Stock Market News and Analysis:
Equity benchmark registered third consecutive session loss but ended off day's low with Nifty just below 11,350 level. Among sectors, Banks and FMCG indices ended 1% down, while buying seen in the pharma, metal, IT, energy and auto. Nifty closed at 11346.20 and for coming session its key support is at 11300 while on higher side its resistance is at 11400.
Headlines for the day:
- Jet Airways Ltd’s lenders approved resolution to raise interim finance and key terms for the eligibility criteria for the prospective resolution applicants.
- Tata Steel stated that it is in the process of raising $600 million for refinancing and it is not in talks with anyone for European operations.
- Cipla Limited stated that the USFDA conducted a routine cGMP inspection at its API manufacturing facility in Virgonangar, Bengaluru, from July 15 to 19.
- Reliance Industries Limited share prices surged 1% in the late morning trade after the company posted a good set of numbers for Q1FY20. The company’s PAT increased by 6.8% yoy but declined by 2.5% qoq to Rs10,104 crore.
- InterGlobe Aviation Ltd’s board of Directors of have decided to amend the Articles of Association of the Company for expanding the Board upto a maximum of 10, including 4 Independent Directors. The company stated that amendment of the Articles will be subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company, the company said on July 20.
- Oriental Bank of Commerce for, posted net profit of Rs112.7 crore Q1FY20 versus loss of Rs393.2 crore in the corresponding quarter previous year. The bank's NII at Rs1,370.6 crore was grew2.6% yoy. The gross NPA for the quarter came in at Rs21,369 crore while the net NPA stood at Rs9,343.5crore.
- Lupin Limited has won the Engineering News Record's Global Best Project Award of Merit in the Manufacturing category. The award was given to Lupin's Oral Solid Dosage and Injectable Pharmaceutical Manufacturing Facility at Nagpur, India.
- Alembic Pharmaceuticals has got approval from theUSFDA for its Abbreviated New Drug Application Pregabalin Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg, and 300 mg.
- L&T Technology Services share prices were down after the company announced its Q1 results. On a consolidated basis, it's net profit grew 6.48% to Rs203.9crore on a 0.33% rise in the net sales to Rs1,347.5 crore in Q1 June 2019 over Q4 March 2019
- ICICI Lombard General Insurance Company share prices were down. The company’s net profit rose by 7% to Rs309.81crore in the quarter ended June 2019 versus Rs289.29 crore during the previous quarter ended June 2018.
Calls for Tomorrow :
- CALL: BUY ASIANPAINT EQ ABOVE 1410.40 TARGETS 1424.50/1438.65/1452.75 SL 1396.30 Description: Stock heading towards its immediate resistance on daily chart and settled with bullishly bias. Hence breakout is expected ahead.
- CALL: SELL PNBHOUSING EQ BELOW 717 TARGETS 709.80/702.65/695.45 SL 724.20. Description: Stock settled with bearishly bias near its key support. Hence rally is expected below the mentioned level.