Index trend and stocks in action January 18, 2017

On Tuesday, the Nifty opened the session on a flattish note and moved higher in the initial part of the trading session. However, it failed to sustain at higher levels and slipped into intraday decline during the afternoon, ending the session below 8400, with losses of 0.18 per cent. Over the last three trading sessions, the Nifty has registered a low around levels of 8373-8378, and this zone has offered good support to the bulls in the last couple of trading sessions. Basically, we are witnessing a time wise correction in the Nifty index. Now going forward, as Nifty holds level of 8370, the bias remains bullish. If the Nifty fails to hold this support level of 8370, then we can witness a correction upto levels of 8310-8330. On the upside, the zone of 8460-8510 will remain a major hurdle for the Nifty in the short term.

State Bank of India: The country’s largest lender has hit the international debt market with a benchmark issue to raise around $500 million as part of its $10-billion medium-term notes programme.

Mercator: Company set QIP issue price at Rs 40.75 after giving a discount of 4.79 per cent.

Orient Papers: Company’s October production rose 2.2 per cent to a month earlier while domestic sales declined about 12 per cent in the same period.

Quess Corp: Shareholders approved issue of non-convertible debentures (NCDs) worth Rs 150 crore.

Tata Motors: N Chandrasekaran has been appointed as additional director and chairman of the board.

Capital First: Company has raised Rs 500 crore by issue of NCDs on a private placement basis.

Bharat Wire Ropes: Company has booked orders worth Rs 8 crore, with defence orders comprising nearly Rs 6.5 crore.