Stock Market News and Analysis:
Benchmark Indices close on strong note on first day of the week as market was shut on Monday. Among the sectors metal, auto and PSU bank indices led with 2-3% gain followed by energy, infra and pharma, while IT index fall over 1%. Nifty closed at 10987.45 and for coming session its key support is at 10900 while on higher side its key resistance is at 11050.
Headlines for the day:
- State Bank of India stated that the frauds have amounted to Rs7,951.3 crore during the first nine months of the FY2019, due to the declaration of frauds in a few large value advances.
- Union Bank of India cuts the MCLR by 10 basis points across various tenors with effect from March. Six-month MCLR stands at 8.5%.
- Reliance Industries Limited to invest Rs22 crore in C-Square Info Solutions. It will further invest Rs 60 crore by March 2021. Post these investments, it will hold 82% stake.
- Zydus Cadila has got an approval from the United States Food & Drug Administration to market Rivastigmine Transdermal System (US RLD-EXELON PATCH), 4.6 mg/24 hrs, 9.5 mg/24 hrs and 13.3 mg/24 hrs, marking its first approval for a transdermal product in the US.
- Steel Strips Wheels Limited share prices surged after the company secured an order worth Rs480 crore. The company has secured yet another long-term domestic order for the supply of alloy wheels for an Indian OEM from its Mehsana Alloy wheel plan.
- Coal India Limited share prices surged 3% afternoon trade. The company has achieved a 6.6% growth rate in production during the 11 months of 2018-19, producing 527.7mn tonnes with offtake standing at 548.5mn tonnes.
- Reliance Infrastructure E&C has received the Letter of Award from the Airport Authority of India for a contract worth Rs648 crore for the construction of a greenfield Airport at Hirasar in Rajkot district of Gujarat.
- Glenmark Pharmaceuticals Limited share prices surge 1.5% in morning trade as the company got United States Food & Drug Administration approval for Telmisartan and Hydrochlorothiazide table
- Larsen & Tourbo stated that its construction arm has secured a contract two orders from the Tamil Nadu Government’s Water Resources Department. The business has secured two orders from the Water Resources Department, Govt. of Tamil Nadu; the first one is for the execution of the Athikadavu-Avinashi Scheme, and the second is for the construction of a new Regulator across the southern and northern arms of the Coleroon river on the downstream side of the existing regulator at Mukkombu near Tiruchirappalli
- Aurobindo Pharma informed that the company’s subsidiary Acrotech Biopharma LLC has completed the acquisition of the portfolio of 7 marketed oncology injectable products, intellectual property, and commercial infrastructure from Spectrum Pharmaceuticals Inc.
- Calls for Tomorrow :
- CALL: BUY INDIACEM EQ ABOVE 98.05 TARGETS 99.05/100.05/101 SL 97.05 Description: Stock heading towards its immediate resistance on daily chart and settled with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY IGL EQ ABOVE 300.70 TARGETS 303.75/306.75/309.75 SL 297.65. Description: Stock settled near its immediate resistance with bullishly bias on daily chart and breakout is expected above 300.70.