Index trend and stocks in action March 10, 2017

On Thursday, the Nifty opened the session with a negative bias and thereafter it shifted into a narrow consolidation phase. However, some buying was witnessed in last hour of trade, but it was restrictive. On the daily chart a small body candle has been formed, and this candle does not have any significant value or importance. Nifty has been moving in a sideways manner or a range of 8860-8893 for past 10-12 trading sessions. Hence, the level of 8860 is an important level to watch out for on the downside; and on the upside, the level of 8990-9000 is a key resistance. Breakout on either side will trigger a trending move, and if Nifty sustains below 8860, it may correct up to levels of 8780-8730. On the upside, if nifty sustains above 9000, it's likely to test levels of 9119.

Hindalco Industries: Hindalco Industries, an Aditya Birla Group company, has raised Rs 3350 crore through issue of shares under qualified institutional placement. The Capital-raising Committee of the company’s board met and approved the proposal to allot 17,68,27,659 equity shares at Rs 189.45 a piece.  

Tata Motors: Tata Motors reported about 3 per cent rise in global sales in February at 1,03,064 units, including that of Jaguar Land Rover (JLR) vehicles.  The company had sold 99,842 units in February 2016.

ICICI Bank: ICICI Bank has approved proposal for fund raising by way of issuance of basel III compliant unsecured subordinate perpetual additional Tier 1 Bonds in single/multiple tranches in any currency through public/private placement on terms decided at the time of issuance.