Fundamental Report of Equity Market by Expert
Stock Market News and Analysis:
Equity benchmark ended near the day’s low with Nifty finished below 10,650 level. Barring realty and media, all the sectoral indices ended in red led by FMCG, IT, metal, pharma, auto, bank and infra. Nifty closed at 10640.95 and for coming session its key support is at 10580 while on higher side its key resistance is at 10700.
Headlines for the day:
- Arm of BPCL executed long term liquefied natural gas sale purchase agreement with Mozambique LNG1 for 1MMTPA of LNG for 15 years.
- PNC Infratech secured an order from PWD for a project worth Rs186.48 crore.
- SC sets aside NGT green light for Sterlite plant of Vedanta.
- Titagarh Wagons Limited announced that its wholly-owned Italian subsidiary Titagarh Firema Adler SpA has been awarded a Letter of Acceptance for the design, manufacturing, and supply of 54 units of Metro from Ferrovia Circumetnea, Italy.
- The Supreme Court has entertained the Special Leave Petition of Reliance Infrastructure’s SPV Delhi Airport Metro Express Pvt Ltd challenging the judgment of the Delhi High Court, which set aside the over Rs5,800 crore arbitral award won by the former against Delhi Metro Rail Corporation.
- Jet Airways share prices surged 2% after media reports said that the debt-ridden airline company is all set to raise Rs2,500 crore through a rights issue and the company’s lenders are planning for a debt-to-equity conversion.
- Dr Reddy’s share prices surged 4% in morning trade as the company received an inspection closure report from the United States Food and Drug Administration about the issuance of establishment inspection report for its Duvada facility.
- Yes Bank share prices opened 8% down in morning trade after the lender received a letter from the Reserve Bank of India warning that the company might face regulatory actions for violating a confidentiality clause by disclosing a nil divergence report.
- Glenmark Pharmaceuticals Inc USA has been granted final approval by the US Food & Drug Administration for Clobetasol Propionate Foam, 0.05%, a generic version of Olux Foam, 0.05%, of Mylan Pharmaceuticals, Inc.
- Wipro Limited informed that the Securities and Exchange Board of India granted certain exemptions to the company from the buyback norms in case of the proposed share repurchase program.
Calls for Tomorrow :
- CALL: BUY TATAMOTORS EQ ABOVE 164.60 TARGETS 166.25/167.90/169.55 SL 162.95.
Description: Stock heading towards its major resistance on daily chart and rally is expected above the mentioned level.
- CALL: BUY TATAMTRDVR EQ ABOVE 85 TARGETS 85.85/86.70/87.55 SL 84.15.
Description: Stock heading towards its key resistance on daily chart and breakout is expected above 85.