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Stock Market News and Analysis:
Equity benchmark witnesses a volatile session but managed to end higher. Among sectors, buying was seen in the energy, bank, IT, infra and metal, while FMCG, auto and pharma remained under pressure. Nifty closed at 10847.90 and for coming session its key support is at 10740 while on higher side its resistance is at 10920.
Headlines for the day:
- InterGlobe Aviation Limited has got a letter from SEBI seeking reply with respect to the letter by Rakesh Gangwal’s counsel.
- Power Grid Corporation stated that it has been declared as the successful bidder for Madhya Pradesh Transmmission System.
- ONGC stated that fire at Uran unit did not affect Offshore Crude supply.
- Cochin Shipyard Limited stated that it has received the Letter of Acceptance from Kochi Metro Rail Limited for building 23 boats for the Kochi Water Metro Project. On the whole, KMRL has a requirement of around 78 high-quality boats of international standards. Out of this, 23 boats having a capacity of 100 PAX was tendered by KMRL in which CSL also participated.
- Tata Motors Limited stated that shot up 6% even as the company’s August JLR UK sales declined 20.8% to 2,726 units in August 2019 versus 3,444 units yoy. Jaguar UK sales declined 15.5% to 1,049 units, while Land Rover’s sales fell 23.8% to 1,677 units.
- Reddy’s Laboratories announced the launch of Bupropion Hydrochloride Extended-Release Tablets, USP in the US market. The company announced the launch of Bupropion Hydrochloride Extended-Release Tablets, USP, a therapeutically equivalent generic version of Zyban (Bupropion Hydrochloride) Extended-Release Tablets, approved by the US Food and Drug Administration.
- Laurus Labs share prices surged higher on receiving EIR for its Units 1 & 2 at Parwada from US Food & Drug Administration. The company announce that it has received the Establishment Inspection Report from USFDA for its API Units 1 & 3, located at Parawada, Visakhapatnam, for the inspection conducted in June 2019.
- Lupin Limited has agreed to develop and commercialise a drug to treat gastrointestinal and lung cancers with the German pharmaceutical firm Boehringer lngelheim GmbH for which it would be paid $70 million upfront.
- Punjab National Bank has considered and decided to give its ‘In-principle approval” for amalgamation of the Oriental Bank of Commerce and United Bank of India into PNB and commence the amalgamation process for the same, subject to all applicable approvals
- Wipro Limited informed the exchanges that it has secured a strategic seven-year engagement, valued at $300 million, from ICICI Bank, a leading Indian private sector bank, to provide a comprehensive suite of services.
- Calls for Tomorrow :
- CALL: SELL TATAGLOBAL EQ BELOW 262.35 TARGETS 259.70/257.10/254.45 SL 265
Description: Stock settled near its immediate support with bearishly bias on daily chart. Hence breakout is expected ahead.
- CALL: SELL CANBK EQ BELOW 190.35 TARGETS 188.45/186.50/184.60 SL 192.25
Description: Stock hovering near its 52 week low and settled with bearishly bias. Hence rally is expected below the mentioned level.