Market witnessed breakout of trading range of 15620-15900 on Monday after large cap stocks came back into action to lift Nifty above 16100 and Bank Nifty above 35200 levels. With yesterday’s up move, the Dollex 30 i.e. Sensex in USD terms has managed to cross above Feb 2021 highs and from here on, 16070 in Nifty will act as an important reversal on closing basis. The sharp surge in India VIX by 8% also sends some warning signal about sustainability of the current up move unless we see prices sustaining above 16070 atleast for couple of trading sessions. The new trading range of Nifty is seen at 16070-16350. The SGX Nifty is indicating at positive opening of 65 points.
The S&P 500 index closed at record high on Tuesday on gains in Apple and healthcare stocks, despite concerns over a surge in the Delta variant of the coronavirus. The Dow Jones Industrial Average rose 278.24 points, or 0.8%, to 35,116.4, the S&P 500 gained 35.99 points, or 0.82%, to 4,423.15 and the Nasdaq Composite added 80.23 points, or 0.55%, to 14,761.30. Asian shares advanced to one-week highs led largely by strong U.S. corporate earnings, although the mood remained cautious as the rapidly spreading Delta variant.
Stocks in news
India’s Total Debt Touches 60.5% of GDP, Minister Says
Indian Automakers Ask Govt to Defer Stricter Emissions Rules
Bharti Profit Misses Estimates Hurt by Lockdowns Caused by Virus
India Cumulative Monsoon Rainfall 1% Below Normal on Aug. 3
India’s urea imports rise 8% to 9.83m tonnes in 2020-21
Govt, opposition agreed on 8 items of business in Rajya Sabha including 7 Bills
ADB to finance water supply project in Jharkhand with INR831b loan
Markit India PMI Services for July, prior 41.2
Markit India PMI Composite for July, prior 43.
Adani Enterprises 1Q net income 2.71b rupees vs. 297.9m y/y; revenue 125.8b vs. 52.65b y/y
Adani Ports Applies for license to operate a terminal in Myanmar; 1Q net income 13.1b rupees, +73% y/y, est 12.23b
Bharti Airtel 1Q net income 2.84b rupees vs. loss 159.3b y/y, misses est. 6.04b
Dr Reddy’s Lab Announces re-launch of OTC Naproxen Sodium tablets
G R Infraprojects Wins INR3.65b contract orders for a Bangalore Metro Rail project
Natco Pharma Says transfers Lenalidomine ANDA to Arrow
Tata Consumer 1Q net income -44% y/y to 1.85b rupees, misses est. 2.06b; revenue +11% y/y to 30.1b
Must Read: Why Higher Inflation Could Be India’s Next Big Worry Amid Worsening Covid Crisis
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