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Morning news and update
The Nifty opened the session on a negative note and slipped tad below the 11,000 mark momentarily. However, Nifty recovered gradually from the lows of the day to end with modest gain. The Nifty added 0.26 per cent to close at 11,114. Even though Nifty closed in the marginally positive territory, it formed a lower low and lower high. After closing below the 200-DMA (11,148) on July 30, Nifty attempted a pullback, but the pullback was resisted at 200-DMA. As long as Nifty trades below the 200-DMA, there are chances of the index moving further down towards the 10,980 level. Going ahead, only faster retracement above the 200-DMA will boost the sentiments in the markets. Further, the index needs to form higher high-low and this would be the first sign of revival for the bulls.
Sun Pharmaceutical: Sun Pharmaceutical announced that one of its wholly-owned subsidiaries has filed an application for manufacturing and marketing authorisation of Tildrakizumab for moderate-to-severe psoriasis and psoriatic arthritis with the Pharmaceuticals and Medical Devices Agency (PMDA), Japan.
BOSCH: With a view to adjusting production to meet the demand for products and to avoid unnecessary buildup of inventory, the company proposes to suspend all manufacturing operations at the company's plant in Bidadi for three days from August 1 to 3, 2019.
ZEEL: The company has announced that Invesco Oppenheimer Developing Markets Fund has agreed to buy 11 per cent stake in ZEEL for a total consideration value of Rs 4,224 crore.
Unichem Laboratories: The United States Food and Drug Administration (USFDA) conducted inspection at the company's Goa formulation facility between July 22 to July 31, 2019. The inspection was a routine GMP surveillance and post approval inspection for its ANDAs submitted from this facility. At the end of the inspection, the facility received four observations, with no repeat observations and are mostly procedural in nature.
GMR Infrastructure: The meeting of board of directors of the company is scheduled on August 5 to consider and approve raising of funds to the tune of about Rs 27,300 crore via equity and debt.
Mindtree: Mindtree has joined Hyperledger to accelerate blockchain development.
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