Nifty strikes new record high in early trade

Script	S1	S2	S3	Pivot	R1	R2	R3
Nifty	9124	9104	9070	9132	9183	9203	9237
Banknifty	21192	21156	21096	21233	21307	21344	21404

Key benchmark indices edged upper in early trade following strength in Asian shares. At 9:25 IST, the gauge index, the S&P BSE Sensex, was gain 101.66 points or 0.34 Percent at 29,687.51. The Nifty 50 index was gain 18.90 points or 0.21 Percent at 9,172.60. Nifty scaled a new record high. Metal and power shares picked up in early trade.

Shares in News

Axis Bank increased 0.14 Percent after the bank said that it has audited and chosen to keep the marginal cost based lending rates (MCLRs) of the bank unmoved over the tenors, effective from 18 Mar 2017. The one yea MCLR stands unmoved at 8.25 Percent. The declaration was made later  hours yesterday, 16 Mar 2017.

Music Broadcast debuts on the 2th share market today, 17 Mar 2017. The company priced the initial public offer (IPO) at Rs 333/share, the top end of the Rs 324 - Rs 333 price band. The IPO of Music Broadcast closed with healthy response from investors. The IPO received bids for 41.58 crore shares compared with 1.04 crore stocks on offer. The IPO was subscribed 39.67 times. The issue opened for bidding on 6 March 2017. It ended on 8 Mar. 2017. Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City.

Lupin declared the released of Mibelas 24 Fe (Norethindrone Acetate and Ethinyl Estradiol Chewable Tablets, 1mg/0.02mg and Ferrous Fumarate Tablets, 75mg) having gotten an approval from the United States Food and Drug Administration (FDA) prior. Lupin's Mibelas 24 Fe is the AB rated nonexclusive likeness Allergan Pharmaceuticals International's Minastrin 24 Fe Tablets. It is demonstrated for use by females of conceptive age to avoid pregnancy. Minastrin 24 Fe chewable tablets had US sales of $360.5 million according to IMS MAT Dec. 2016. The declaration was made later exchange hours yesterday, 16 Mar 2017.

Reliance Infrastructure declared that its board has approved increasing upto Rs 2000 crore by issuing equity stocks/different securities convertible into equity stocks through qualified institutional placement (QIP), subject to approval of the shareholders of the organization. The funds up from the planned QIP will be used for capitalising by business opportunities in the defence division, for decrease of obligation and for general corporate purposes. The board has likewise approved the postal tally see looking for approval of the shareholders of the organization for the said QIP. The declaration was made later exchange hours yesterday, 16 Mar 2017.

Shoppers Stop declared that it has opened its 'Shoppers Stop' store at Nucleus Mall, Ranchi. With this, the organization has now 80 'Shoppers Stop' (counting 6 air airport stores) stores under its operations. The declaration was made later exchange hours yesterday, 16 Mar 2017.

Nocil reported that its board at a meeting hung on 16 Mar. 2017, approved development of limits of rubber chemicals and their intermediates at the organization's plants located at Navi Mumbai and Dahej. The entire capital expenditure conceived is about Rs 170 crore. The extension project is probably going to be appointed before the close of second quarter(Q2) of FY 2019. The capital expenditure would be financed to a great extent through internal accruals. The declaration was made later exchange hours yesterday, 16 March 2017.

Global Market Reviews

Abroad, Asian shares developed past session's additions. US shares shut for the most part lower yesterday, 16 Mar 2017, as unassuming increases in fiscal shares failed to offset decreases in health and utilities shares.

On Wednesday, 15 March 2017, the Federal Reserve up interest costs of course and kept on sign 2 extra climbs this year. Policymakers said inflation ought to now settle about 2 Percent and they will keep on monitoring developments with respect to the Fed's symmetric inflation goal. Markets had for the most part anticipated sign of more forceful tightening.