The market opened in the red on March 9, 2020. The previous trading session witnessed the Sensex going down by 893.99 points to end at 37,576.62 and the Nifty was down by 279.55 points to close at 10,989.45.

Concrete pipe manufacturing company, Indian Hume Pipe Co Ltd (IHP) announced that they have received a Letter of Acceptance (LoA) from Government of Karnataka.

The market opened in the red on March 9, 2020. The previous trading session witnessed the Sensex going down by 893.99 points to end at 37,576.62 and the Nifty was down by 279.55 points to close at 10,989.45.

On Monday, the stock of Hindustan Petroleum Corporation Limited (HPCL) gained around 8.56 per cent in the early morning trade along with other oil companies such as Bharat Petroleum and Indian Oil, which jumped 5.18 and 1.98, respectively.

Drug firm-Natco Pharma announced that United States Food and Drug Administration (USFDA) had completed its pre-approval inspection conducted at its formulation facility in Kothur Village from March 2 to 6, 2020 and have issued one observation to the company.

On March 6 2020, OPEC and its alliance did not come to an agreement on production cut amid weakening crude oil prices due to a sluggish demand owing to economic slowdown triggered by Coronavirus

The immediate support is at 10,600-10,630 levels. In any case, if this support zone breaks and closed below on weekly basis, then this would be the first indication that the long-term super bullish cycle has been reversed. Stocks in news: Indiabulls Housing Finance, SBI, Indian Hume Pipe,  Natco Pharma, SMS Pharmaceuticals, PTC.

Markets have been gripped by negative news flow since the last couple of weeks. It all began with the spread of Coronavirus, followed by Yes Bank Saga. However, with the start of a fresh week, the market participants might hope for some relief but nothing of that sort is visible. Bears have got fresh news to further tighten their grip as Saudi Arabia’s stir up force on Russia cut its list prices by most in 20 years.

Considering the weekly time frame, the stock of Tata Consultancy Services Limited has bounced back from the edge of the rising trendline support that is formed by connecting swing lows from November 2018. The reversal from the support is confirmed by the above 50-week average volume.

Alkem Laboratories Limited has been picked up by our Bollinger Band Squeeze scanner, which suggests that the stock is near a consolidation breakout.