Market rallied on Thursday on back of gains from technology index which surged by 2% to force Nifty to close above 16350. However, as ratio of nifty to USDINR has been oscillating in setup of rising wedge, the Nifty remains vulnerable to sharp sell-off below 16162. Adding to it, the Nifty Smallcap 100 index has also confirmed a major reversal in the past few days and may restrict upside gains in the coming days. For Nifty, resistance is seen at 16377 on closing basis. Results today- Godrej Industries, Grasim Industries, NBCC, NHPC, ONGC.
The Dow and S&P 500 jumped to record closes for a third straight day on Thursday, with mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady U.S. economic recovery. The Dow Jones Industrial Average rose 14.88 points, or 0.04%, to 35,499.85, the S&P 500 gained 13.13 points, or 0.30%, to 4,460.83 and the Nasdaq Composite added 51.13 points, or 0.35%, to 14,816.26. Asian indices have opened lower. Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of COVID-19 worldwide.
Stocks in news
- Tata looks to raise $1 billion for EV unit at $7 billion valuation.
- ITC plans to invest $2 billion in the medium term to create growth vectors under its ‘ITC Next’ strategy.
- Ashok Leyland Q1 net loss at Rs 282.3 crore versus loss of Rs 388 crore and revenue was at Rs 2,951 crore versus Rs 650.9 crore, YoY.
- The government has kickstarted the process of selling up to 25 per cent stake in National Seeds Corporation (NSC) through an initial public offering (IPO).
- RBI buys record gold in H1CY21, reserves cross 700 tonnes
- AI-based travel app ixigo, which is backed by the likes of Sequoia Capital, Elevation Capital (formerly Saif Partners) and Micromax, has filed its papers with market regulator Sebi to raise Rs 1,600 crore via an initial public offer.
- Consumer Price Index-Based inflation (CPI) for July came in at 5.59 percent, back within the Monetary Policy Committee’s inflation targeting range of 4 (+/-2) percent, on the back of softening food prices.
- June IIP rises 13.6% YoY due to low base effect
Must Read: Why Higher Inflation Could Be India’s Next Big Worry Amid Worsening Covid Crisis
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