The Indian markets ended with deep cut as heavy selling emerged after the Railway Minister announced hike in Freight rate. On daily chart nifty formed a bearish candlestick pattern along with higher volumes; it also breached its important support level of 8720 which was also its 20-day EMA so this suggests bears are getting into momentum for fresh leg of selling. Currently nifty is trading near upward rising trend line support, joined from swing low of 8167. Now going forward important support for nifty is around level of 8630 and next major support is around 8590. The trend for short term continues to remain in favor of bears.

Jubilant Life Sciences (BSE Code: 530019) has received approval from the US health regulator for generic Irbesartan and Cetirizine Hydrochloride tablets used for treatment of hypertension and allergies respectively. The company has received final approval from US Food and Drug Administration for its abbreviated new drug application for Irbesartan tablets in the strengths of 75 mg, 150 mg, 300 mg and for chewable Cetirizine Hydrochloride tablets in the strengths of 5 mg and 10 mg.

In order to give a push to government’s defence programme, the ministry has awarded battlefield management system (BMS) development contracts to two consortiums. According to sources, one comprises of Tata Power (BSE Code: 500400) and L&T Defence and the other consortium includes BEL and Rolta (BSE Code: 500366). The government will fund 80 percent of the prototype cost and partners will be expected to fork out the remaining 20 percent. The two consortiums are required to develop the prototype in 18-24 months.