Market witnessed divergent trend last week with Nifty & Sensex gaining 2% while Midcap index ending lower by 1.5%. The breadth of market remained negative for most of trading sessions last week with midcap and small cap ending in the negative terrain even on Friday. Such wide divergent often lead to market tops as rally remains concentrated in few stocks or may be driven by short covering in derivatives segment. For Nifty, support is seen at around 16340 and resistance at higher levels is seen at 16650. Listing today- Devyani International
The Dow and S&P 500 edged up to closing records on Friday and notched a second straight week of gains, but a sharp drop in consumer sentiment kept gains in check. Oil extends losses as Delta variant slows demand recovery. U.S. 10-year Treasury yield falls below 1.3% as consumer confidence drops to 2011 levels. Asian share markets made a cautious start to the week on Monday ahead of a series of Chinese data that could confirm a slowdown in the country.
Some of the key announcements made by PM over the last three days include –
- Vehicle scrappage policy – To bring in investments of ~Rs 10,000 cr to set up 450-500 Automated Testing Stations (ATS) & 60-70 Registered Vehicle Scrapping Facilities (RVSF). A single window clearance portal is being developed where the applications for ATS & RVSF will be catered through a single portal within 60 days.
- The government will launch a Rs 100-tn infrastructure plan that will beef up roads, ports, airports while providing jobs. Pradhan Mantri Gatishakti Bharat Master Plan will help boost productivity of industries and will create several job opportunities.
- PM formally announced the National Hydrogen Mission, putting a truly zero-carbon fuel – ‘green hydrogen’ – at the heart of India’s energy security as well as climate action and assuring investors of policy support. PM Modi set a 2047 deadline for becoming self-reliant in energy through a mix of electric mobility, 20% ethanol-blending of petrol & expanding city gas networks to raise the share of less-polluting natural gas in India’s energy basket.
Stocks in news
Ola Electric launches Ola S1 scooter, price starting at Rs. 99,999
Four IPO will make debut on the bourses today – Devyani International, Exxaro Tiles, Krsnaa Diagnostics, Windlas Biotech
HDFC Bank will double the number of villages it serves from 1L to 2L in the next couple of years.
Eicher Motor will launch the long-awaited new-gen RE Classic 350 on August 27, 2021.
Tata Steel outlays Rs 3,000-cr capex for Europe biz, not looking for buyer now
Must Read: Tax Benefits under New Tax Regime
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