Stock Market News and Analysis:
Markets traded with negative bias throughout the day as-across-the-board selling pressure weighed in on account of rising geopolitical tensions between the US & Iran. Nifty settled at 11993.05, down by 233.60 points and for coming session its key support is at 11930 while on higher side its resistance is at 12100.
Headlines for the day:
- HDFC reduces retail prime lending rate on housing loans by 5 bps w.e.f January 6.
- Bank of Baroda to consider raising funds through debt on January 8, 2020.
- Divi’s Laboratories Board approved re-designation of Kiran Divi as whole-time director and chief executive officer.
- Tata Motors Limited' total JLR US sales for December 2019 went down 2% at 13,801 units against 14,079 units (YoY). Total Jaguar US sales declined 4.4% at 3,311 units against 3,462 units (YoY).
- Magma Fincorp announced that it remains very well capitalized with capital adequacy ratio of over 26%. The company has a granular retail presence within its four businesses i.e., Vehicle Finance (ABF), Affordable Home loans, Affordable loans against property, SME finance and General Insurance.
- Future Retail Limited share prices declined 1%. The Company is contemplating issuance of Notes proposed to be listed on Singapore Stock Exchange subject to market conditions and the Company's officials will be participating in the roadshow presentation from January 7, 2020, to January 13, 2020, covering Singapore, Hong Kong, Los Angeles, New York and London.
- Sobha Ltd share prices rose 2% in an otherwise weak market after the company announced operational performance for Q3 of FY20. The company achieved new sales volume of 1,066,022 square feet valued at Rs726 crore, with a total average realisation of Rs6,811 per square feet. Sobha’s share of sales value is at Rs608 crore.
- Godrej Consumer Products Limited stated that during the quarter, it witnessed relatively mixed demand across some of its geographies of operations. Demand continued to be challenging, impacted by a general consumption slowdown in India. The uplift in volume growth was led by a gradual recovery in household insecticides, new product launches, effective marketing campaigns and tactical consumer offers.
- Adani Ports and Special Economic Zone Limited, operator and the logistics arm of the Adani Group will be acquiring a controlling stake of 75% from the existing shareholders of KPC
- Ashoka Buildcon LImited informs that Ashoka Kandi Ramsanpalle Road Private Limited has executed a concession agreement with NHAI on January 03, for the project of "Four laning of NH-161 from Kandi to in the State of Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode.
Calls for Tomorrow:
- CALL: SELL IOC EQ BELOW 124.50 TARGETS 123.25/122/120.75 SL 125.75 Description: Stock form consolidation and settled near its key support with bearishly bias on daily chart. Hence rally is expected below the mentioned level.
- CALL: SELL BAJAJ-AUTO EQ BELOW 3028 TARGETS 2997.70/2967.40/2937.15 SL 3058.70 Description: Stock settled near its immediate support with bearishly bias on intraday chart. Hence breakout is expected ahead.