Best Stock Equity Market News And Market News Analysis

Stock Market News and Analysis:

Benchmark indices snapped seven-day losing streak and settled higher. The Reserve Bank of India stated that it is closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus. Nifty settled at 11303.30, up by 170.55 points and for coming session its key support is at 11150 while on higher side its resistance is at 11450.

Headlines for the day:

• Bank of Maharashtra to raise up to Rs600 crore via bonds.

• Steel Strips Wheels Ltd. announced its monthly sales number today.

• Newgen Software stock surges 5% after securing patent.

Key stocks:

• SBI Cards and Payment Services has been subscribed 0.58 times on day two. The portion reserved for institutional buyer was subscribed 0.13 times and non-institutional buyers 0.37 times, retail buyers was subscribed 1.14 times.

• PNB Housing Finance Limited board has approved to raise equity capital aggregating up to Rs1,700 crore through Qualified institutional placement.

• Zydus Cadila, an innovation-driven, global pharmaceutical company, announced that it has received an approval from the Drug Controller General of India to initiate Phase 1 clinical trials for its Investigational New Drug ZYBK2, a New Chemical Entity intended to treat Rheumatoid Arthritis.

• Parag Milk Foods Limited promoters that they will pay the entire outstanding amount of Rs 33 crore within 90-days to release the pledged from Kotak Mahindra Investments. The promoters have pledged nearly 1.87 crore equity shares with Kotak Mahindra Investments Limited as on date from which they have repaid Rs31crore.

• Infosys, a global leader in next-generation digital services and consulting, and IBM today announced a global alliance to help enterprises accelerate their digital transformation journey using the IBM public cloud.

• Hero MotoCorp Limited reported a 19.27% drop in total sales at 4.98 lakh units in February 2020 as against 6.17 lakh units in the corresponding month of the previous year.

• DB Realty defaulted in payment of inter-corporate deposit worth Rs85.05 crore, which was due on Feb. 1. Total financial indebtedness from banks and financial institutions stands at Rs645.7 crore.

Calls for Tomorrow:

• CALL: SELL INDIGO EQ BELOW 1213.50 TARGETS 1201.35/1189.20/1177.10 SL 1225.65

Description: Stock settled near its immediate support with bearishly bias. Hence breakout is expected ahead.

• CALL: BUY PFC EQ ABOVE 114.85 TARGETS 116/117.15/118.30 SL 113.70

Description: Stock form consolidation on intraday chart and settled with bullishly bias. Hence rally is expected above the mentioned level.