Today's Fundamental Report and Updates on Stock Market

Stock Market News and Analysis:

Benchmark Indices witnessed a continued selling pressure throughout the day as across the board selling weighed in. Nifty settled at 10451.45, down by -538 points and for coming session its key support is at 10300 while on higher side its resistance is at 10600.

Headlines for the day:

• Gayatri Projects received Rs 44 crore from a settlement of its claim related to a NHAI project.

• Allahabad Bank has fixed March 23, 2020 as the record date for its amalgamation into Indian Bank.

• Hindpetro allotted debentures worth Rs1,400cr on March 6.

Key stocks:

• Yes Bank stated that its board will meet on March 14, to consider the unaudited financial results for the quarter ended December 31, 2019. RBI released the draft of Scheme of Reconstruction of Yes Bank and has invited suggestions and comments up to March 09, 2020.

• Divis Laboratories Limited has commenced commercial production effective from March 09, 2020 from DCV-SEZ Unit of the company at Chippada Village, Bheemunipatnam Manda), Visakhapatnam.

• Max Financial Services Limited has clarified on the news item which states the following: "Interestingly the SBI Provident Fund holds Yes AT1 bonds along with Nippon MF, Templeton MF, UTI MF, Indiabulls, Max Fin and HNIs.

• Biocon Limited and Mylan today announced that the U.S. Food and Drug Administration has accepted Mylan's Biologics License Application a proposed biosimilar to Avastin (bevacizumab), for review under the 351(k) pathway.

• Indiabulls Housing Finance Limited informed on Sunday that Yes Bank owes to Indiabulls Housing Finance Rs662cr via AT-1 Bonds. The investments in AT-1 bonds of Yes Bank were made in 2017, as a part of its treasury management of over Rs20,000 crore of cash and when Bank was worth over $10 billion in value.

• Cox & Kings releases list of financial and operational creditors. It has a financial debt of Rs5,912 crore. Major loans have been taken by Yes Bank (Rs2,285cr), Axis Bank (Rs1,065cr), SBI (Rs635cr) and IndusInd Bank (Rs270cr).

• Zydus Cadila, and XOMA Corporation announced they have entered into a licensing agreement to advance an IL-2-based immuno-oncology (IO) drug candidate that combines Zydus' fL-2 with XOMA's novel anti-lL-2 monoclonal antibody.

Calls for Tomorrow:

• CALL: SELL NAUKRI EQ BELOW 2520 TARGETS 2494.80/2469.60/2444.40 SL 2545.20

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

• CALL: SELL CIPLA EQ BELOW 423 TARGETS 418.75/414.50/410.30 SL 427.25

Description: Stock form consolidation on intraday chart with bearishly bias. Hence rally is expected below the mentioned level.