Index trend and stocks in action December 12, 2017

During the previous trading session, Nifty opened with an upside gap and, thereafter, profit-booking emerged and it traded in a sideways range with a positive bias. However, in the second half of the trading session, bulls regained strength and Nifty closed near the day’s high. Nifty has retraced 78.6% of the recent downfall. Going forward, the opening downside gap (10,346-10,333) which was formed as on November 30, 2017, would act as a stiff resistance. A move above this gap resistance would open the gates for further upmove up to the levels of 10,370 and 10,410. On the downside, the level of 10,280 would act as a crucial support, followed by 10,260. 

Dr Reddy’s Lab: Company has received an Establishment Inspection Report (EIR) from the USFDA post closure of audit of the Formulations Manufacturing Plant- 3 at Bachupally, Hyderabad. 

Asian Paints: The company has purchased the balance stake in the kitchen solution provider company, Sleek International by acquiring 49% of the share capital. Sleek has now become a wholly-owned subsidiary of the company. 

Xpro India: Company has sold land located in Kolkata for a consideration of Rs 21 crore.   

Natco Pharma: Approved floor price of QIP at Rs. 937.63 per equity share. 

GNA Axles: The company has started commercial production from its two newly installed Automated Machining Lines for Rear Axle Shafts at its Unit - II at Gulabgarh Jattan, Punjab. 

Canara Bank: Company floats request for proposal to select bankers to raise equity through a QIP.