Index trend and stocks in action November 07, 2016

The Indian benchmark indices got off to a nervous start, extending the downtrend for the third straight session as pessimistic sentiments prevailed across the Asian markets. The selling pressure heightened in the afternoon. However, some recovery from lower levels was seen and the losses were restricted to about 0.60 per cent. Now going forward immediate support for Nifty is placed around levels of 8400 and a decisive breakdown of this zone may open up for correction up to levels of 8300-8320. On the upside, the zone of 8480-8510 will act as an immediate resistance. However, if Nifty manages to sustain above this zone it's likely to scale up to levels of 8550-8580. Going forward, market is expected to take cues from the US Presidential election outcome and on the quarterly results front, the PSU banking results are on the cards and the key to watch will be if the NPA cycle is bottoming out or not. These two are the major triggers for market in the near term.


Ujaas Energy: The company had informed the exchange that it has received an order for design, supply, installation, testing and commission of Grid Interactive SPV based Solar Power System of 50 kwp at main office building of RBI, Bhopal (MP).

Lupin: Drug major Lupin said it has received Establishment Inspection Report (EIR) from the US health regulator for its Goa plant leading to closure of all outstanding inspections of the facility.

Dalmia Bharat: The board of Dalmiya group has approved the 3-way merger of Dalmia Bharat, Dalmia Cement and Odisha Cement into a single entity. All the 3 companies are currently part of the Dalmia Bharat group. Cement companies across India have been consolidating their operations and have increased their overall capacity to achieve economies of scale.

Bank of Baroda: State-owned Bank of Baroda has reduced the marginal cost of fund (MCLR) based interest rate by 0.10 per cent point across different tenors with effect from November 7.

PNB Housing Finance: Shares of PNB Housing Finance, promoted by Punjab National Bank, are going to list on exchanges today.

Grasim: Grasim has received RBI approval to raise FPI limit to 30 per cent from 24 per cent.

IOC: Petrol prices were raised by 89 paise a litre and diesel price by 86 paise a litre.

HCC: The RBI mandated Overseeing Committee (OC) has approved the (S4) Scheme of Sustainable Structuring of Stressed Assets for HCC.