The market closed flat with a negative bias on the first day of the week as December quarter earnings that will kick start this week with Infosys, TCS and IndusInd Bank with investors concerned that the government’s move to ban high-value notes would hit corporate earnings. Nifty swung between gains and losses throughout the day opening in green but later moved to red.
For now, 8200 seen as a key support for Nifty if able to break this mark it will further head till 8160 while on higher side 8300 seen as an important resistance.
Global Markets Update
Japan’s Nikkei share average dropped on Friday as automakers dragged after incoming U.S President Donald Trump threatened to slap punitive taxes on Toyota cars imported into the United States from Mexico, while Fast Retailing weighed on the market.
Jaguar Land Rover sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade.
Aurobindo Pharma stock rose up to 3% as the company’s wholly-owned subsidiary Agile Pharma B.V., Netherlands, has acquired Portugal-based Generis Pharmaceutical SA. The company has also received approval from the US FDA for generic Levetiracetam injectable.
Tata Motor’s subsidiary, JLR’s December sales increases 12% on YoY basis. The company was able to achieve this growth largely due to new product launches by the company, under the brand name Land Rover.
Bank of India inched up 1%. The bank said it has decided to reduce its interest rates on retail loans, including home and vehicle loans, with effect from Monday.
Tata Steel announced strong Q3 numbers, production increase by 23.7% in Q3 whereas the sales increased by 27.5% for Q3. The growth in sales was enabled by higher sales through an automotive segment, branded and value-added products. Also scaling up of sales in new segments.
Maruti Suzuki’s production for the month of December is down by 0.4 percent at 1.07 lakh units against 1.08 lakh units YoY basis; stock ends in the green zone.
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