The immediate resistance is placed in the range of 12,000-12,040. Surpassing the hurdle of 12,000-12,040 may take Nifty towards the next junction of 12,200. In case Nifty slips below the 11,812 mark, it may try to fill the upside gap area of May 20. Stocks in news: Shemaroo, Jet Airways, Sonata Software.

The early trend in SGX Nifty suggests that Nifty may open the day on a flat note but the new cabinet formation is likely to enthuse the market to make an attempt to touch the level of 12,000 on Nifty. At the time of writing, SGX Nifty was trading higher by 7 points at 11,982 level.

Private power transmission and distribution company Tata Power announced that the company’s wholly-owned subsidiary in renewable energy business received a Letter of Award (LoA), on Thursday.

The stock of leading cigarette producers Godfrey Phillips India Limited saw dip during Thursday's last trading session after its board announced a dividend of Rs. 10 per equity share. The stock closed down by 4 per cent.

Market was upbeat on Thursday as Rashtrapati Bhavan was preparing to host close to 8,000 guest who were to attend the swearing-in ceremony of the Prime Minister-elect, Narendra Modi for a second terms in office. HDFC twins and Reliance contributed the most to the index gains.

The Board of Directors of Alkem Laboratories recommended a final dividend of Rs. 8 per equity share for the financial year ended March, 2019. Reacting to this announcement, the stock of Alkem Laboratories was up more than 3 per cent on Thursday.

The stocks that are likely to witness significant movement on the bourses on May 31 Palred Technologies, Natco Pharma, Alkem Laboratories, Sterlite Technologies and Signet Industries.

A settlement agreement has been signed between Natco Pharma and Onyx Therapeutics Inc. on patent litigation related to generic versions of 10mg, 30mg and 60mg of Kyprolis. Natco has partnered with Breckenridge Pharmaceutical, Inc., who will market the product in the United States.

The company's board approved investing surplus funds to increase its stake in real estate developer Duville Estates to 9.64 per cent. The shares were purchased at Rs. 83 per equity share.

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