Stock Market News and Analysis:

Equity benchmark ended higher in the consolidation day. Among sectors, infra, auto and PSU bank remained under pressure, while buying seen in the IT, energy and Metal. Nifty closed at 11928.75 and for coming session its key support is at 11850 while on higher side its resistance is at 12000.

Headlines for the day:

  • NMDC Limited sets iron lump prices at Rs 3,100 per ton and fine prices at Rs 2,860 per ton, with effect from May 25.
  • Emami share prices fell 2% after Q4 net profit declines 6%.
  • Adani Ports and Special Economic Zone to consider dividend and buyback on June 4.

Key stocks:

  • Info Edge share prices surged 4% after a report stated that the company will acquire Highorbit Careers for cash consideration of Rs 80.82 crore. The company has agreed to acquire 100% share capital on a fully diluted basis. Post the completion of the acquisition, iimjobs will become a wholly-owned subsidiary of the company.
  • Gruh Finance share prices declined 1% after the company raised the foreign portfolio investment limit to 40% from 25%. The company’s board approved an increase in the limit of total investment by all Foreign Portfolio Investors under the Portfolio Investment Scheme from 24% to 40% of the paid-up equity share capital of the company, subject to the approval of the members of the company at the ensuing annual general meeting,.
  • Dilip Buildcon Limited informed that the company has signed an Engineering Procurement Construction agreement with National Highways Authority of India for Varanasi- Dagamagpur (Pkg-1) Section of NH-7 on EPC Mode valued at Rs670.50cr in the Uttar Pradesh.
  • Punjab National Bank registered a loss of Rs4,750 crore for the March quarter, bettering its performance from a year ago when it reported a loss of 13,417 crore. Its total income during the March quarter of 2018-19 rose to Rs14,725.13 crore from Rs12,945.68cr in the year-ago period.
  • Bharti Airtel has submitted a bank guarantee of Rs 644 crore in Telecom Disputes Settlement and Appellate Tribunal to conclude the merger of Tata Teleservices’ consumer business with the telecom company, a PTI report stated.
  • Colgate-Palmolive Limited’s┬ánet profit after tax for the quarter increased by 4.67% at Rs197.6 crore as against Rs188.8 crore for the same quarter of the previous year. The net sales of the company stood at Rs1,146.6 crore for the fourth quarter of the financial year 2018-19, a hike of 6% over the same quarter of the previous year led by domestic volume growth of 5%.
  • IndiGo registered a net profit of Rs589.6 crore for the January-March quarter in FY19, versus to Rs117.6 crore in the corresponding period of FY18. Total income was up by 35.5% to Rs 8,259.8 crore in the quarter ended March 2019 compared to Rs6,097.7 crore in the year-ago period.
  • Calls for Tomorrow : 
  • CALL: BUY ICICIPRULI EQ ABOVE 390 TARGETS 393.90/397.80/401.70 SL 386.10
    Description
    : Stock heading towards its key resistance and settled with bullish bias. Hence breakout is expected ahead
  • CALL: SELL ITC EQ BELOW 287 TARGETS 284.10/281.25/278.35 SL 289.90
    Description: Stock heading towards its immediate support and expected to give negative breakout.
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Stock Market News and Analysis: Equity benchmark ended higher in the consolidation day. Among sectors, infra, auto and PSU bank remained under pressure, while buying seen in the IT, energy and Metal. Nifty closed at 11928.75 and for coming session its key support is at 11850 while on higher side...
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