Benchmark indices declined for a third straight day today as rising inflation in the US seems to have worried the Street. The Nifty broke below key support of expanding wedge which was placed at 17895 on closing basis and Bank Nifty testing its 50 DMA. The volumes shrunk in yesterday session with Non Institutional volumes crashing down to 36000 crore from avg 55000 crore due to continuous FII selling. Generally low volume is an early indication before any significant fall in market and we can expect market vulnerable to 16500 in coming days. The only silver lining in yesterday’s trade was that the MSCI India ETF ended 0.3% higher despite fall in Indian markets, thus keeping the breakdown still 1.3% away in International indices. Results today- Hero Motocorp, ONGC, Motherson Sumi, PI Inds, Ashok Leyland, Voda Idea, BSE, NBCC.
US stocks lacked direction on Thursday, the S&P and Nasdaq rebounded 0.1% and 0.5%, respectively after falling for two sessions, while Dow Jones shed 0.4%. Oil hovers near $83 as strong dollar vies with inflation worry
Key news
Sebi cautions Zee Entertainment on delay in EGM notice
Fitch downgrades outlook on Lodha Developers to negative
Bank of India holds loan outreach programme, disburses Rs 12,500-cr credits
Govt asks ONGC to consider selling 60% stake in key oil, gas fields
Adani to invest $70 bn in renewable energy, produce cheapest hydrogen
Amid widening losses, strong user addition drives growth for Zomato in Q2
Disney+ crosses 118.1 million subscribers two years after launch
Godrej family trusts increase stake by about 2% in group company, Godrej Properties & Godrej Industries
Moody’s upgrades YES Bank’s rating B2 by a notch; changes outlook to positive
Sun Pharma to launch Merck’s Covid pill under brand name ‘Molxvir’ in India
ITC Hotels signs up first property in Udaipur under its new brand Mementos
Govt receives Rs 566 crore as dividend tranches from 3 CPSEs, SAIL, Manganese Ore, and MSTC
Govt invites bids from asset valuers for strategic sale of Ferro Scrap Nigam (FSNL)
Inflation-growth dynamics make policy making tough in India – FITCH
Fuel tax cuts to impact states’ kitty by Rs 44,000 cr in FY22 ICRA
Growth to exceed 10% in FY22 on strong agri recovery, says Niti VC
Indian economy is expected to grow by more than 10% in FY22 supported by a record kharif crop and bright rabi prospects – Niti VC
RBI Governor Shaktikanta Das reiterates opposition to cryptocurrencies
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