Nifty remained under pressure on Tuesday with selling from banking stocks as Bank Nifty closed with losses of 2% while Nifty ended well below 15650. Nifty currently remains positioned to hit 15100 in next few days as it has confirmed rising wedge breakdown below 15750 and same support will act as a major resistance. The FII suddenly sold nearly Rs 10000 crore in spot and futures markets in the past 2 days which may be a warning signal of a larger extended decline in the entire markets. Trends on SGX Nifty indicate a gap-up opening for the index in India with a 125 points gain.
US markets posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally. The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798, the S&P 500 gained 35.63 points, or 0.82%, to 4,358.69 and the Nasdaq Composite added 133.08 points, or 0.92%, to 14,631.95.
Stocks in news
Adani Ports Says FY25 renewable energy installation target 100 mw
Avenue Supermarts Says sales recovery continues with easing curbs
Bajaj Finance 1Q net income +4% y/y to Rs 10b, misses est. 13.66b
Bajaj Finance Aims to Cut Gross NPA to 1.7%-1.8% by March
Bajaj Finserv 1Q profit declines to 8.33b rupees vs. 12.15b y/y; Says risks remain high
Bajaj Hindusthan Sugar Alloted 143.8m shares at Rs 13.28 each to founder group on loan conversions
Bharti Airtel – Intel and Airtel collaborate to accelerate 5G
Cadila Health – Cadila, Bharat Biotech doing trials for Covid vaccine for kids; Cadila gets tentative U.S. FDA approval for Ibrutinib tablets
Granules India Says unit in Virginia clears U.S. FDA audit
Havells India 1Q Ebitda, net income beat est.; 1Q net income 2.34b rupees vs. 633.4m y/y, est. 1.51b
ICICI Prudential 4Q net loss Rs 1.86b vs. profit 2.88b y/y, est. profit 2.62b
IDFC Ltd. Says can exit as IDFC First Bank’s founder after 5 years
Infosys Says Infosys Public Services introduces Blockchain Network; Infosys Finacle, Santander UK launch international cash management platform
Jubilant Food 1Q net income Rs 625.5m vs. loss 726.3m y/y, beats est. 587.7m; revenue Rs 8.79b vs. 3.8b
TV18 Broadcast (TV18): 1Q net income 996.9m rupees vs. 9.4m Y/y; revenue +48% y/y 11.5b rupees
Wipro To invest $1b over three years on Cloud Tech, Acquisitions
Zee Entertainment -Zee to set up technology hub in Bengaluru; to hire over 500
The Asian Development Bank (ADB) has downgraded India’s economic growth forecast for the current financial year to 10% from 11% projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic.
Results on July 22
Hindustan Unilever, UltraTech Cement, Bajaj Auto, Bajaj Holdings, Biocon, Hindustan Zinc
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