Stock Market News and Analysis:
Nifty ended the week 1.17% higher, reduce last week's losses. Markets remained volatile owing to global developments during the week. Positivity over the possibility of a trade deal between the US and China pushed index higher. Nifty closed at 11305.05 and for coming session its key support is at 11200 while on higher side its resistance is at 11400
Headlines for the day:
- Raymond will hold extraordinary general meeting on November 5 for approval to extend corporate guarantee to its associate company JK Investo Trade.
- Quess Corp Ltd’s Shareholders approved amalgamation of the company’s four arms with self.
- Bank of India trims MCLR by 5-15bps for some tenors effective Oct 10.
- Indiabulls Real Estate board approved the proposal of Rs500cr of buyback of up to 5 crore fully paid-up equity shares having face value Rs2 each of the company, representing 11 percent of its total existing paid-up equity capital at Rs100 per equity share.
- JSW Steel Limited reported 3.84mn tonnes crude steel production in Q2FY19-20. The production was lower because of prolonged severe monsoon in general and fall in demand from the Auto sector in particular.
- Tata Steel Limited registered a growth in India production for the second quarter of the current fiscal year. The company India's Q2FY20 sales volume increased by 5% on qoq primarily with better volumes at TSBSL.
- Tata Consultancy Services Limited declined over 3% in the morning trade after the IT company reported lower-than-expected numbers for Q2FY20. Profit After Tax reduced by 1.1% qoq but grew by 1.8% yoy to Rs8,042 crore against consensus estimates of Rs8,266 crore.
- Committee of Muthoot Finance approved establishment of Global Medium-Term Note Program for $2bn for the purpose of raising of funds via issuance of foreign currency bonds or rupee denominated bonds overseas on private/public basis in international markets subject to market conditions and regulatory approvals.
- Cipla Limited rebounded more than 4.5% intraday on Oct. 11 after management clarified on Goa unit inspection, saying there are no data integrity and repeat observations. The company is confident of being able to submit a robust response to the US Food & Drug Administration and this issue with the Goa plant is addressable.
- Bandhan Bank share prices are up after gaining 20% intraday as reports suggested that the stock would be included in the MSCI Index in the coming week. Gruh Finance, which merged with the bank, also plunged 20%.
Calls for Tomorrow:
- CALL: BUY DCBBANK EQ ABOVE 189.75 TARGETS 191.65/193.55/195.45 SL 187.85 Description Stock settled near its key resistance on daily chart with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY EQUITAS EQ ABOVE 100.50 TARGETS 101.55/102.55/103.55 SL 99.50 Description: Stock form consolidation near its key resistance on intraday chart and settled with bullishly bias. Hence breakout is expected ahead.