Stock Market News and Analysis:
Markets witnessed across-the-board selling pressure with both the Bank Nifty and Nifty indices closing lower for the third trading session. Nifty closed at 11994.20 and for coming session its key support is at 11900 while on higher side its resistance is at 12070.
Headlines for the day:
- Bank of Baroda is to consider raising capital funds via the issue of capital debt instruments on Dec 5.
- Aurobindo Pharma Ltd’s shareholders approved the merger of six arms of the company with self.
- Gati Limited to consider raising fund through a preferential issue on December 5.
- United Spirits Board of Directors has approved a scheme of amalgamation and arrangement in relation to the proposed merger of the Company's listed subsidiary Pioneer Distilleries Limited with the Company under Sections 230-232 and other applicable provisions of the Companies Act, 2013, and rules thereof.
- Biocon Limited share price gain 4.5% intraday after the company launched Ogivri, a biosimilar to Herceptin, in the US market. The company with its partner Mylan NV announced the US launch of Ogivri, a biosimilar to Herceptin.
- NMDC share prices declined 2% in morning trade after it announced a yoy decline in production and sales of iron ore for November 2019. The company achieved a total production of 2.94 million tonnes in November 2019 versus 3.29 million tonnes in November 2018.
- Godrej Properties Limited informed that the Company has acquired 20% issued and paid-up share capital of Yujya Developers Private Limited. Consequent to the said acquisition, Yujya Developers Private Limited has become an associate of the Company.
- RBL Bank Limited stated that it will raise funds by issuing equity shares through the Qualified Institutional Placement route. The private lender stated that its board approved Rs352.57 per share as a floor price for the share sale.
- Crompton Greaves Consumer Electricals share prices fall sharply as media reports stated that the private equity firm Advent International and Singapore state investment company Temasek are offering to sell 4.485 crore shares of the company.
- Tata Motors Limited has secured an order to supply over 2,300 buses to five state transportation companies. The company stated that it is working to complete the order by February 2020.
Calls for Tomorrow:
- CALL: SELL BALKRISIND EQ BELOW 911.25 TARGETS 902.10/893/883.90 SL 920.40 Description: Stock witnessing correction from higher levels and settled with bearishly bias near its immediate support. Hence rally is expected below the mentioned level.
- CALL: SELL HEXAWARE EQ BELOW 323.20 TARGETS 319.95/316.70/313.50 SL 326.45 Description: Stock settled near its major support with bearishly bias on daily chart. Hence breakout is expected ahead.