Daily market commentary - October 14, 2019 - BONANZA PORTFOLIO LTD

Mr Jaipal Shetty, Fundamental Analyst

The markets closed in the green today with NIFTY 50 up by 0.22% closing at 11,329.80 and SENSEX closing lower by 0.23% to 38,214.47 It was a very volatile day for trading today as the Nifty 50 traded in a 130 points range between the high and low. The Nifty 50 closed near its open of 11,336; it lost steam in the last one hour of trade. The reason for the correction might be the fall in European equities as the investors observed caution over the lack of detail in the US-China deal.

Adani Gas Ltd has announced that Total SA would buy a 37.4% stake in the company. Total will buy up to 25.2% in Adani Gas from public shareholders at Rs149.63 per share, valuing the stake at Rs 41.5bn, the stock closed 9.4% in the green today.

DLF closed higher by 6.4% after it announced that it has sold 376 ready-to-move-in luxury flats worth Rs 700cr on the first day of the launch of its new housing project in Gurugram.

A US court has rendered a verdict against UPL Ltd and its U.S.-based subsidiary, Decca U.S. Post-Harvest, Inc., to pay an aggregate amount of approximately US$ 31mn, the stock closed 0.8% in the red today.

Moody's cuts Indiabulls Housing's rating to B2 and maintained the outlook negative, the stock closed 5.7% lower today.

Source : Equity Bulls

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