Index trend and stocks in action November 01, 2016

Indian benchmark indices witnessed a strong initial trade on the day of Samvat 2073, and the mood that seemed jubilant in the beginning, turned a bit cautious in the short Muhurat trading session. On the daily chart Nifty filled the opening downside gap which was created as on October 26, 2016. Now going forward, the zone of 8665-8685 will act as a stiff resistance for the Nifty. A decisive move above this resistance zone may open up for up-move up to levels of 8740. On the downside, immediate support is placed in the zone of 8580-8600, and if it sustains below this zone, it's likely to test levels of 8530-8500.

Sical Logistics: Sical Logistics signs contract with West Bengal Power Distribution Corporation. The project is expected to go on for seven years and can generate revenues worth Rs 1,500 crore.

Heritage Foods: Heritage Foods signs agreement to purchase Dairy Business of Reliance Retail.

ONGC: ONGC Videsh Ltd, the overseas arm of state-owned ONGC, has completed the acquisition of additional 11 per cent interest in Russia’s Vankor oilfield, taking its total stake to 26 per cent.

Karnataka Bank: The bank has informed the BSE that the board of directors at its meeting, finalised the right issue opening and issue closing dates. The issue opens on November 7, and closes on November 21. Last date for request of split application form is November 15.

Biocon: India’s bio-pharma major Biocon has been ranked among top 10 biotech employers, the only Asian Company to feature in 2016 rankings.

Tata Steel: Brickwork Ratings, has downgraded Tata Steel’s credit rating with a negative outlook citing ‘heightened management risk’ which may impact its strategic decision making process following the ouster of Cyrus Mistry as chairman of Tata Sons.