Index trend and stocks in action December 08, 2016

The Indian benchmark indices got off to a positive start and shifted into sideways consolidation for the better part of the session. Around 2:30 pm, the RBI announced no change in repo rate, whereas market participants where expecting a rate cut, this didn't go well with the market and a sudden bout of selling was witnessed.  The Nifty index managed to fill the gap of December 2, 2016. However, it failed to sustain above the gap level and ended  just near the 8100 mark. Now going forward, the zone of 8070-8080 is likely to act as a support zone for the index. Breakdown of this support zone may open up for correction up to levels of 7980-8000. On the upside, level of 8150 may act as a stiff resistance zone.

IOC, BPCL, HPCL: IOC, BPCL and HPCL signed a pact to build India’s biggest oil refinery at a cost of $30 billion on the west coast.

Tata Steel: A Tata Steel subsidiary has sold its tug services firm to Adani Port and Special Economic Zone for Rs 106 crore.

Divi’s Laboratories: Drug firm Divi’s Laboratories said the US health regulator has made five observations after inspection of its manufacturing plant at Visakhapatnam in Andhra Pradesh.

Crompton Greaves: The company has reported a consolidated net loss of Rs 10.41 crore in the quarter ended on September 30, 2016. The group had a net profit of Rs 10.58 for the quarter ended September 30, 2015.