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Morning news and update
The Nifty opened the session on a flat note and, thereafter, it was seen see-sawing between gains and losses in the first couple hours of the trading session as market participants waited for the outcome of the RBI credit policy meet. Post the RBI credit policy announcement, the index witnessed a sharp correction and Nifty eventually ended lower by 93 points at 10,863. The price action formed a bear candle within the high to low range of the prior bar. Going ahead, the zone of 10,780-10,800 will offer strong support as it is 61.8 per cent retracement of October-June rally. The formation of back-to-back bullish patterns such as hammer and bullish engulfing pattern on Monday and Tuesday are still intact and sustenance above the same is crucial for any revival to set in. At the same, it is advisable to wait till the Nifty moves above the 11,000 mark to get confirmation of the short term upmove. In the current pessimistic environment, only good money management practices will protect the capital.
Phoenix Mills: The company has announced a scheme of amalgamation of its subsidiary company. The amalgamation will simplify the corporate holding structure and give PML direct stake in annuity rent-generating assets and cash flows from the residential project.
Dilip Buildcon: Dilip Suryavanshi, Devendra Jain and Seema Suryavanshi, the promoters of the company, propose to divest part of their shareholdings in the company. They would be divesting 0.63 per cent of the total paid-up equity share capital of the company aggregating up to 8,64.042 shares for achieving minimum public shareholding.
Maruti Suzuki India: Maruti Suzuki has produced a total of 1,33,625 units in July 2019 as compared with 1,78,533 units in the year-ago month.
BOSCH: With a view to adjust production to meet the demand for products and to avoid unnecessary build-up of inventory, the company proposes to suspend all manufacturing operations at the company plants in Tamil Nadu and Nashik for 5 and 8 days, respectively.
Wipro: The company has announced that ADM Aeroports de Montreal has awarded a five-year strategic IT and business transformation contract to Wipro.
Gujarat Alkalies: The operation of phosphoric acid plant (PAC) at the Dahej complex has been restored. The operations of other plants continue to remain shut down.
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