Index trend and stocks in action February 02, 2017

On Wednesday, the Nifty opened the session on a flat note and shifted into a narrow band till the afternoon session. However, Nifty gained momentum on the upside after the conclusion of the presentation of the Union Budget, and there was no looking back thereafter. Finally the Nifty ended the day near the day’s high. On the daily chart Nifty has formed a long range bull candle, which indicates strength on the upside. Wednesday's candle has managed to surpass the negative candlestick pattern of the past couple of trading sessions, and has registered a new swing high of 8722.4. Now going forward, key level to watch out on the upside is 8740 and if the Nifty sustains above this zone, it's likely to scale higher upto levels of 8800. On the downside, important support is placed around levels of 8640.

Apollo Tyres: Apollo Tyres posted 6 per cent increase in consolidated net profit to Rs 296 crore for the December quarter, riding on robust sales across domestic and overseas markets. The company had reported a net profit of Rs 279 crore for the same period of last fiscal.

Shree Renuka Sugars: Shree Renuka Sugars reported a net loss of Rs 42 crore for the quarter ended December 31, 2016. Its net loss stood at Rs 24.1 crore in the same quarter last year.

Mahindra & Mahindra: Auto major, Mahindra & Mahindra reported 10 per cent decline in the total sales at 39,303 units in January. The Company had sold 43,789 units in the same month last year.

Tata Motors: Tata Motors posted a 1 per cent fall in total sales in January at 46,349 units.

Dishman Pharmaceuticals: The company informed bourses that its  Bavla facility was successfully inspected by the USFDA in July 2016, which was intimated to the stock exchange on July 09, 2016. In this regard, Dishman Pharmaceuticals has received the Establishment Inspection Report (EIR) from the US FDA for this facility on February 01, 2017.