Stock Market News and Analysis:

Equity benchmark ended on negative note but off day’s low amid government decided to withdraw Article 370 from J&K. Among sectors, barring IT other indices are ended in the red led by energy followed by bank, metal, FMCG, auto, infra and pharma. Nifty closed at 10862.60 and for coming session its key support is at 10780 while on higher side its resistance is at 10900.

Headlines for the day:

  • NIIT Limited will consider a share buyback on August 10.
  • Spandana Sphoorty Financial Initial Public Offering opens today.
  • Tata Power Limited to install 300 electric vehicle charging stations.

Key stocks:

  • Bombay Dyeing & Manufacturing Company Limited posted its Q1FY20 results post market hours. The company reported a profit of Rs27.65 crore for the quarter ended June 2019 versus a net loss of Rs93.74 crore for the quarter ending June 2018.
  • Indian Bank share prices were trading down after posting its Q1FY20 results. The bank reported a net profit of Rs395 crore, a rise of 75% over Rs226.3 crore PAT in Q1FY19. Net interest income declined 1.2% to Rs1,785.5 crore versus Rs1,807 crore yoy.
  • BEML share prices were trading lower even after the company announced receipt of additional orders for metro coaches for the MMRDA Mumbai line. BEML has bagged further orders for Metro Coaches from M/s Delhi Metro Rail Corporation Limited for MMRDA Mumbai line 2&7 for additional 21 trainsets valued at Rs834cr.
  • Lupin Limited announced the receipt of the Establishment Inspection Report (EIR) from the US Food and Drug Administration for its Aurangabad facility. Shares of the company were down in opening trade.
  • Bata India Limited reported a growth in its net profit by 22.5% to Rs100.97 crore in the quarter ended June 2019 as against Rs82.41crore during the previous quarter ended June 2018.
  • Nestle India share prices rose more than 4% in the early trade after company posted better numbers for the quarter ended June 2019 (Q2FY20). The company’s Q2 net profit increased 10.8% to Rs 437.8 crore versus Rs 395 crore in the same quarter last fiscal.
  • Coffee Day Enterprises share prices extended losses for the ninth straight session. The company stated that it will not consider financial results for the June quarter at its August 8 board meet due to “certain unavoidable circumstances.
  • Calls for Tomorrow :

  • CALL: SELL M&M EQ BELOW 539.30 TARGETS 533.90/528.50/523.10 SL 544.70
    Description:
    Stock form consolidation near its 52 week low support and settled with bearishly bias. Hence rally is expected below the mentioned level.
  • CALL: SELL DRREDDY EQ BELOW 2496.25 TARGETS 2471.25/2446.30/2421.35 SL 2521.25
    Description: Stock settled near its immediate support with bearishly bias on daily chart. Hence breakout is expected ahead.
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Stock Market News and Analysis: Equity benchmark ended on negative note but off day's low amid government decided to withdraw Article 370 from J&K. Among sectors, barring IT other indices are ended in the red led by energy followed by bank, metal, FMCG, auto, infra and pharma. Nifty closed at...
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