Index trend and stocks in action October 06, 2017

During previous trading session, Nifty opened the session on a positive note, however, it failed to sustain at higher levels and slipped in negative terrain and ended the day below its important psychological mark of 9,900. On the daily chart Nifty has formed a negative candle, which is placed beside the positive candle which was formed on 04th October, 2017. Nifty has retraced 50% of the recent fall and it’s facing resistance at its 50-day SMA and moreover, formation of negative candle at the resistance level suggests that the pullback could be nearing its maturity. Going forward, the level of 9,950-9,990 is a strong hurdle of the markets. On the downside, 9,850 and 9,800 is where nifty is likely to support in case of correction.

Shoppers Stop: Board of Directors of the Company, at its meeting has approved sale of 77,158,778 equity shares of Rs 10 each, constituting 51.09% of the paid up share capital of Hypercity Retail to Future Retail subject to execution of binding definitive documents, receipt of necessary approval from the shareholder of the company and such other regulatory/statutory approvals, as may be required.

Majestic Auto: The Company has shut down its ‘Fine Blanking Division’ which was a part of its manufacturing business vertical at Greater Noida, due to unviable business operations, lack of viable order and profitability.

Radio City: Radio city announced the launch of its new age web platform radiocity.in Hindi, becoming the only radio network in the India to offer an exclusive Hindi website.

Phoenix Mills: The Company's wholly owned subsidiary, Market City Resources Private Limited (MCRPL) has acquired 50% stake in Columbus Investment Advisory Private Limited (CIAPL) for a consideration of Rs. 55.50 lakhs.

Tata Steel: Company has reported a 19.4% rise in domestic steel sales in the quarter ended September 30, 2017 to 3.13 million tonne (provisional) against 2.62 million tonne in the same period last year. Bank of Baroda: Bank of Baroda cut MCLR by 5 basis points with effect from October 7, 2017.