Market for the week ended in deep red with Nifty declining by 2% and also forming bearish dark cloud cover on weekly candlestick pattern after bearish upside gap two crows on daily basis. This back to back bearish combination is an indication of extended correction in markets and we may see double digits decline in coming days after Nifty breaks support of 17400. So far, the weakest sector from a 6 months perspective has been Bank Nifty and it may open crack of 25% if it closes below 37460 any given day. With energy prices sky rocketing across the world, the rise in Brent crude prices above USD 78 a bbl may escalate upward rally towards USD 110 in days to come. This may trigger major weakness in rupee ahead.
Stocks in news
Reliance Forms UAE Unit for Trading Oil, Petroleum Products
Zee Won’t Call EGM, Is Poised for Stand Off With Invesco
Adani Green Infinite Trade Bought 31.3M Shares Aug 17-Sept 30
Alembic Pharmaceuticals Bristol- Myers sues Alembic to block generic versions of Sprycel
Ambuja Cements Begins production at Marwar plant
Coal India Sept. sales 48.3m tons Vs. 46.7m Y/y; Sept. production +0.5% y/y to 40.7m tons
Emami Says stake in Brillare Science up to 57.36% from 34.70%
Grasim Says India authorities sought $1.1b tax on capital gains
Nestle India Says new Sanand factory starts initial production
Tata Motors Says Sept. sales rise 26% Y/y to 55,988 units
NTPC Said to Plan IPOs of 3 Units, Could Raise $2 Billion
India Asks State Hydropower Firms to Bid for Renewables Projects
India Sugar Mills Group Expects 2021-22 Exports at 6M Tons
India Doubles Incentive on Sugar Sacrificed for Making Ethanol
Coal ministry mulls scheme to allow coal block owners to surrender mines: PTI
LIC to file draft IPO papers with Sebi next month
Must Read: How is china’s Evergrande crisis affecting the global market?
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