Stock Market News and Analysis:

November Series began on a subdued note, with the Nifty ending below 10,400-mark. Banks were the gainers during the session, while Pharmaceuticals, IT, and consumption names were the big losers in trade today. Nifty closed at 10380 and for coming session its key support is at 10300 while on higher side its key resistance is at 10450.

Headlines for the day:

  • Coal India Limited OFS’ non-retail category got a 106% demand bid at 15.84 crore shares at an indicative price Rs266/share versus 14.9 crore shares offered.

 

  • Eicher Motors Limitedregistered production loss of 25,000 motorcycle units in September-October due to a strike at its Chennai plant.
  • Bosch Limited to consider share buyback proposal for Nov 5.

    Key stocks:
  • Tata Motors Limited reported 18% yoy domestic volume growth in October 2018. Company sold 57,710 vehicles in October 2018 in the domestic market in October 2018 against 48,886 vehicles in October 2017. It sold 4,554 vehicles in October 2018 in the export market against 4,311 vehicles in October 2017, up 6% yoy. On the whole, it sold 62,264 units in October 2018.
  • NCC Limited shares were trading 5% higher in the afternoon session as the company secured the orders worth Rs1,345.78 crore in October. Out of this, two orders totaling to Rs560.02 crore pertain to buildings division, one order of Rs753.81 crore pertains to Mining Division, and the fourth order worth Rs31.95cr pertains to water and environment division.
  • Zydus Cadila has launched Vardenafil Hydrochloride in the US market upon receiving the final approval from the US Food & Drug Administration. Manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad, the medication is indicated for the treatment of erectile dysfunction.
  • Mahindra and Mahindra Limited registered total volume growth of 14% yoy in October 2018. It sold 58,416 units in October 2018 against 51,160 units in October 2017 and 55,022 units in September 2018. Domestic volumes were up 13% yoy at 55,350 units while exports were up 33% yoy at 3,066 units.
  • Glenmark Pharmaceuticals Limited has launched Nourkrin in Russia. Reacting to this development, shares of the company rose 1% in afternoon trade. Glenmark Impex LLC, the Russian subsidiary of Glenmark Pharmaceuticals, will market Nourkrin Woman and Nourkrin Man in Russia.
  • L&T Limited share prices surged 6% in the morning trade after its Q2FY19 results beat estimates on all front. The company’s revenue rose 21.3% yoy to Rs32,080.8 crore against Rs26,446.8 crore in Q2FY18.
  • United Bank of India stated that it plans to raise up to Rs3,000 crore by issuing shares on preferential basis. The board of directors of the bank has approved raising of equity capital, in one or more tranches, for an amount not exceeding Rs3,000 crore by way of preferential allotment of equity shares,” the bank claimed.
  • Calls for Tomorrow : 
  • CALL: SELL COALINDIA EQ BELOW 259.65 TARGETS 257.05/254.45/251.85 SL 262.25.
    Description: Stock heading towards its major support on daily chart and rally is expected below the mentioned level.
  • CALL: BUY TVSMOTOR EQ ABOVE 550 TARGETS 555.50/561/565.50 SL 544.50
    Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 550.
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Stock Market News and Analysis: November Series began on a subdued note, with the Nifty ending below 10,400-mark. Banks were the gainers during the session, while Pharmaceuticals, IT, and consumption names were the big losers in trade today. Nifty closed at 10380 and for coming session its key support is...
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