Index trend and stocks in action March 14, 2017

On Friday, Nifty opened the session with a gap-up, and showed an up move during the early part of the session, however, it failed to sustain at higher levels and declined from the highs, eventually ending the day with marginal gains. Nifty had been moving in a merely 100-120 points range in the last couple of weeks, ahead of the outcome of five state assembly results. But, now things are clear and the Modi-led BJP  has emerged as the strongest party in Uttar Pradesh, wherein the Bharatiya Janata Party won over 300 seats out of 403 seats. The number is way above the estimates of exit polls. On Tuesday, we may see a gap up opening, and it would be important to see whether the Nifty holds on to the level of 9119 on a closing basis. If it does so, a fresh leg of rally will start, and the Nifty in that case is likely to touch levels of 9280-9400 in the short term. On the downside, the zone of 8980-9000 will act as a major support level.

Alkem Labs: Drug firm, Alkem Laboratories said the US health regulator has inspected its Baddi plant and issued three observations on account of violation of goods manufacturing norms.

NBCC: State-owned NBCC has bagged a contract to construct new Supreme Court building in Mauritius with a project value of Rs 250 crore.

ACC: ACC sells its entire 12.13 per cent equity stake in Shiva Cement Ltd., for Rs 16.35 per share aggregating to Rs 38.67 crore.

Coal India: State-owned Coal India's arm, CCL said that it will not go ahead with the proposed buyback plan worth Rs 1,001.9 crore.

Uniply Industries: Board to meet on March 16 to consider fund raising for company's proposed expansion and growth plans.

Bombay Burmah Trading Corporation: Issues commercial paper of Rs 50 crore on March 10, 2017 for 90 days, with a maturity date of June 8, 2017.