Market saw sharp U-turn on Wednesday to end in the negative terrain after opening with a gap up. The prices were unable to sustain above 16,650 for too long and ended with Bearish Dark Cloud Cover on daily candlestick chart. An appearance of dark cloud cover after an extended rally confirms end of bull’s capacity to take prices higher and any gap down opening followed after such a pattern should be seen as confirmation of start of a down trend. As historical volatility in Indian markets has been reduced drastically we may see sudden surge in volatility if Nifty closes 1.4% lower than Wednesday’s closing which turns out to be 16,336.
Global markets were volatile after minutes from the U.S. central bank’s last meeting showed the increasing prospect of reduced monetary stimulus this year. The S&P 500 closed higher after swinging between gains and losses throughout most of the session, while the CBOE Volatility Index was on track for its biggest weekly surge since January. WTI crude oil dropped more than 2%, to settle at $63.69, and copper lost nearly 2% on concern about global growth without the Fed’s bond-buying support. The 10-year Treasury yield slipped to 1.24% late in the afternoon. The Dow Jones Industrial Average fell 66.57 points, or 0.19%, to 34,894.12, the S&P 500 gained 5.53 points, or 0.13%, to 4,405.8 and the Nasdaq Composite added 15.87 points, or 0.11%, to 14,541.79.
Stocks in news
CarTrade Tech – will list on August 20 at Rs 1,618 per share.
Clean Science & Technology – Plutus Wealth Management LLP acquired 5.75 lakh equity shares of the company at Rs 1,518.42 per share on the NSE.
Tata Elxsi- The company collaborated with DStv Media Sales to build a vision for DStv Media Sales (DMS) that addresses current challenges while also positioning DMS for future growth.
Zomato acquired 9.16 percent stake in Grofers India for Rs 518.21 crore and 8.94 percent shareholding in Hands on Trades for Rs 222.83 crore.
Anuh Pharma – ICRA revised the long-term rating to A- from BBB+.
Indigo- Co Will Recommence Flight Operations Between India And UAE From 0130 Local Time Tonight
TCS- Co Launches New Google Cloud Garages For Enterprise Customers
Zomato Co Has Completed Acquisition Of 9.16% Stake In Grofers For 5.18 Bln Rupees
Aarti Industries- Co To Demerge Pharma Business To Aarti Pharmalabs Ltd
HDFC Bank- Co Raises $1b Of At1 Notes. At1 Notes Will Be Listed On India International Exchange
Bodal Chemicals- Co Says Decided To Sell Unit In Ankleshwar, Gujarat
Amara Raja Batteries: Andhra Pradesh High Court Extended Interim Suspension Of Andhra Pradesh Pollution Control Board Orders By Six Weeks
Vedanta- Co Says Tuticorin Matter Is Sub-Judice, Pursuing Legal Remedies As Prescribed By Law. Co Says Have No Role To Comment On Court Proceedings Mentioned In “Speculative Story In Media”
Indostar Capital Finance- Indostar Capital To Sell 6.2m Shares Of Co || Floor Price For Sale 290 Rupees Per Share
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