Markets attempted to test the crucial resistance of 18034, but late selling in market forced Nifty to end below 17900 while the broader market outperformed. The market remains vulnerable for a major sell off as long it trades below 18034 while MSCI India ETF trades 1% away from a major breakdown of 25% decline setup. Today, all eyes will be on U.S Fed policy decision which is likely to begin its tapering in monthly bond-buying & mortgage back securities. Commentary on inflation outlook may have major impact on emerging market currencies.
U.S Markets rose to record highs as a strong earnings season continued to lift sentiment for equities, while investors awaited the outcome of a critical Federal Reserve meeting. The Dow Jones Industrial Average rose 138.79 points, or 0.39 percent, to 36,052.63, the S&P 500 gained 16.98 points, or 0.37 percent, to 4,630.65 and the Nasdaq Composite added 53.69 points, or 0.34 percent, to 15,649.60.
Stocks in news
- Adani Ports October Update- Handled cargo volume of 24.76 mt, up 7 pct MoM. Hazira Port handled record liquid cargo volume of 0.49 mt, highest ever.
- Bharti Airtel Q2FY22 revenue growth at 5.5 pct vs estimate of 4.1 pct, ARPU at Rs 153 vs Rs 146.
- Dabur says 95 pct of portfolio gained market share.
- Sun Pharma Q2 commentary positive, global speciality sales at USD 157 mn.
- PNB Housing – NII down 19 pct, profit slips 25 pct YoY.
- Infosys – Infosys Finacle and IBM collaborated to help banks accelerate cloud transformation journeys.
- Wipro – Wipro partnered with TEOCO to develop next-generation network solutions for communication service providers.
- Vedanta- The company’s indirect wholly owned subsidiary Sesa Mining Corporation approved the acquisition of Desai Cement Company.
- PSP Projects – Co received Letter of Acceptance for two projects – one government project in Gujarat and another government residential project in Uttar Pradesh totalling to Rs 288.27 crore.
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