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Stock Market News and Analysis:
Benchmark indices rose for the two consecutive days and ended just above 11300 mark. Among the sectors energy, infra, FMCG, bank, metal and pharma witnessed buying interest, while IT and PSU bank index closed marginally lower. Nifty closed at 11301.20 and for coming session its key support is at 11225 while on higher side its key resistance is at 11350.
Headlines for the day:
- TVS Motor Company Limited declares second interim dividend of Rs1.40 per share.
- KEI Industries Limited stated that the second phase of capex for medium voltage cables in Rajasthan was operational.
- Welspun Corp Limited received additional pipe order of 212 KMT. The company said that its order book stood at 1667 KMTs valued at Rs14,500 cror
- Piramal Enterprises Limited (PEL) announced that one of its partners for its global pharma businesses – Slate Run Pharmaceuticals LLC. has launched generic Cinacalcet hydrochloride tablets (30mg, 60mg, and 90mg) in the United States.
- JSW Steel Limited in its filing to the exchanges informed that its crude steel production declined by 6% to 12.57 lakh tonnes in February 2019 compared to 13.33 lakh tonnes in the same period a year ago.
- Jet Airways Limited share prices surged 3% in intraday trade after reports stated that the company will get Rs3,800 crore financial assistance from Etihad and National Investment and Infrastructure Fund.
- Zydus Cadila has got the final approval from the US Food & Drug Administration to market Atenolol and Chlorthalidone Tablets USP (US RLD -Tenoretic). It will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad.
- Welspun Corp Limited share prices were trading 5% higher intraday after the company received additional pipe orders of 212 KMT on global basis. Out of these additional orders, 151 KMT will be serviced from India.
- Dr Reddy’s Laboratories is seeking Indivior Plc to pay $70 millionn as a compensation for lost US sales of its generic version of opioid addiction treatment that was delayed in a patent dispute with the Indivio
- L&T Construction’s Power Transmission & Distribution business of has secured a number of Engineering, Procurement and Construction orders in India and abroad. In Andhra Pradesh, orders have been secured for design and construction of two 400kV substations and associated transmission lines.
- Calls for Tomorrow :
- CALL: BUY CENTURYTEX EQ ABOVE 909 TARGETS 918.10/927.20/936.30 SL 899.90
Description: Stock heading towards immediate resistance on daily chart and settled with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY DMART EQ ABOVE 1526 TARGETS 1541.30/1556.55/1571.80 SL 1510.70
Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 1526.