Stock Market News and Analysis:
Benchmark indices traded between gains and losses in the afternoon trade, however, the market turned bullish following reports that China and America were moving closer to a trade deal. Nifty closed at 12043.20 and for coming session its key support is at 11975 while on higher side its resistance is at 12075.
Headlines for the day:
- Standard Life is to sell up to 2.23% stake in HDFC AMC through OFS.
- Yes Bank sold its entire stake of 5.49% in One Point One Solutions.
- IRB Infra will consider raising funds through NCDs on December 6.
- The IPO of Ujjivan Small Finance Bank has been oversubscribed 85 times on Day 3 of bidding. The issue opened on Dec 2, 2019, and will close on Wednesday, 4, December, 2019. The price band has been fixed at Rs36 to Rs37 each share.
- Tata Motors share prices were trading higher by 5% after it reported a robust growth in Jaguar Land Rover sales in the US in November. Tata Motors stated that its subsidiary and UK-based luxury carmaker Jaguar Land Rover sold 12,472 units in the US, a growth of 6.2% yoy versus 11,744 units in November 2018. Its sales increase 19.4% MoM.
- Reddy's Laboratories Ltd. announced the launch of Bortezomib for Injection 3.5 mg/vial, approved by the USFDA through a 505(b)(2) new drug application (NOA) pathway for intravenous use only.
- Bharat Forge Limited is trading flat with a positive bias. Reports stated that preliminary orders for new Class 8 trucks fell again in November 2019 after a month of improved bookings in October 2019.
- Strides Pharma Science announced that it's step-down wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received tentative approval for Diclofenac Potassium Softgel Capsules, 25 mg from the USFDA.
- Ashok Leyland Limited is trading slightly lower in the last hour of the trading session. The company stated that t in order to align production in-line with the market demand for its products, the company proposes to observe non-working days ranging from 2-12 days in few plants, during the month of Dec. 2019.
- Natco Pharma stated that it has completed the investment of Rs 5 crore in OMRV Hospitals in the form of 5 lakhs, 0.05% Compulsory Convertible Cumulative Preference Shares under the private placement.
Calls for Tomorrow:
- CALL: BUY NMDC EQ ABOVE 115 TARGETS 116.15/117.30/118.45 SL 113.85 Description: Stock surged higher since couple of session and settled with bullishly bias near its immediate resistance. Hence rally is expected below the mentioned level.
- CALL: BUY MINDTREE EQ ABOVE 751 TARGETS 758.55/766.05/773.55 SL 743.45 Description: Stock settled near its major resistance with bullishly bias on daily chart. Hence breakout is expected ahead.