Index trend and stocks in action March 21, 2017

On Monday, the Nifty got off to a flat start and slipped into a decline mode during the early part of the trading session. Thereafter, it traded in a narrow range for the entire trading session, and ended the session with losses of 0.36 per cent. After registering all-time high levels of 9218, it witnessed a minor correction, however, the up-side gap area which was formed as on March 16, has been filled partially, and the immediate support is placed around levels of 9106 i.e. the gap area. A breach of this support level is likely to invite correction upto levels of 9060. On the upside, immediate resistance is likely in the range of 9170-9200. 

HCL Technologies: IT major, HCL Technologies, said its board has approved a buyback of shares worth Rs 3,500 crore.  

Engineers India: The company said its board has approved a buyback of over four crore equity shares worth Rs 658.80 crore.

Oil India: The government-run company will buyback 5.6 percent of the company's shares worth Rs 1,527 crore.

Tata Motors: The car maker plans to raise Rs 500 crore via non convertible debentures. The move will be discussed with the board members in a meeting on March 24, 2017, the company said.

IL&FS Engineering and Construction: The company secured a Rs 222.7 crore project for rural electrification in Ranchi. The project is covered under the Deen Dayal Upadhyaya Gram Jyoti Yojana run by Rural Electrification Corporation.