Markets witnessed profit booking around 17200 levels led by unwinding in Nifty Bank at 37000 with Nifty ending in negative but sustaining above the 17050 mark. After the recent upsurge, 17050 will act as key defense for the market as rally has seen lack of participation from Nifty Bank and we may see significant selling in Nifty Bank whenever it closes or sustain below 36215 levels. An appearance of Gravestone Doji in Nifty Bank may act as an important trend reversal and close below 36215 should provide added confirmation.
The Nasdaq closed Wednesday at a record high while the Dow Jones fell marginally, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy. The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38. Oil prices steadied after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.
Stocks in news
Tata Motors: The company will cutdown production due to semiconductor shortages.
Axis Bank: RBI imposes Rs 25 lakh fine on the bank for rule violations.
SBI: The bank raises Rs 4,000 crore through AT1 bonds.
Eicher Motors – Royal Enfield sales volume declined 9 percent to 45,860 in August 2021 from 50,144 motorcycles in August 2020.
Kotak Mahindra Bank – With the execution of a Share Purchase Agreement, it completed the transaction for sale of 20 crore equity shares (around 8.57 percent shareholding) of Airtel Payments Bank to Bharti Enterprises, on August 31, 2021 for Rs 294.8 crore.
Vedanta – The company approved first interim dividend of Rs 18.50 per equity share for the financial year 2021-22 amounting to Rs 6,877 crore.
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