Stock Market News and Analysis:

An extremely strong day of trade ended with the Nifty ended above 10,250-mark. Index heavyweights such as Infosys, ITC, Reliance Industries, and TCS rallied and aided sentiment. Nifty closed at 10250.85 and for coming session its key support is at 10120 while on higher side its key resistance is at 10300.

Headlines for the day:

  • Search committee of YES bank limited has finalised the profile for a potential candidate for the post of CEO and has a list of candidates, based on initial industry mapping.
  • India Cements Limited to acquire Springway Mining Private Limited for Rs183 crore to set up a cement plant in Madhya Pradesh.
  • Dr Lal Path Labs got NCLT for merger of Delta Ria with itself, subject to NCLT, Ahmedabad’s approval.

    Key stocks:
  • Tata Power shares were trading 13% up in the afternoon session on a rally caused by a favorable judgment of the Supreme Court on the Power Purchase Agreements as well as upbeat Q2FY19 numbers.
  • Prakash Industries Limited Net Sales for Q2FY19 was Rs 950 crore and EBITDA was Rs192 crore, registering growth of 47% and 55% respectively over the corresponding quarter of the last financial year.
  • Natco Pharma Limited has stated that it will consider the buyback of shares on November 05, 2018, when it releases its Q2FY19 numbers. The shares of the company have declined by 30% over the past 12 months. Since March 2018, its shares have been trading in a range-bound manner.
  • Lal PathLabs Limited has got an approval from the NCLT’s New Delhi bench for the merger of Delta Ria and Pathology with self. Despite the development, the company’s share prices declined 2% in the late morning trade.
  • Reddy’s share prices rose 6% as its PAT increases by 77% yoy to Rs503.8 crore in Q2FY19 versus Rs284.9 crore Q2FY18. The result is above expectations and overall growth and margins are higher due to the better performance owing to 36% yoy growth in the emerging market business.
  • Cipla Limited has got a final US Food & Drug Administration approval for its Metoprolol ER Tablets 50mg/100mg/200mg. Metoprolol succinate extended-release is a therapeutically equivalent version of Aralez Pharma’s drug Toprol XL.
  • Axis Bank Limited share prices surge 6% as the company announced stake sale in NSDL in a press release to the exchanges on Friday evening after market hours. Axis Bank has also benefited from the fact that the entire banking sector is trading higher.
  • Calls for Tomorrow :

  • CALL: BUY CANBK EQ ABOVE 241 TARGETS 243.45/245.85/24825 SL 238.55.
    Description: Stock heading towards its major resistance on daily chart and rally is expected below the mentioned level.
  • CALL: BUY TVSMOTOR EQ ABOVE 559 TARGETS 564.60/570.20/575.80 SL 553.40
    Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 559.
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Stock Market News and Analysis: An extremely strong day of trade ended with the Nifty ended above 10,250-mark. Index heavyweights such as Infosys, ITC, Reliance Industries, and TCS rallied and aided sentiment. Nifty closed at 10250.85 and for coming session its key support is at 10120 while on higher side...
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