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Tuesday, March 29, 2016

Equity Tips
Domestic equity markets navigated rough waters on Tuesday as multiple triggers confused investors on the Street.

The equity market managed to close in the red after a shaky trading session that saw the BSE benchmark Sensex swing between gains and losses. The S&P BSE Sensex ended the day lower by 66 points, or 0.26 per cent, at 24,900. The 50-share NSE Nifty50 closed at 7,597, down 18 points, or 0.24 per cent.

Lupin slipped over 13% to Rs1294.05, after reports suggested that it has received a Form 483 (observation letter) from US drug regulator, USFDA for its Mandideep manufacturing facility.

Lupin's active pharmaceutical ingredient ( API) and formulations units of Mandideep manufacturing facility in Madhya Pradesh have reportedly received two observations each after the facility was inspected by United States Food & Drug Administration ( USFDA) between February 08, to February 19, 2016.

Lupin drops as Mandideep unit receives USFDA observations.
LIC ups stake in IDBI Bank to 14.3%.
Ashok Leyland sells 0.55% stake in Indusind Bank.

The crucial resistance for Nifty SPOT is now seen at 7653 and above this 7750. Support for the immediate term is now placed at 7583 and next support will be 7515.

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