Index trend and stocks in action February 27, 2017

In the last trading session, the Nifty started on a positive note and it capitalised on the momentum further, registering a 52-week high. However, the optimism started showing signs of easing in late hour of trade as volatility set in due to expiry of Future and Option for the February series. In the end, the Nifty settled with marginal gains. After forming a Doji candle as on February 23, 2017, the Nifty has formed another small negative candle with a long upper wick, which is suggesting tentativeness at the higher level. Nifty is facing resistance around the previous intermediate top of 8970 levels. Hence, the zone of 8970-9000 will be a crucial level to watch out for in the near term. A sustained move above the level of 8970-9000 may open up for a rally upto levels of 9100. On the downside, immediate support stands at levels of 8880, and breach of this support zone is likely to open up for correction upto levels of 8820.

Canara Bank: Bank dilutes its 13.45 per cent stake in Can Fin Homes at a base price of Rs 2,000 per share for the company.

Max Ventures and Industries: Company to seek shareholders’ approval to sell 35.93 percent stake in Max Specialty Films for Rs 146.75 crore. It will also increase its borrowing limit to Rs 180 crore.

State Bank of India: Acquisitions of associates such as State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad will be effective from April 1, 2017.

Gayatri Projects: The infrastructure company's joint venture, Sembcorp Gayatri Power, concluded the construction of a 1320 megawatt thermal power plant.

IDBI Bank: Rating agency, ICRA, has downgraded various debt instruments of IDBI Bank owing to a significant erosion of its common equity tier I (CET 1), following weak financial performance of the bank in the quarter ended December.