Markets remained in a narrow range with Nifty facing resistance at 15500 while broader markets like midcaps and small caps managed to outperform the leading index. With NYSE Composite closing below 100 DMA, we can expect global markets to face sustained selling pressure, while Indian markets which are trading at euphoric highs may see mean reversion when support of 17214 in Nifty is taken out on closing basis. With Brent crude prices sustaining above breakout and US pulling out missile defence in Saudi Arabia, crude oil will be prone to upside volatility in the coming days.
U.S indices fell on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation. The Dow Jones Industrial Average fell 292.06 points, or 0.84 percent, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57 percent, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45 percent, to 15,037.76. Asia-Pacific stocks mixed; China’s retail sales, industrial production data for August ahead.
Sector/Stocks in news
Auto,Auto Ancillary stocks-Sources says Cabinet may consider PLI scheme For Auto and Auto component Sector. This PLI scheme worth Rs 250 bn
Telecom stocks in focus- Cabinet may consider relief package for telecom sector on September 15
JSW Group signs Rs 350 bn MoU with Govt of Maharashtra for investments in renewable energy, including hydro. Major investments in Western Maharashtra planned in next 18 months.
Zee Entertainment – Rare Enterprises bought 50 lakh equity shares of the company, representing 0.52 percent of total paid up equity, at a price of Rs 220.44 per share on the NSE.
HCL Tech has expanded partnership with Finastra for tech solutions in South Korea, Taiwan.
LIC Housing Finance – LICs stake in the company increased to 45.239 pct from 40.313 pct post preferential allotment.
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