Markets remained under pressure on Thursday on the back of weakness in technology stocks with the Nifty ending lower below 17900 as Bank Nifty retracted after hitting lifetime highs. The current setup in Sensex post 19 August has emerged in a bullish ascending triangle and this would mean the market has gathered enough firepower to hit 19000 levels in Nifty in the coming days.
Yesterday’s decline can be attributed to the e-leg decline of the triangle which is generally followed by a sporadic surge in price-up move along with volumes.
BSE Sensex Daily
Stocks to watch
Positive Read through
- UPL Buys a 26% stake in Clean Max Kratos for INR396m; UPL and CleanMax partner for a new renewable project in Gujarat.
- Tata Power Gets LoA for INR 6.12b to build a 100mw ground-mounted solar project for SJVN.
- SBI Clarifies not identified as a nodal bank for Russia deals; RBI authorized all Indian banks for rupee vostro account.
- Reliance Industries Jio adds net 2.95m mobile subscribers in July: TRAI.
- MTAR Technologies Gets orders worth INR 5.4b in clean energy.
- Mindtree Builds digital command, and control solution for Larsen & Toubro.
- Bharti Airtel (BHARTI): Adds net 513,472 mobile subscribers in July: TRAI.
- Adani Ports To enhance Haldia Dock’s capacity, Signs Concession pact with Syama Prasad Mookerjee Port; est. cost of the project at Rs 2.98b.
Negative Read through
- Vodafone Idea Loses net 1.54m mobile subscribers in July: TRAI.
- Vedanta Clarifies Chip plant Gujarat investment of $19.5b under holding company Volcan.
- PSL CBI Files Case Against PSL for Alleged 4.29 Billion-Rupee Fraud.
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