Index trend and stocks in action December 21, 2016

On Tuesday, Nifty index opened on a flattish note due to mixed cues from the global markets. In the first couple of hours of trade, the Nifty oscillated in a narrow range. However, in the afternoon session selling emerged and index slipped below important psychological mark of 8100. In the closing hour some buying emerged at lower levels and finally the Nifty settled around levels of 8082. The Nifty almost registered a low of 8062, which is near about 61.8 per cent retracement level of recent rise from levels of 7916.4 to 8274.95. Now going forward, if Nifty sustains below the zone of 8050-8060, it’s likely to test levels of 7990, which is 78.6 per cent retracement level of recent rise. On the upside, the zone of 8130-8150 is likely to act as a stiff resistance.

Godrej Consumer Products: FMCG major, Godrej Consumer Products has acquired Kenyan firm, Charm Industries as its wholly-owned  subsidiary by acquiring the rest 49 per cent share for an undisclosed amount.

Jyoti Structures: The company has received an order from ESKOM, the South African utility, for supply of towers and construction of 765 and 400 KV Masa Ngwedi Transmission line Sec C. The order valued at around US$15 million is to be executed in 18 months.

Sun Pharma: Sun Pharma completes acquisition of 85.1 per cent stake in JSC Biosintez.

Satin Creditcare Network: Board of directors to meet on December 23 for considering the issuance of NCDs worth Rs 15 crore via private placement.

Sasken Communication Technologies: Sasken Communication Technologies to decide the price of share buyback and eligibility of participants on December 23.

Bharti Airtel: The telecom major said its subsidiary Network, i2i has entered into a definitive agreement with Egyptian firm Orascom to acquire the latter’s entire equity stake in Middle East North Africa Submarine Cable systems for an undisclosed amount.