Stock Market News and Analysis:
Benchmark Indices tanked after Budget 2019 proposed to increase surcharge on super-rich people and raise minimum public shareholding to 35% from 25% earlier. All sectoral indices ended negative with PSU Bank index falling most. Nifty closed at 11558.60 and for coming session its key support is at 11475 while on higher side its resistance is at 11650.
Headlines for the day:
- Quick Heal Technologies Limited got the US patent for anti-ransomware technology.
- Piramal Enterprises Limited (PEL) board approves issuing NCDS worth Rs1,500 crore.
- Siemens Limited transfers leasehold interest in property at Halol Industrial area (Phase III) in Gujarat to LM Wind Power Blades for Rs158.5cror
- Cox & Kings shares prices declined 5% as International Air Transport Association suspended the company's license for selling tickets. The company mentioned in filing, however, that it will continue to issue tickets on cash and carry basis.
- Goa Carbon share prices declined 9.5% intraday and are now trading 8% lower post reporting a loss in Q1FY19. The company posted a loss of Rs5 crore in the first quarter of ended June 2019 versus a profit of Rs7.4 crore yoy.
- Mindtree share prices tanked 13% intraday as its three co-founders resigned with L&T taking control of 60% of promoter stake. Mindtree stated that its executive chairman Krishnakumar Natarajan, executive vice chairman & chief operating officer N S Parthasarathy, and managing director & chief executive officer Rostow Ravanan submitted their resignations as board members as well as employees of the company.
- Sun Pharma Advanced Research Company Limited announced that the USFDA has granted Orphan Drug Designation to SCO-088 for the treatment of patients with Chronic Myeloid Leukemia.
- Jindal Steel and Power recorded steel & related products production of 57 MT and sales of 1.51 MT during the quarter of April – June 2019. The quarterly steel & related products production & sales saw 17% and 16% growth respectively during Q1 FY20 on a year-on-year basis. The quarterly production and sales of steel & related products stood at 1.35 MT and 1.30 MT respectively in Q1FY19.
- Tata Group paid the government and its lenders Rs50,000 crore to complete the sale of its mobile-phone services business to Bharti Airtel, which was announced nearly two years ago.
- Maruti Suzuki India Limited share prices declined near 5% intraday, hitting a 2-year low after the company informed bourses that it has cut vehicle production for the fifth consecutive month in June.
- Calls for Tomorrow :
- CALL: SELL RELIANCE EQ BELOW 1246.45 TARGETS 1233.95/1221.50/1209.05 SL 1258.95 Description: Stock settled near its key support on daily chart with bearishly bias. Hence rally is expected below the mentioned level.
- CALL: SELL TATASTEEL EQ BELOW 463.65 TARGETS 459/454.35/449.70 SL 468.30 Description: Stock heading towards its immediate support on daily chart and settled with bearishly bias. Hence breakout is expected ahead.