Markets on Friday confirmed major trend reversal after prices formed ‘Dark Cloud cover’ on candlestick with selling mainly from non-financial stocks. The non-financial segment has been main the contributor for uptrend in Indian markets since past few months and reversal here would open wider cracks for the entire market. Meanwhile, the Nifty IT index last week completed 10 weeks of consecutive highs. This pattern in Nifty IT is very rare and is seen as signs of exhaustion for bulls at higher levels. We can expect deeper cuts in market when Nifty closes below 17214 in the coming week. Trends on SGX Nifty indicate a gap-down opening for the index in India with a 153-points loss.
US stocks ended sharply lower in a broad sell-off on Friday, ending a week knocked by strong economic data, corporate tax hike worries, the Delta COVID variant, and possible shifts in the US Federal Reserve’s timeline for tapering asset purchases. The Dow Jones Industrial Average fell 166.44 points, or 0.48%, to 34,584.88; the S&P 500 lost 40.76 points, or 0.91%, at 4,432.99; and the Nasdaq Composite dropped 137.96 points, or 0.91%, to 15,043.97.
Stocks in news
Adani Ports (ADSEZ): Approves issue of 10b rupees of debentures
Bajaj Holdings (BJHI): To pay mid-year dividend of 90 rupees/shr
Cadila Healthcare (CDH): Gets U.S. FDA approval to market antidepressant pills
DCB Bank (DCBB): Moneyboxx Finance Raises 75M Rupees From DCB Bank
Intellect Design (INDA): Intellect in strategic partnership with Resurs Bank
Inox Wind (INXW): Founder Inox Wind Energy sold 1.47m shares in Inox Wind: BSE
IRB Infrastructure (IRB): Says its Sindhudurg airport gets Airodrome license
KEC International (KECI): Says acquires Spur Infrastructure, an EPC company in the Oil and Gas Pipelines sector for INR620m
Rail Vikas Nigam (RVNL): Gets INR10.35b contract for Indore Metro Rail project
Shipping Corp (SCI): Gets govt nod to form new unit on demerger
Sobha (SOBHA): Sobha CFO Subhash Mohan Bhat Resigns
Wipro (WPRO): Announces co-innovation space with Google Cloud based in Bangalore
Zee (Z): Invesco ouster of Zee directors may trigger open fffer: InGovern
India Seeks Bids for 65 City Gas Licences in Green Fuel Push
• Indian States Didn’t Agree to Include Petroleum Goods in GST: FM
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