Stock Trading News & Fundamental Analysis
Stock Market News and Analysis:
Equity benchmarks ended higher with Nifty finished above 11,650 level supported by auto and banking stocks. Among sectors, barring infra all other sectoral indices ended in green led by PSU Bank, metal, auto, pharma, energy, IT and FMCG. Nifty closed at 11671.95 and for coming session its key support is at 11550 while on higher side its key resistance is at 11765.
Headlines for the day:
- Cadila Zydus received tentative US Food & Drug Administration approval for Arthritis Drug, Tofacitinib Citrate.
- Aurobindo Pharma received US Food & Drug Administration approval for the anti-conjunctivitis drug.
- Bharti Airtel stock is in focus as SEBI approves company’s Rs25,000 crore fund raising plan.
- Tech Mahindra share prices surged 1% in the afternoon session. The company’s board has approved the proposal to acquire 18.1% equity shares each of lnfotek Software and Systems Private Limited and Vitaran Electronics Private Limited.
- JSW Steel Limited share prices declined 2% after the company reported 3% fall in total crude oil output during the fourth quarter of FY19 to 4.14mn tonnes compared to 4.31mn tonnes in Q4FY18. The total crude steel output declined on lower production of long rolled products, which declined 8% in the same quarter under review to 0.99mn tonnes compared to 1.07mn tonnes in Q4FY18.
- Sun Pharmaceutical Industries Limited informed that its wholly-owned subsidiary of Sun Pharma Laboratories has been incorporated and will commence -distributing Sun Pharma’s formulation products in India with effect from April 2019, on the same terms as was with Aditya Medisales.
- Voltas Limited and Shima Seiki Mfg. Ltd. have entered into a distribution agreement for sales and marketing of Shima’s products in India. This co-operation is expected to strengthen both Voltas and Shima’s reach across the rapidly expanding Indian textile industry.
- Asian Paints Limited stated that a fire broke out at the manufacturing facility in Vishakhapatnam, Andhra Pradesh. Fire will not have any impact on the business operations of the company.
- The IPO of wires and cables manufacturer Polycab India has received an overwhelming response from institutional investors on April 9, the last day for the subscription.
- Bajaj Energy has filed draft red herring prospectus with the capital market regulator SEBI, for an IPO. The company plans to raise Rs 5,450 crore via a public issue comprising a fresh issue of up to Rs 5,150 crore and offer for sale of Rs 300 crore by promoter Bajaj Power Ventures.
Calls for Tomorrow :
- CALL: BUY LICHSGFIN EQ ABOVE 553.30 TARGETS 558.85/564.40/569.90 SL 547.75
Description: Stock heading towards its key resistance on daily chart and settled with bullishly bias. Hence rally is expected below the mentioned level
- CALL: BUY CANBK EQ ABOVE 290 TARGETS 292.90/295.80/298.70 SL 287.10
Description: Stock heading towards its immediate resistance on daily chart settled with bullishly bias. Hence breakout is expected ahead.