Nifty Market Today’s Fundamental Report
Stock Market News and Analysis:
Nifty below dragged sharply during last hour trading but managed to close just above the 10,600 level. IT stocks was a major drag among the sectors followed by pharma and energy, while buying was seen in FMCG, metal and PSU bank index. Nifty closed at 10604.35 and for coming session its key support is at 10530 while on higher side its key resistance is at 10700.
Headlines for the day:
- Cipla’s arm stated that it will acquire 11.7% stake in Wellthy Therapeutics for Rs10.5crore. The deal is expected to be completed before March 10.
- Divi’s Laboratories clarified that search enquiry proceedings were being conducted at the company’s head office and manufacturing sites by the tax department.
- Power Grid Corporation approved the investment approval of Rs573 crore for ‘Northern Region System Strengthening.
- Kaveri Seed Company Limited share prices extended decline and hit 52-week low. The stock fell nearly 16% in past four sessions after the company reported a weak set of numbers in Q3FY19.
- Tata Steel Limited has divested the entire stake in indirect subsidiary Black Ginger 461 Pty Limited to a Switzerland-based metals and mining group. Black Ginger has stake in an iron ore mine in South Africa.
- DHFL stated that the company had got a notice from the tax department seeking evidence on certain aspects of books of accounts. The company also stated in the press release that the notice does not refer to any suspicious transactions.
- Page Industries clarified that company’s strong growth in revenue has been due to change in accounting standard policy stating that the company has not changed accounting policy and have not recognized revenue of Rs36.5crore for the December quarter, and will record this amount as revenue for the last quarter of financial year 2019.
- Wipro Limited launched its cloud solution platform for the organizations to migrate into Oracle Cloud. The tech company stated that this platform will reduce migration time and costs by up to 30% for the enterprises.
- Graphite India share prices declined 3% intraday after company received KSPCB directions to close the operations at its plant. Karnataka State Pollution Control Board issued directions to close the operations of the industry at its Whitefield, Bengaluru plant forthwith and until final orders.
- Grasim Industries Limited inked a definitive agreement to acquire the Chlor-Alkali Business of KPR Industries (India) Ltd by way of a slump sale, for a cash consideration of Rs253 crore. The transaction will be funded through internal accruals.
Calls for Tomorrow :
- CALL: SELL PIDILITIND EQ BELOW 1046.20 TARGETS 1035.70/1025.25/1014.80 SL 1056.70.
Description: Stock heading towards its key support on daily chart and rally is expected below the mentioned level.
- CALL: SELL HCLTECH EQ BELOW 1032.50 TARGETS 1022.15/1011.85/1001.50 SL 1042.85.
Description: Stock heading towards its immediate support on daily chart and breakout is expected below 1032.50.