Markets witnessed a mixed trend on Tuesday with technology stocks driving the rally in Nifty while the breadth of the market continued to remain poor with an advance-decline ratio of 1:2.5. Nifty surpassed the previous day high of 16,600 but failed to cross the 16,650 mark which turns out to be intermediate resistance. After yesterday’s up move, some of broader indices like S&P Dollex 100 i.e. BSE 100 Index in USD terms has seen the completion of rising wedge setup hence any close below 16,480 in Nifty will act as a major trend reversal.
U.S indices fell and oil posted its fourth straight day of declines as investors grappled with mixed economic data and considered the economic impact of the ongoing spread of the Delta coronavirus variant. The Dow Jones Industrial Average fell 0.79%, snapping a five-day winning streak. The S&P 500 lost 0.71% after posting a new record high on Monday, and the Nasdaq Composite dropped 0.93%. Asian indices have opened mixed.
Stocks in news/ Key news
- Sugar stocks in focus- India is expected to withdraw sugar export subsidies from the new season beginning October as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener on the world market, a top government official said
- Sebi has reduced the minimum lock-in period for promoters’ investment post an IPO to 18 months from three years, under certain conditions.
- RBI partially lifts technology ban on HDFC Bank, allows sourcing of new credit cards.
- Meghmani Organics (formerly known as Meghmani Organochem) | The company to list equity shares on the bourses after demerger of agrochemical and pigment business.
- Bharat Dynamic signed agreement with MBDA to establish advanced short range air-to-air missile facility in India.
- HCL Technologies won five-year IT transformation deal with Wacker Chemie AG, German multinational chemical company, to establish a modernized digital workplace and improve its quality-of-service delivery.
- Canara Bank launched QIP to raise Rs 2,500 crore, floor price fixed at Rs 155.58 per share.
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