Stock Market News and Analysis:
Benchmark Indices witnessed across the board buying throughout the day with both Nifty and Bank Nifty index closing around the intraday highs. Nifty closed at 12086.70 and for coming session its key support is at 12020 while on higher side its resistance is at 12160.
Headlines for the day:
- Tata Sons raised their stake in Tata Motors to 39.52% from 35.3%.
- Inox Leisure Limited has started commercial operations of a theatre in Gorakhpur.
- VIP Industries' chief financial officer resigned from his post with effect from January 9, 2020.
- Board of Raymond Ltd has approved the closure of the wholly-owned subsidiary of the Company named viz., Dubai (UAE), Raymond Lifestyle International DMCC, as per applicable laws of Dubai in this regard.
- Magma Fincorp announced that the it has raised 350 Crore via NCDs from Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO), a Dutch Entrepreneurial Development Bank, to support the company’s on-going growth plans.
- Infosys Limited faces another lawsuit from the Schall Law Firm, a shareholder rights litigation firm based in Los Angeles. Infosys made false and misleading statements to the market and used improper recognition of revenue to boost short-term profits according to the complaint.
- Wipro Limited consulting and business process services company, announced post market hours that it has been awarded a strategic multi-year cyber governance, cloud and infrastructure services transformation engagement by Olympu
- Allahabad Bank's gross non-profit asset divergence was at Rs67 crore and provisioning divergence was seen at Rs453 crore during 2018-19. Besides, the bank has reduced MCLR by 5 basis points across various tenors with effect from December 14. One-year MCLR at 8.3%.
- Biocon Ltd, and Equillium Inc. leveraging deep understanding of immunobiology to develop products to treat severe autoimmune and inflammatory disorders, announced Thursday post market hours that they have expanded their collaboration and license agreement for itolizumab to grant Equillium exclusive rights for developing and commercializing itolizumab in Australia and New Zeala
- Power Grid Corporation informed that pursuant to its selection as the successful bidder under Tariff based competitive bidding, the company on December 12, 2019 acquired Rampur Sambhal Transco Limited, the Project SPV to Establish Transmission System for "Construction of 765/ 400/ 220 kV GIS substation, Rampur and 400/ 2201 132 kV GIS substation.
Calls for Tomorrow:
- CALL: SELL HINDUNILVR EQ BELOW 1998 TARGETS 1978/1958/1938 SL 2018 Description: Stock from consolidation near its key support and settled with bearishly bias. Hence rally is expected below the mentioned level.
- CALL: SELL ZEEL EQ BELOW 277.20 TARGETS 274.40/271.65/268.85 SL 280 Description: Stock settled near its immediate support with bearishly bias on daily chart. Hence breakout is expected ahead.