Index trend and stocks in action November 01, 2017

During the previous trading session, Nifty opened the session flat with a negative bias and it ended the session with modest losses. Nifty snapped its sixth consecutive session of higher high, higher low formation and the day’s action formed a small bearish candle. Going forward, a close below the level of 10,310 will signal a pause in momentum and lead to a minor degree correction up to levels of 10,240-10,250 in the coming sessions. Whereas, holding the level of 10,310 and strength above Tuesday’s high (10,368) will signal continuation of the positive momentum.   

Allahabad Bank: Asset Liability Management of Committee (ALCO) of the Bank reviewed the existing Marginal Cost of Funds Based Lending Rates (MCLRs) and decided to reduce MCLR in all the tenors by 15 basis points. 

MRPL: Company has issued a clarification to a news that appeared in leading financial website quoting “HPCL to acquire MRPL in share-swap deal”, the news item is factually incorrect. 

Karnataka Bank: Karnataka Bank reduces its MCLR by 10 bps. 

Bharti Airtel: Bharti Airtel to mull sale of controlling stake in Bharti Infratel. 

RCOM: The Board of Directors of Reliance Communications Limited, at its meeting held in Mumbai, took on record the demerger of Sistema Shyam Teleservices Ltd’s telecom business in India, run under the brand name MTS, with the company. The Board also approved the issuance of shares to the tune of 10% of the equity shareholding of Reliance Communications Limited, to SSTL, as part of the agreement between the two companies. 

CESC: A meeting of equity shareholder of the company shall be held on December 15, 2017 for the purpose of considering and, if thought fit, approving, with or without modification a Composite Scheme of Arrangement amongst CESC, nine of its unlisted subsidiaries and their respective shareholders under sections 230 to 232 and other applicable provisions of the Companies Act, 2013.