Markets witnessed broad-based selling pressure on Thursday with Nifty futures ending below key support of 18370 in the last hour of trade on the back of weakness in global markets. The rising USDINR may trigger further selling for Nifty in the coming days and only relief may come if the Nifty spot is able to cross above 18513. Today being a weekly close, any close below 18250 should be seen as a sign of major reversal.
Asian shares were in a cautious mood on Friday after U.S. Federal Reserve officials said interest rates might need to hit a range from 5% to 7% while rising coronavirus cases in China and liquidity strains in its bond market added to uncertainty. UK finance minister announces tax hikes and spending cuts, says the country is in recession.
Nifty 50 Index
Stocks to watch
Positive Read Through
- Blue Dart Express Ltd announced the opening Of 19+ retail outlets in Tier I & II towns as part of its expansion plans.
- BEL has signed an MoU with Advanced Weapons and Equipment India Ltd to address the requirements of Indian Defence and Export markets
- Mahindra Lifespace Developers has launched its residential project at Pimpri Chinchwad, Pune.
- ONGC is in focus after crude oil prices slipped lower, with Brent at USD 90 a bbl.
- Nykaa- TPG Cap looks to sell shares worth Rs 1000 cr via block deal in Co accor to reports
- Glenmark- mgmt. expects double-digit revenue growth over the next 4 years
- Glenmark Life- Mgmt sees growth in mid-teens, CDMO business to double by 2027
- Fortis Health- SEBI advises open offer should proceed after getting the Delhi HC order
Negative Read Through
- Bajaj Auto- LIC decreased its shareholding from 7.203% to 5.200% of the paid-up capital of the said Company
- Paytm- Hedge Funds and long-only funds acquire SoftBank’s shares in Paytm via a block deal.
- Tata Motors- EVs won’t be eligible for excise duty exemption in the UK from April 2025.
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