Stock Market News and Analysis:

Benchmark Indices close the volatile day on the negative side but off day’s low after cabinet announcement under Modi government. Among sectors, metal, PSU bank, infra, auto and pharma witnessed selling pressure, while buying saw in the energy and IT stocks. Nifty closed at 11922.80 and for coming session its key support is at 11830 while on higher side its resistance is at 12050.

Headlines for the day:

  • P C Jeweller has registered a net loss of Rs 376.8 crore on a standalone basis during the fourth quarter of last fiscal on account of loss in export business.
  • Steel Authority of India Limited’s Q4FY19 PAT declined 42.6% yoy at Rs468.4 crore.
  • Cox & Kings reported net profit at Rs1,388.8 cror

Key stocks:

  • Berger Paints share prices surged higher after the company registered a growth of 4.9% in its consolidated net profit to Rs111.4 crore for the fourth quarter ended on March 31. The company had posted a net profit of Rs106.2 crore in the January-March quarter a year ago. The rally was also led by oil prices declined to lower levels in 3 months. The company’s revenue from operations during the quarter was up 13.38% to Rs1,472 crore.
  • Ujjivan Financial Services share prices surged higer after the company registered a standalone net profit of Rs11.91 crore in the last quarter of fiscal ended March 2019. It had registered a net loss of Rs19.52 lakh in the corresponding quarter last year.
  • Mphasis share prices declined 1% even after net profit surged by 11.98% to Rs266.15 crore in the quarter ended March 2019 versus Rs237.67 crore during the previous quarter ended March 2018. Its sales also surge 16% to Rs 2,024.96 crore in the quarter ended March 2019 as against Rs1,744.49 crore during the previous quarter ended March 2018.
  • Jain Irrigation share prices declined over 8% in the late morning trade after the company registered a net profit decline by 44.8% at Rs53.8 crore. The company’s Q4 revenue was also declined 6% to Rs 2,583.1cror
  • Dr Reddy’s Lab share prices surged 1% in the early morning trade. The company has received the Establishment Inspection Report from US Food & Drug Administration, for  Miryalaguda plant, indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated.
  • Coal India share prices were trading higher after the company beat estimates for Q4FY19 aided by good volume and realisation growth. The company’s revenue increase by 7.5% yoy to Rs28,546 crore. EBITDA stood at Rs8,212 crore versus estimates of Rs7,604 crore. EBIDTA margin came in at 28.8% for Q4FY19. Net Profit stood at Rs6,024 crore against an estimate of Rs5,053 cror
  • Jet Airways Limited stated that it’s not in a position to approve its financial results. This is in view of the on-going bidding process undertaken by the domestic lenders for management change and resignation by members of the board of directors also to be blamed for the said action.
  • Calls for Tomorrow :

  • CALL: SELL CEATLTD EQ BELOW 972 TARGETS 962.25/952.55/942.80 SL 981.75
    Description
    : Stock heading towards its key support on daily chart and settled with bearish bias. Hence rally is expected below the mentioned level.
  • CALL: SELL INFRATEL EQ BELOW 267 TARGETS 264.30/261.65/258.95 SL 269.70
    Description: Stock heading towards its immediate support and settled with bearish bias. Hence breakout is expected ahead.
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Stock Market News and Analysis: Benchmark Indices close the volatile day on the negative side but off day's low after cabinet announcement under Modi government. Among sectors, metal, PSU bank, infra, auto and pharma witnessed selling pressure, while buying saw in the energy and IT stocks. Nifty closed at 11922.80...
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