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CAPITALSTARS INDIAN EQUITY MARKET WRAP UP – 16 AUGUST 2019

market-wrap-up

Closing Bell: Banks, auto help Nifty hold 11,000 amid volatility; mid-smallcaps gain too.

Benchmark indices reversed morning losses to close marginally higher with the Nifty decisively holding 11,000 level, backed by banks and auto stocks. The BSE Sensex rose 38.80 points to 37,350.33 and the Nifty50 gained 18.40 points at 11,047.80. However, for the week, indices lost more than half a percent.

HEADLINES OF THE DAY
Lupin receives USFDA approval for Hydrocortisone Valerate cream Hydrocortisone Valerate Cream USP, 0.2%, (RLD: Westcort) had annual sales of~15mn in the US, as per IQVIA MAT March 2019.

State Bank of India trades flat after block deal The bank said on Wednesday that it is planning to dilute stake in its card business through the initial public offer (IPO) route. The bank currently holds 74% stake in SBI Cards & Payment Services Private Limited, as per its filing.

KNR Construction gets order for reservoir bund; stock down ~3% The company is expected to invest Rs53.16cr (in the form of equity & subordinated debt) against which the company is expected to receive a total of Rs95.79cr through this transaction, which may undergo some changes at the time of COD.

The crucial resistance for Nifty spot is now seen at 11150 and above this 11250 Support for the immediate term is now placed at 10900 next support will be 10800.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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