Stock Market News and Analysis:
Market closed lower for the fourth consecutive session tracking weakness in global peers amid concerns about the prospect of the coronavirus outbreak affecting the world economy. Nifty settled at 11678.50, down by -119.40 points and for coming session its key support is at 11600 while on higher side its resistance is at 11785.
Headlines for the day:
• Bandhan Bank stated that RBI lifted the restriction on branch opening.
• ICICI Prudential Life Insurance sold 8.33 lakh shares of NRB Industrial Bearings.
• Sanofi India Ltd to pay a final dividend of Rs106 per share and a special dividend of Rs243 each share.
• Sun Pharmaceutical Industries announced that one of its wholly owned subsidiaries has launched Riomet ER in the US as an adjunct to diet and exercise to improve glycemic control with type 2 diabetes mellitus. Riomet ER was approved by the USFFDA on August 29, 2019.
• The US Food and Drug Administration conducted Good Manufacturing Practices inspection of Shilpa Medicare Ltd's Finished Dosage Formulation Facility located at S-20 to S-26, Pharmaceutical Formulations SEZ, TSIIC, Jadcherla, Telangana State, India from 13-25, Feb 2020. At the conclusion of the inspection, the Agency issued Form 483, with 15 observations.
• Cipla Limited stated that it has received a warning letter from the USFDA. Company inform that earlier communication on the Goa manufacturing facility inspection conducted from September 16-27, 2019 by the USFDA, the Company has received a Warning Letter from USFDA.
• InterGlobe Aviation Lmited clarified on the news item on Tuesday post-market hours that it has not received any communication from Securities and Exchange Board of India in this regard.
• IRB Infrastructure . (IRB), India’s leading and one of India’s largest highways infrastructure developers has been awarded the prestigious Mumbai-Pune Expressway project under the Toll-Operate-Toll model.
• Aurobindo Pharma Ltd stated it has received EIR with Voluntary Action Initiated status from US Food & Drug Administration. Further to our intimation dated November 6th, 2019 with regard to the US Food & Drug Administration inspection of Unit VIII, API manufacturing facility at Gaddapotharam, Hyderabad, of the company, we would like to inform that the Company has received the Establishment Inspection Report (EIR) with Voluntary Action Initiated status from USFDA.
• Godawari Power & Ispat commenced commercial production in the rolling mill and iron ore beneficiation plant from February 25, 2020. The Iron Ore Beneficiation Plant has 10,00,000 tons per annum and Rolling Mill has a capacity of 4,00,000 tonnes per annum. It has already received the Chhattisgarh Environment Conservation Board’s approval on Jan 18.
Calls for Tomorrow:
• CALL: SELL IOC EQ BELOW 107.50 TARGETS 106.40/105.35/104.25 SL 108.60
Description: Stock tanked lower and settled near its 52 week low with bearishly bias. Hence rally is expected below the mentioned level.
• CALL: SELL BEML EQ BELOW 817 TARGETS 808.80/800.65/792.50 SL 825.20
Description: Stock settled near its immediate support with bearishly bias. Hence breakout is expected ahead.