Stock Market News and Analysis:
Equity benchmark extended loss for the fourth consecutive session but able to manage above 11300. Among the sectors, Energy added 1.56% followed by Auto and PSU Bank while the top sectoral losers included Metal and the Bank Nifty index. Nifty closed at 11314 and for coming session its key support is at 11250 while on higher side its resistance is at 11370.
Headlines for the day:
- Hero MotoCorp posted a month-on-month growth of 12.6% in two-wheeler sales in September month.
- TVS Motor' sales in September declined by 25.5% to 3,15,912 units versus 4,23,939 units YoY.
- M&M and Ford Motor formed a Joint Venture in which it will own 51% stake in Ford India arm for up to Rs657 crore.
- Biocon Limited and Mylan N.V. announced the launch of Semglee® (insulin glargine solution for injection 100 IU/mL in a 3mL pre-filled pen), the first insulin glargine biosimilar in Australia available on the Pharmaceutical Benefits Scheme.
- DLF Limited informed that as a part of its strategy to consolidate its key rental assets within DLF Cyber City Developers Limited platform and to settle the inter-company payables owed by DLF and its wholly-owned subsidiaries (“DLF Group”) to DLF Cyber City Developers Limited and its wholly-owned subsidiaries (“DCCDL Group”), the interest of the DLF Group in certain commercial assets and land parcels allocated for commercial development was proposed to be transferred to the DCCDL Group.
- Bharat Petroleum Corporation Limited share prices jumped 7.66%. The stock price has gained traction after reports emerged that the government was planning to sell its stake in the company.
- Zee Entertainment Enterprises Limited share prices surged after the company said that the lenders had agreed to give it another six months to repay debt. Zee is working with the lenders with all options to explore and find a solution on the stake sale and the resolution stake sale that we had proposed of another 10 percent.
- Wipro Limited share prices surged higher after the company completed a strategic engagement with ICICI Bank. The company will absorb some employees of Vara lnfotech along with its existing contracts, facilities and assets through a business transfer agreement.
- Eicher Motors share prices surged higher after the company posted its sales numbers for September. Motorcycles sales in September fell 17% year-on-year to 59,500 units, but exports rose 191% to 4,642 units. Total sales included 52,017 and 7,483 units with engine capacity up to 350cc and over 350cc, respectively.
- Tata Motors Limited rose more than 5% intraday even after the vehicle manufacturer reporting weak September sales. The company posted a 50% declined in its domestic sales numbers at 32,376 units against 64,598 vehicles sold during the same period in 2018.
Calls for Tomorrow:
- CALL: SELL HEXAWARE EQ BELOW 367 TARGETS 363.30/359.65/355.95 SL 370.70 Description: Stock form bearish hammer candle on intraday chart and settled near its immediate support with bearishly bias. Hence rally is expected below the mentioned level.
- CALL: SELL APOLLOTYRE EQ BELOW 167.20 TARGETS 165.50/163.85/162.15 SL 168.90 Description: Stock settled near its key support with bearishly bias on daily chart and also traded below 8 EMA. Hence breakout is expected ahead.