Market update 22nd March

Market opened down by almost 70 points taking global cues as US stock sank yesterday. Market is expected to be negative for intraday session although a slight up move in afternoon session can not be ignored but sentiments remains negative.This correction was due in the market and for short term trader 8950 will act as a support for nifty on the another hand sentimental support is of 9000. The trading activity yesterday showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1662.72 crore yesterday, 21 March 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 798.57 crore yesterday, 21 March 2017, as per provisional data.9170-9200 will act as a resistance zone.

Stocks which will be in focus today:

Dena Bank: Board approves raising of share capital by the bank, amounting to upto Rs 800 crore.

Wockhardt: Drug firm, Wockhardt, has received approval from the US heath regulator to market generic version of Wyeth’s Zosyn, used for treating bacterial infections, in the American market.

Adani Enterprises: Adani Enterprises said it has acquired Adani Infrastructure Pvt. Ltd., (AIPL), which is yet to commence business operations.

ABC Bearings: Sells its entire 2.5 percent equity stake in NSK-ABC Bearings Pvt. Ltd., to NSK India Sales Company Pvt. Ltd., pursuant to the terms of a share purchase agreement, signed on March 21, 2017.

HDFC: To decide on raising bonds via MTN programme on March 24, 2017.

Nila Infrastructure: Receives Amreli bus terminal and Modasa bus terminal contract from Gujarat State Road Transport Corporation (GSRTC).