26th March, 2019 Morning

Market will open on a flat note today after witnessing sell-off in the last session.

Concerns about the health of the world economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.

US markets ended flattish on yesterday. A weaker-than-expected reading of US factory activity in March, along with similarly dour reports from Europe and Japan, helped send US Treasury yields into an inversion with the spread between yields of three-month Treasury bills exceeding those of 10-year notes for the first time since 2007 shook the world markets in last two sessions which resulted into change in sentiments of Indian market too as falling interest rates on long-term government debt below the rate on short-term bills is considered as a alert for recession.  Going forward, the central banker's reaction to this imminent global slowdown (in terms of easy monetary policy, etc), upcoming corporate results season and political dynamics will hold the key.

A bearish candle was plotted on the daily chart yesterday for Nifty50. Nifty has recovered from the day low to close above 11350. If yesterday's low of 11311  will be broken then it will be dragged to 11170 level zone which is a good support zone. On the other hand, 11550 will considered as a resistance.

🎯 News & Impact 🎯

🎯 Grasim Industries : 
The Bombay High Court granted a stay against the recovery demand worth Rs 5,872.13 crore on account of dividend distribution tax.
Positive for the stock. 👍

🎯 Piramal Enterprises :
Company gets tentative US FDA nod for Antipsychotic Drug, Lurasidone Hydrochloride.
Positive for the stock. 👍

🎯 Newgen Software Technologies :
Company said it will incorporate Australian arm with an initial investment of 1.5 million Australian Dollars.

🎯 Bharti Airtel :
Company said that it eliminated ISD Packs for making regular call to Bangladesh and Nepal.

🎯 ICICI Prudential Life Insurance OFS : Promoter Prudential Corporation Holdings said it will sell 3.73 crore shares or 2.6 % of the equity share.
Negative for the stock.

🎯 Kalpa-taru Power Transmission :
Company acquired 85 % stake in a Swedish EPC Company for $24 million, which deals in power supply solutions and services.

🎯 Prabhat Dairy :
Competition Commission of India approved the scheme of the company’s sale of its dairy business.

🎯 NHPC :
Company said that it had started power trading in IEX as trader for J&K Power Development Department with effect from March 22.

🎯 Shalby Multispeciality Hospitals :
Company got empanelled under “Ayushyaman Bharat Yojana” and “MAA Yojana” for joint replacement surgeries (for knee and hip) and other specified surgeries offers no cost options to the patients covered under the scheme.

🎯 MEP Infra Developers :
Company arm entered into concession agreements with NHAI for three highway projects in Maharashtra.

🎯 Suzlon :
Suzlon Energy sold balance stake in its two arms for Rs.99.1 crore.

🎯 Reliance Power :
Company promoter Reliance Infrastructure revoked pledge of 25.39 crore shares on March 22.
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Edited by Sharp.