Indian benchmark index Nifty opened on a positive note, made an effort to hit the record high level of 11428.95, but closed flat at 11389.45 amid intra-day volatility. Though not a part of the Nifty 50 now, one of the major PSU banks PNB shed 7.9 per cent, dragging PSU Bank index and thereby the markets. However, the gain of over one per cent each in Nifty Metal and Nifty Media indices offset the pessimism and Nifty ultimately ended flat. The price action formed a small negative candle indicating extended consolidation at higher levels. Nifty is likely to see a quiet opening on Wednesday and we expect the index to continue its sideways move and not witness any significant upmove. On the upside, Nifty may continue to face resistance around the 11,400-11,430 zone, while the level of 11,350 is likely to act as an immediate support level, followed by 11,300. The 14-period RSI on the daily chart is quoting around 71 level, which is somewhat in the overbought zone, while a bearish divergence also continues to persist.
Glenmark Pharmaceuticals: Glenmark's partner Elite Pharmaceuticals, Inc., a US specialty pharmaceutical company, has received approval from the U.S. Food and Drug Administration (FDA) for the abbreviated new drug application (ANDA) for methadone hydrochloride 5 mg and 10 mg tablets.
Mphasis: The Mphasis board has approved Rs 988.3 crore buyback of up to 3.79 per cent of the total paid-up equity share capital of the company at Rs 1,350 each.
GOCL Corporation: The company has received order from Singareni Collieries Company Limited, a PSU of Telangana state, worth Rs. 203.09 crore for the supply of explosives and accessories over a period of two years.
Patel Engineering: The civil construction company has bagged two hydro projects worth Rs 1793.5 crore and a tunnel project worth Rs 618.21 crore.
GAIL: The Gujarat High Court has dismissed the petitions filed by the Gujarat Sales Tax Department which had raised a demand of Rs 3,449.18 crore and interest thereon of Rs 1,513. 04 crore in respect of Hazira unit in Gujarat, treating the transfer of natural gas from the state of Gujarat to other states, as inter-state sales, during the period from April 1994 to March 2001.
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