Stock Market News and Analysis:
Equity benchmark traded in a narrow range throughout the day, with the Nifty closing on a flat note. Bank Nifty index outperformed the Nifty index led by Indusind Bank. Nifty closed at 11890.60 and for coming session its key support is at 11800 while on higher side its resistance is at 11950.
Headlines for the day:
- SRF Limited has commissioned and capitalised a facility to produce agrochemical intermediates at Rs166 crore.
- HCL Tech has launched a dedicated Google Cloud Business Unit to accelerate enterprise cloud adoption.
- IOC Limited share prices declined 4% after higher inventory losses in Q
- Escorts' Agri Machinery Segment in Oct 2019 sold 13,353 tractors, reporting a growth of 1.6% versus 13,140 tractors sold in October 2018. Domestic tractor sales in October 2019 stood at 13,034 tractors, reporting a growth of 1.3% versus 12,867 tractors in October 2018.
- TVS Motor registered sales of 3.23 lakh units in Oct 2019 versus sales of 3.98 lakh units in Oct 2018. It has seen an uptrend in October sales and has significantly rationalised BS IV stocks for the transition to BS VI.
- NCC Limited has got three new orders totaling Rs973.22 crore in the month of October 2019. Out of this, one order of Rs641.57 crore pertains to the Water & Environment Division and two orders totaling Rs331.65 crore pertain to the Electrical Division.
- Maruti Suzuki India Limited sold a total of 153,435 units in Oct 2019. This includes 141,550 units in domestic market, 2,727 units of domestic OEM sales and 9,158 units of exports.
- Reddy's Laboratories Limited registered a net profit of Rs1,092 crore, which was more than two-fold as compared with the corresponding period year ago. Its revenue stood at Rs4,800.9 crore in Q2FY20 versus Rs3,797.8 crore in the year-ago period.
- Ashok Leyland Ltd's total sales for Oct 2019 came in at 9,857 units as against 15,149 units in Oct 2018, which is a dip of 35% yoy. Total Domestic sales stood at 9,074 units as against 14,341 units sold in October 2018, a decline of 37% yoy.
- Bajaj-Auto sold a total of 463,208 lakh units in Oct 2019, fell 9% yoy, verus 506,699 units in Oct 2018. The domestic motorcycles segment sales decline the most (-14% yoy). Exports also declined 21% yoy.
Calls for Tomorrow:
- CALL: BUY CHOLAFIN EQ ABOVE 315.55 TARGETS 318.75/321.90/352.05 SL 312.35. Description: Stock settled with bullishly bias near its immediate resistance on intraday chart. Hence breakout is expected ahead.
- CALL: BUY INFRATEL EQ ABOVE 204.30 TARGETS 206.35/208.40/210.45 SL 202.25. Description: Stock form consolidation on intraday chart and settled with bullishly bias near its immediate resistance. Hence rally is expected above the mentioned level