Stock Market News and Analysis:

Equity benchmark remained under pressure throughout the day and the final hour selling has dragged the benchmark indices to the day’s low level. All the sectoral indices ended negative led by the PSU Bank, energy, metal, pharma, infra, FMCG, auto and IT. Nifty closed at 10797.90 and for coming session its key support is at 10700 while on higher side its resistance is at 10900.

 

Headlines for the day:

  • JK Tyre share prices rose 5% on releasing pledge on shares from KKR Capital.
  • Allahabad Bank and Indian Bank will be merged to form a Rs8.08-lakh crore entity.
  • Board of directors of Yes Bank has approved an increase in authorised share capital to Rs1,100 crore from Rs800 crore.

Key stocks:

  • Tata Motors Limited share prices continue to remain under pressure in noon trade, after the company posted very weak sales numbers for August 2019. Tata Motors total sales in August 2019 stood at 32,343 vehicles, compared to 62,688 units during August 2018.
  • TVS Motor Company reported sales of 2.90 lakh units in August 2019 versus sales of 2.79 lakh in July 2019, and 3.43 lakh units in the month of August 2018. Total two-wheeler sales came in at 2.75 lakh units in August 2019 versus sales of 3.30 lakh units in the month of August 2018. Domestic two-wheeler registered sales of 219,528 units in August 2019 as against sales of 2.75 lakh units in the month of August 2018
  • Reliance Power share prices rose in noon trade as the co. inked a partnership agreement with JERA, forjointly setting up a 750 Mega Watt gas-based combined cycle power project (Phase—1) at Meghnaghat, Bangladesh.
  • Biocon Limited stated that US Food & Drug Administration issued Complete Response Letter for the New Drug Application for Insulin Glargine filed by partner Mylan. The commercialisation plans remain unchanged. US Food & Drug Administration also completed surveillance Current Good Manufacturing Practice inspection of one of the company’s biologics drug product facilities in Bengaluru. The inspection concluded with four observations.
  • Mahindra & Mahindra Ltd. announced that it has entered into an agreement with Meru to acquire 55% of equity stake, the Company has inked a Share Subscription and Shareholder Agreement for subscribing upto 55% of the Equity Share Capital of Meru Travel Solutions Private Limited in tranches.
  • Ashok Leyland informed that it has witnessed a 50% fall in total domestic vehicles sales for the month of August 2019 at 8,296 units as compare 16,628 units in August 2018. Total M&HCV sales plunged 63% at 4,585 units for August 2019 as against 12,420 units in the corresponding quarter last year.
  • Bajaj Auto released its sales August 2019 sales data. The company reported 11% decline in total sales at 390,026 units in August versus 437,092 units in the corresponding month a year ago. Total domestic sales for the month of August stood at 208,109 units as against 255,631 units in August 2018, lower by 19%.
  • Calls for Tomorrow :

  • CALL: SELL SBIN EQ BELOW 266.85 TARGETS 264.15/261.50/258.80 SL 269.55
    Description:
    Stock form consolidation and settled near its immediate support with bearishly bias. Hence breakout is expected ahead.
  • CALL: SELL BEL EQ BELOW 100.20 TARGETS 99.20/98.20/97.15 SL 101.20
    Description: Stock settled near its immediate support with bearishly bias on daily chart. Hence rally is expected below the mentioned level.
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Stock Market News and Analysis: Equity benchmark remained under pressure throughout the day and the final hour selling has dragged the benchmark indices to the day's low level. All the sectoral indices ended negative led by the PSU Bank, energy, metal, pharma, infra, FMCG, auto and IT. Nifty closed...
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