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Stock Market News and Analysis:
Benchmarks Indices witnesses a recovery in the final hour of trade ensured that maintained their positive streak. Among sectors, weakness was seen in infra, energy and IT stocks. The Nifty closed at 10802.15 and for coming session its key support is at 10730 while on higher side its key resistance is at 10850.
Headlines for the day:
- SC asks RCom and Jio to resolve issues over past dues by January 11.
- Monsanto India Limited wins patent case on GM Cotton Seeds in India.
- Arm of Endurance Technologies Limited acquires Fonpresmetal for 8.16mn.
- Bharat Dynamics share prices were trading higher after the company received a contract worth Rs 760 crore for the supply of anti-tank guided missiles to the Indian Army. The company will manufacture the missiles under continued technical collaboration with Russia at its Bhanur unit in Telangana,.
- Sadbhav Infrastructure Project share prices declined even after its toll revenue increasing for the third quarter. The company stated that its toll revenue received from 10 operational SPVs has increased by 6.2% to Rs275.76 crore in Q3FY19 from Rs 2,59.78 crore in Q3FY18.
- Lupin Limited announced that the European Commission has approved its novel, rare disorder drug NaMuscla. This drug is indicated in the treatment of inherited neuromuscular disorders called non-dystrophic myotonic disorders in adults, where muscles are unable to relax and lead to voluntary contraction.
- Cadila Healthcare Limited informed that it has got approval from the USFDA to market Aripiprazole Tablets USP (US RLD- Abilify) in the strengths of 2mg, 5mg, 10mg, 15mg, 20mg, and 30mg.
- ICICI Prudential Life Insurance Company Limited posted 3% growth in its annual premium equivalent during the month of December 2018. The company has been able to arrest the decline in APE growth since November 2018.
- Bandhan Bank share prices declined in morning trade after the company announced yesterday that it would buy Gruh Finance, a subsidiary of HDFC Ltd, in a share swap deal amounting to Rs20,855 crore.
- Exide Industries Limited to invest up to 30% equity stake in Cleantech aggregating to Rs20.05 crore for setting up captive solar power projects for various manufacturing facilities.
- Calls for Tomorrow :
- CALL: BUY RELCAPITAL EQ ABOVE 223 TARGETS 225.25/227.50/229.70 SL 220.75.
Description: Stock heading towards its key resistance on daily chart and rally is expected above the mentioned level
- CALL: BUY ADANIENT EQ ABOVE 154.50 TARGETS 156.05/157.60/159.15 SL 152.95.
Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 154.50.