Daily Market Commentary - 07th October 2019 Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

- The markets corrected today with NIFTY 50 down by 0.4% closing at 11,126 and SENSEX closing lower by 0.4% to 37,531. The markets continued its decline as the investors are coming in terms with the ground reality of the ongoing economic slowdown.

- Global markets were largely unchanged today as positive US jobs data was countered with nervousness over US - China trade talk and weak European economic data.

- Zee Entertainment stock rallied 5.6% in trade today after Mr Punit Goenka clarified regarding the disclosure of incremental pledged shares in a media interview by stating that VTB's loan maturity is one year away and no covenants have been breached to trigger a sale of the pledged shares.

- Claims of around Rs 861cr (subject to further verification by Directorate General of Foreign Trade(DGFT)) made under the Services Exports from India Scheme by Container Corporation of India has been deemed ineligible by the DGFT, the stock closed lower by 6.5% today.

- USFDA has issued Form 483 to the Telangana facility of Aurobindo Pharma. The US FDA has made seven observations including lack of documentation, equipment cleanliness and quality control, the stock closed down by 19% today.

- According to media reports, global PE funds such as TPG, The Carlyle Group and Farallon Capital are seeking to buy large strategic stakes in Yes Bank, the stock closed higher by 8.2% today.

Source : Equity Bulls

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