4th April 2019, Morning Brief

Market will open on a flat note today after a volatile session yesterday.

A late rally in U.S. markets took indices to close at almost six-month highs as optimism over global growth revived investor risk appetite.

Skymet forecast on monsoon rains afected the sentiment yesterday and market shrugged off early day gains and ended with losses ahead of RBI Policy which will be announced today afternoon. Both FPIs and DIIs were net sellers into market yesterday. 0.25% rate cut is already factored in by market but above 25 basis points' rate cut will definitely surprise the traders in any way. Nifty formed a bearish engulfing pattern on the daily chart yesterday. Nifty50 has support at 11550 but any uncertain fear under the roof can pull down the index to 11180 level to fill the gap. But looking forward, 12390 can be considered as ultimate short term target.

🎯 News & Impact 🎯

🎯 Reliance :
Reliance Industries’ Jio entered into a definitive business transfer agreement with Haptik for around Rs 700 crore. The company will hold around 87 percent stake in the target company. Haptik is a conversational artificial intelligence platform.

🎯 Godrej Properties :
Company entered into a joint venture with a developer to develop 4.25 acres property in Mumbai.

🎯 Gujarat Gas :
Company received grant of authorization for six city gas distribution networks. The company has been granted 300 months of infrastructure exclusivity i.e. valid up to March 28, 2044 and 96 months of marketing exclusivity valid up to March 28, 2027.
Positive for the stock. 👍

🎯 Suven Life Sciences :
Company product patents in Israel, Japan, New Zealand and Sri Lanka for treatment of neurodegenerative disorders. The company said these patents will be valid through 2029 and 2036.

🎯 Mannapuram Finance :
Company infused Rs.263.92 crore in its arm.

🎯 Tata Global Beverages :
Company said its Russian arm has been liquidated consequent to the completion of the restructuring. 

🎯 Kanoria Chemicals and Industries :
Company commissioned its plant in Canada for production of automotive and industrial electronics with effect from April 2.

🎯 Godrej Agrovet :
Company increased its stake in its arm Godrej Maxximilk from 52.06 % to 62.97 %.

🎯 KPI Global Infrastructure :
Company received order of 720KW solar power plant under Captive Power Producer (CPP).

🎯 JSW Steel :
Company promoter group Danta Enterprises revoked pledge of 3.7 lakh shares on March 29.
Positive for the stock. 👍

🎯 Forbes & Company :
Company promoter Shapoorji Pallonji created pledge of 9.5 lakh shares on March 29.
Negative for the stock.

🎯 Future Enterprises :
Company promoter group Central Departmental Stores released pledge of 12.14 lakh shares on April 1.
Positive for the stock. 👍

🎯 V2 Retail :
Company promoter group Unicorn Marketing revoked pledge of 7.7 lakh shares on April 2.
Positive for the stock. 👍

🎯 Adani Ports & SEZ :
Company promoter group Gautam Adani revoked pledge of 23.7 lakh shares on March 30.
Positive for the stock. 👍

🎯 JSW Energy :
Company promoter group Danta Enterprises revoked pledge of 13.75 lakh shares on March 29.
Positive for the stock. 👍

🎯 Eros International Media :
Company promoter Eros Worldwide revoked pledge of 10 lakh shares from April 2-3.
Positive for the stock. 👍

🎯 Future Life Fashions :
Company promoter Ryka Commercial Ventures created a pledge of 7.1 lakh shares and revoked pledge of 3 lakh shares from March 30 to April 1.

🎯 Future Retail :
Promoter Future Corporate Resources released pledge of 3.63 lakh shares on April 1.
Positive for the stock. 👍
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Edited by Sharp.