The market gained after the government cleared the telecom relief package and PLI schemes for another sector to help Nifty close above 17500. The major contribution of upmove in Nifty was seen from technology stocks with Bank Nifty underperforming the Nifty Index. After yesterday upmove, the Nifty IT has hit a roadblock of 10 consecutive weekly highs. With Brent crude crossing above USD 75 a barrel, we can expect it to test at USD 92 a barrel in the coming days. One is advised to stay cautious as Bank Nifty is a mere 2.5% away from a breakdown.
U.S indices rose on mildly positive factory data and higher oil prices, although concerns over a slowing economic recovery and higher corporate taxes kept sentiment subdued. The Dow Jones Industrial Average rose 92.87 points, or 0.27%, to 34,670.44, the S&P 500 gained 11.10 points, or 0.25%, to 4,454.15 and the Nasdaq Composite lost 9.66 points, or 0.06 %, to 15,028.10. Oil gained after a U.S. industry report showed another decline in inventories of crude and gasoline
Stocks in news
Govt clears telecom relief package; offers the option to convert part of statutory dues into equity
Shree Cement to invest Rs 4,750 cr in Rajasthan
RIL in talks with China’s Hualu to make a key component of solar panels
Tata Motors’ PV business turnaround impresses Shapoorji Pallonji Group
Blackstone sells 6% stake in Embassy Office Parks REIT, raises over Rs 2,020 crore
Tatas, SpiceJet’s Ajay Singh submit financial bids to acquire Air India
Adani Transmission to invest Rs 1,200 cr in MP to strengthen the power system
5G spectrum auction most probably in February 2022: Telecom minister
Improved volumes, margins point to a strong FY22 for Concor
Fitch upgrades outlook on Shriram Transport from ‘negative’ to ‘stable’
Godrej Consumer Products expects double-digit growth in FY’22
NTPC Darlipali Thermal Power Station’s Unit 2 to start commercial operation from Sep 1
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