state owned construction company, NBCC. The floor price of the issue has been set at Rs.246.50/- and the offer for sale (OFS) will be open on Thursday and Friday.
Axis Bank: Axis Bank proposes to raise Rs.5000 crore through the issue of debentures. The money will be used to fund its expansions.
Quess Corp: Business services provider Quess Corp said it has entered into agreements to acquire stakes in Singapore-based Comtel Solutions and two domestic firms - Terrier Security Services and Simpliance Technologies - for undisclosed sums.
TVS Group: Canadian fund CDPQ, which has been lately very active in India, has picked up a minority stake in TVS Logistics for a consideration of Rs.1000 crore. CDPQ will be buying out the existing stake of Goldman Sachs and KKR in the logistics arm of the TVS group.
Tata Coffee: Tata Coffee has reported a 62 per cent increase in consolidated net profit at Rs 44.65 crore for the quarter ended September 30. The company’s net profit had stood at Rs 27.58 crore in corresponding period a year ago.
NCC: Consortium of NCC and BGR has been awarded the Pachhwara North Coal Block Mine Developer and Operator Project. The rate of mining fee per ton of Coal is about Rs 890 and the total duration of project is about 30 years.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.