Markets witnessed late recovery on Wednesday despite FII selling more than Rs 2000 crore in the cash market while the recovery was mainly led by Non-Financial segment to help Nifty close above 15700. If we see price action in Nifty since last 45 days, Nifty has not been able to close below 15620, which has acted as a lower range of trading band of 15620-15900. However, the short-term parameters indicate activation of rising wedge breakdown below 15760 for an immediate target towards 15100. With retail segment holding open net long positions of 10 lakh contracts in stock futures, the market are prone to major downside risk in the near-term and we may see wider cracks opening from non-financial segment in the coming days, which so far has acted as a cushion for the markets.
On the global front, US equities fluctuated between slight losses and gains on Wednesday, with markets barely reacting to another dovish stance from the Federal Reserve. The US central bank kept its benchmark interest rate at a record-low level of near-zero and the pace of the quantitative easing program unchanged. Policymakers characterized the economic recovery as robust and flagged ongoing discussions around the eventual withdrawal of monetary policy support. FOMC says Fed Will Further Assess Progress On Goals Over Coming Meetings. FOMC Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month. Fed Announces Launch Of Standing Repo Facility
Stocks in news
Sonata Software to acquire Encore Software to boost cloud services
Embassy Office Parks REIT hopes demand will bounce back in early FY22
Yes Bank, Indiabulls Housing Finance enter co-lending setup for home loans
Paytm Payments Bank achieves milestone of issuing 10 million FASTags
Sundaram Home Finance seeks to raise Rs 2,500 cr to fund growth plans
Boeing posts first profit in about 2 years, propelled by 737 MAX deliveries
JSW Cement to raise up to Rs 1,500 crore from two global equity investors
Airtel raises minimum prepaid plan to Rs 79, offers more usage time
Flipkart eyes 2X growth in ‘Pay Later’ offering, aims to cross 100 mn
HDFC enhances the existing limit to borrow via medium-term bonds up to $2.8 bn
IDBI Bank expects its gross NPAs to come down to 15% by FY22-end
Big miss for Maruti Suzuki as Q1 net profit comes in at Rs 441 crore
Tata Coffee first-quarter consolidated net down 26% at Rs 46 crore
TeamLease’s Q1 PAT jumps 57% consolidated profit after tax to Rs 26.9 crore for the June 2021 quarter
ABB India net profit jumps four-fold to Rs 68 crore in June quarter
Nestle India Q2 PAT up 11% to Rs 539 cr, sales up 14%
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