Index trend and stocks in action November 08, 2016

The Indian benchmark indices opened with sharp upside gap, and shifted later into sideways consolidation for the better part of the session. However, weakness emerged during the latter part and Nifty closed the session below 8500 mark. Nifty failed to sustain above the level of 8530-8550. Now going forward this zone will act as a stiff resistance for the Nifty as previously, the zone of 8500-8550 has proved to be a strong support zone for the market since the month of July. On the downside, support is placed around levels of 8400 mark and decisive breach of 8400 mark is likely to open for correction up to levels of 8320.

ICICI Bank: ICICI Bank has reported marginally higher profits but the big worry was on the NPA front. The profit situation could have been a lot worse had it not been for the windfall gains from the sale of ICICI Pru stake as part of the OFS. Net profit is up by 2.4 per cent at Rs 3102 crore while NII is flat at Rs 5253 crore.

UCO Bank: UCO Bank will raise over Rs 270.59 crore by issuing shares to state-owned life insurer LIC on a preferential basis.

Jet Airways: Jet Airways will launch a daily direct flight from Bengaluru to Singapore beginning December 14 this year.

Britannia Industries: Bakery and dairy product maker Britannia Industries has reported a 5.79 per cent increase in consolidated net profit at Rs 233.95 crore for the second quarter ended September, 2016.

Ceat: Ceat has reported a 5.5 per cent increase in standalone net profit of Rs 101.82 crore for the second quarter ended September 30, 2016. The company had posted net profit of Rs 96.49 crore in the corresponding period of the last financial year.