Stock Market News and Analysis:

Equity benchmark ended the session with cuts of over a percent with Nifty ended below 10,700. Nifty closed at 10672.25 and for coming session its key support is at 10600 while on higher side its key resistance is at 10750.

Headlines for the day:

  • Jindal Steel & Power Limited appointed Sudanshu Saraf as CEO of steel operations with effect from Jan 1.
  • Cabinet approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda.
  • TVS Motor Company Limited registered lower-than-expected volume numbers in Dec 2018, down 6% YoY.

Key stocks:

  • Jet Airways Limited share prices continued their decline and tanked 6% intraday after the airline company delayed payment of dues to a consortium of Indian banks. Also, domestic rating agency ICRA had, on Wednesday, downgraded the airline’s Rs10,963 crore-loan and debenture ratings.

 

  • Ashok Leyland Limited share prices were fell 2% in early morning trade, even as the company announced acquiring 10,89,985 shares representing 27.5% share of Ashley Aviation Limited at a price of Rs5.10 per share.
  • L&T’s construction arm of has secured the orders worth Rs1,060 crore. The Smart World and Communication business has secured a major order from the Andhra Pradesh State FiberNet Limited for Bharatnet Phase-II works to establish an IPMPLS Infrastructure covering the 13 districts of Andhra Pradesh.
  • Alembic Pharmaceuticals Limited has got approval from the US Food & Drug Administration for its Abbreviated New Drug Application Pramipexole Dihydrochloride Extended-Release Tablets.
  • Tata Power Company Limited share prices were trading 1% higher after Maharashtra Electricity Regulatory Commission granted approval to Brihanmumbai Electric Supply and Transport Undertaking to extend its existing Power Purchase Agreement (PPA) with the company for a period of the five years.
  • Indian Oil Corporation Limited (IOC) stated that it did not plan to recover the losses incurred due the government’s decision in October asking the fuel retailers to cut gasoline and diesel prices by Rs1 per liter said Chairman Sanjiv Singh.
  • Board of Bank of India has approved raising authorized capital from Rs3,000 crore to Rs6,000 crore and capital raising plans through equity shares and Tier-I and tier-II capital bonds, while the shareholders have given their nod in respect to the issue of preferential shares to the government for Rs10,086 crore.
  • Calls for Tomorrow : 
  • CALL: SELL JETAIRWAYS EQ BELOW 244.50 TARGETS 242.05/239.60/237.15 SL 247.
    Description
    : Stock heading towards its key support on daily chart & rally is expected below the mentioned level.
  • CALL: SELL BALKRISIND EQ BELOW 896 TARGETS 887/878.05/869.10 SL 905.
    Description: Stock heading towards its immediate support on daily chart and breakout is expected below 896.
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Stock Market News and Analysis: Equity benchmark ended the session with cuts of over a percent with Nifty ended below 10,700. Nifty closed at 10672.25 and for coming session its key support is at 10600 while on higher side its key resistance is at 10750. Headlines for the day: Jindal Steel...
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