Stock Market News and Analysis:

Benchmark Indices witnessed intensified selloff in the last hour, which dragged the market to lower points. The Nifty gave up 11,000-mark and closed at 10943.60 and for coming session its key support is at 10875 while on higher side its key resistance is at 11025.

 

Headlines for the day:

  • RBI levied a penalty of Rs1 crore on State Bank of India for non-monitoring of the end use of funds in respect of one of its borrowers.
  • Ceat Limited stated that it commissioned the commercial production of Truck Bus Radial Tyres at the expansion phase of Halol plant in Tamil Nadu.
  • Fortis Healthcare Limited appointed Dr. Ashutosh Raghuvanshi as the CEO of the company w.e.f March 18.

Key stocks:

  • Britannia Industries share prices were in the red even after the company declaring strong numbers for the quarter ended December 2018. Share prices dropped to a low of Rs. 3095 as the company posted a 13% hike in PAT.
  • Cadila Healthcare Limited informed that the company has received approval from the US Food & Drug Administration to market Carbamazepine Extended-Release Tablets USP 100 mg, 200 mg, and 400 mg.
  • Tata Motors share prices slumped 15% in the morning trade after the company missed expectations in Q3FY19 at the consolidated level. The company plunged into a net consolidated loss due to asset impairment in JLR of Rs27,838 crore. Reported consolidated net loss was Rs26,992 crore versus net profit of Rs1,193 crore in Q3FY18 and net loss of Rs1,049 crore in Q2FY19..
  • Raymond clarified that the related party transactions are undertaken in compliance with laws and on an arm’s length basis, which has been certified by independent reputed accounting firms.
  • Jet Airways Limited stated that four aircrafts have been grounded due to non-payment of amounts outstanding to lessors under lease agreements, while three aircrafts which were grounded earlier for engine normalisation are back in commercial operations.
  • Shares of HealthCare Global Enterprises surged 2% after the company informed that it will increase its stake from 50.1% to 100% in its arm BACC Healthcare.
  • Aurobindo Pharma Limited informed that the company has signed a share subscription agreement to invest Rs15 crore in Synergy Remedies Private Limited a Tirupathi based pharma company.
  • Calls for Tomorrow : 
  • CALL: SELL GLENMARK EQ BELOW 610 TARGETS 603.90/597.80/591.70 SL 616.10
    Description
    : Stock heading towards its key support on daily chart and rally is expected below the mentioned level.
  • CALL: SELL EQUITAS EQ BELOW 112 TARGETS 110.85/109.75/108.60 SL 113.15.
    Description: Stock heading towards its immediate support on daily chart and breakout is below 112.
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Stock Market News and Analysis: Benchmark Indices witnessed intensified selloff in the last hour, which dragged the market to lower points. The Nifty gave up 11,000-mark and closed at 10943.60 and for coming session its key support is at 10875 while on higher side its key resistance is at 11025.   Headlines...
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