Stock Market News and Analysis:
Equity benchmark declined sharply for first time in last five straight sessions after Union Budget failed to boost sentiment. All sectoral indices ended negative except Bank and FMCG. Nifty closed at 11811.15 and for coming session its key support is at 11750 while on higher side its resistance is at 11900.
Headlines for the day:
- GMR Group sold their entire stake of 47.62% in GMR Chhattisgarh Energy to Adani Power Limited.
- Hindalco Limited will have to tackle European antitrust objections on its plan to buy aluminium producer Aleris Corporation to expand as a supplier to the car.
- Energy stock decline after government proposes additional excise duty on petrol & diesel.
- Sobha Limited share prices soared 2% after pre-sales data for June quarter. The company posted steady pre-sales of Rs660 crore which was up 8% on the yoy basis and down 7.1% qoq basis. For Q1FY20.
- The subsidiary company of L&T Finance Holdings Limited received $550mn in an External Commercial Borrowing investment round from World Bank’s arm, BNP Paribas, Citi Bank and DBS Bank.
- Srei Infra board approved consolidating the lending business of the company with its arm Srei Equipment Finance into one entity since the focus for last four years has been on growing equipment financing and reducing the infrastructure loan portfolio.
- Bharat Financial Inclusion Limited board filed a certified copy of National Company Law Tribunal order to Registrar of Companies on the scheme of merger of the company with IndusInd Bank.
- Dewan Housing Finance Corporation Limited has sold one of its crucial commercial properties DHFL House in the Andheri suburb of Mumbai to the promoters of Charak Pharma for Rs121 crore, way below its current market price.
- Dilip Buildcon Limited and IRB Infra share prices surged higher in the morning trading session after the government plans to carry out the comprehensive restructuring of highways program.
- Tata Motors Limited has decided to implement periodic production cuts at its passenger-car plants and focus on retail sales to prop up dealerships amid an industry wide slowdown in passenger vehicle sales.
- Calls for Tomorrow :
- CALL: SELL SEIMENS EQ BELOW 1253 TARGETS 1240.45/1227.90/1215.40 SL 1265.50 Description: Stock settled near its key support on daily chart with bearishly bias. Hence rally is expected below the mentioned level.
- CALL: SELL PIDILITIND EQ BELOW 1199.50 TARGETS 1187.50/1175.50/1163.50 SL1211.50 Description: Stock heading towards its immediate support on daily chart and settled with bearishly bias. Hence breakout is expected ahead.