Markets yesterday succumbed to selling pressure at the late hours of trade to close at day’s low with Bank Nifty and Metal sector acting as major draggers. Global stock markets were caught in the grip of contagion fears sparked by troubles at China Evergrande which prompted investors to flee riskier assets. If the Chinese Yuan begins its depreciation, the carnage will spill over to the Rupee and this may trigger relentless selling in Indian markets. For Nifty, the crucial support is seen at 17214 and at 36000 in Bank Nifty for activating a sharp fall in the coming days.
U.S indices fell as fear of contagion from the potential collapse of China’s Evergrande drove investors out of equities in a flight for safety. The Dow Jones Industrial Average fell 614.41 points, or 1.78%, to 33,970.47, the S&P 500 lost 75.26 points, or 1.70%, to 4,357.73 and the Nasdaq Composite dropped 330.07 points, or 2.19%, to 14,713.90. Oil prices fell 2% on Monday as investors grew more risk-averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies
Stocks in news
Adani Ports has got approval from the Competition Commission of India to acquire a 10.4 per cent stake in Gangavaram Port, Andhra Pradesh.
HCL Technologies got a digital transformation order from MKS Instruments Inc for five years.
Cadila Healthcare –The company’s wholly-owned subsidiary, Zydus Healthcare, has entered into an agreement with Integrace to sell two brands — Mifegest and Cytolog.
YES Bank has partnered with Visa to offer credit cards to its customers.
SBI Cards and Payment Services – Private equity firm The Carlyle Group is looking to sell a 3.4 per cent stake in the company worth Rs 3,267 crore through the bourses on Tuesday. The sale price has been fixed at Rs 1,021 to Rs 1,072.30 a piece.
Nestle India may face commodity headwinds in 2022 due to rising global coffee prices and higher milk prices in India, said Suresh Narayanan, the company’s chairman and managing director, as per reports.
Pfizer – Pfizer Inc and BioNTech reportedly said trial results showed their coronavirus vaccine was safe and produced a robust immune response in children aged 5-11.
Coal India – The company’s arm Bharat Coking Coal signed a first of its kind revenue-sharing contract of around Rs 1,880 crore with Prabha Energy for commercial extraction of a coal bed methane.
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