The audit of API manufacturing plant of Dr Reddy's Laboratories at Srikakulam (Andhra Pradesh) by US Food & Drug Administration (USFDA) got completed on January 28, 2020. 

The market opened in the green on January 29, 2020. The previous day witnessed the Sensex going down by 188.26 points to end at 40,966.86 and the Nifty was down by 63.20 points to close at 12,055.80. 

Himachal Futuristic Communications Limited (HFCL) announced after the trading hours on Tuesday that it has signed a term sheet with Bigcat Wireless Private Limited and its existing promoters to acquire up to 47.87 per cent of the diluted paid-up capital of the company. The total cash consideration of the acquisition is said to be Rs 22.50 crore.

Tata Group, one of India’s largest conglomerates, is planning to take a major step towards a clean and safe environment by making an ecosystem consisting electric cars and batteries, charging stations and battery recycling plants.

The failure to hold above Tuesday’s session low of 12,024.50, there is a higher probability of reaching 11,929 levels in the coming days. On the upside, Nifty needs to crawl back above the 50-DMA and close above the level.

Indian markets are likely to open in green today tracking positive global cues. In western markets, the market participants felt the sell-off was overdone and indulged in bargain hunting. SGX Nifty is trading up by 29 points at 12,097 levels.

The stock of Astral Poly Technik Limited has given a downward sloping trendline breakout on the daily time frame along with robust volumes. Additionally, the stock had formed an opening bullish Marubozu candle on the breakout day, which added strength to the breakout.

Mahindra & Mahindra announced that its subsidiary Mahindra First Choice Wheels Limited (MFCWL) has acquired Fifth Gear Ventures Limited (FGVL).

The following stocks will be in focus during Wednesday’s trading session in the light of their result announcements: Escorts, Jubilant FoodWorks, Nilkamal, Pidilite Industries and Vaibhav Global.

At present, the stock had formed a bearish engulfing candlestick pattern on daily scale, which suggests that bears are taking control. The bearish engulfing candlestick pattern is considered to be a bearish reversal pattern, which usually occurs at the top of an uptrend.