Stock Market News and Analysis:

Late selling drags Nifty below 11,150 level. Among sectors, major selling was seen in the PSU Bank and Pharma, followed by metal, auto, energy and infra. Nifty closed at 11148.20 and for coming session its key support is at 11100 while on higher side its resistance is at 11250.

Headlines for the day:

  • Board of HCL TECH approved amalgamation of three arms into the company.
  • PC Jeweller to demerge its export division to separate company – PCJ Gems & Jewellery Limited.
  • IDFC First Bank share prices tanks 9% post Q4FY19 number

Key stocks:

  • Tata Motors share prices fell 2% after the company informed that the group’s global wholesales in April 2019, including Jaguar Land Rover, were at 79,923 units, lower by 22% on year on year basis.
  • SRF informed that the company has inked a business transfer agreement with DSM India to sell its engineering plastics business for Rs 320 crore. The divestment is part of a strategy to focus on core operation. SRF’s engineering plastics business manufactures multiple grades of engineering plastic compounds, catering to the automotive and electrical industries.
  • Tata Steel share prices were trading 1% down after report stated that the European Commission may not clear Tata Steel Europe’s JV with the German company thyssenkrupp AG. As per reports, for the companies, the economic logic of the JV would get diluted if the deal happens with Commission-suggested remedies that include further sale of European assets.
  • Housing Development Finance Corporation (HDFC) share prices were trading 2% higher intraday after the company’s PAT for the fourth quarter of FY19 rose 26.8% yoy at Rs3,161 cror
  • PC Jeweller share prices were trading 3% down after the board approved the demerger of its export division. Accordingly, the board approved subsequent amalgamation of the same with its wholly owned subsidiary company that is PCJ Gems & Jewellery Limited under Sections 230 – 232 of the Companies Act, 2013, with effect from the appointed date i.e. April 1, 2019.
  • Eicher Motors Limited share prices fell 4% after the company’s PAT for the fourth quarter of FY19 declined 16% yoy on Rs544.8 crore. Consolidated revenue for the quarter stood at Rs 2,500.1 crore, fell1.1% yoy (up 6.8% qoq). Due to subdued sales coupled with higher raw material cost and other expenses, EBITDA fell 14.1% yoy to Rs684.7 crore. Thus, EBITDA margin contracted by 415bps yoy to 27.4%
  • Sun Pharmaceutical Industries Limited share prices tanked 21% intraday, just days after more than 40 states in the US filed a lawsuit alleging drug manufacturers of artificially inflating prices.
  • Calls for Tomorrow :

  • CALL: SELL M&M EQ BELOW 615 TARGETS 608.85/602.70/596.55 SL 621.15
    Description
    : Stock heading towards its major support on daily chart and settled with bearishly bias near 52 week low. Hence rally is expected below the mentioned level
  • CALL: SELL GODREJPROP EQ BELOW 753 TARGETS 745.45/737.90/730.40 SL 760.55
    Description: Stock heading towards its immediate support on daily chart and settled with bearish bias. Hence breakout is expected ahead.
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Stock Market News and Analysis: Late selling drags Nifty below 11,150 level. Among sectors, major selling was seen in the PSU Bank and Pharma, followed by metal, auto, energy and infra. Nifty closed at 11148.20 and for coming session its key support is at 11100 while on higher side its...
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