Market cooled off from day’s high to close almost on a flat note after it was unable to sustain above the crucial resistance of 15900. Bank Nifty continues to look weaker with supports resting at 34600 and resistance having shifted lower at 35100. So far, the index is holding below 35100 it could well go and retest its previous week’s lows near 34000. Momentum could accelerate on the downside below 34600. The SGX Nifty is indicating a positive opening for markets with a rise of about 90 points.
The Nasdaq ended at a record high on Tuesday, lifted by Amazon, Microsoft and other top-shelf tech companies as investors shifted their focus to growth stocks. The Dow Jones Industrial Average rose 0.2% to end at 33,945.58, while the S&P 500 gained 0.51% to 4,246.44. The Nasdaq Composite climbed 0.79% to 14,253.27. The Nikkei 225 surged 873.2 points or 3.12% to 28884.13 on Tuesday, bouncing back from declines of 3.29% in the previous session as fears of tighter policies at the US Federal Reserve eased after Jerome Powell reiterated in prepared remarks ahead of a House hearing that the central bank will continue its supportive stance to ensure the “sustained improvement” of the economy.
Stocks in focus
Glenmark Pharma gets USFDA nod for generic of Brovana, used to prevent Bronchoconstriction. Bharat Electronics Q4 profit jumps 31% YoY to Rs 1,368.15 crore, Revenue rises 19% to Rs 6,917.47 crore. HDFC Bank, HDFC Securities to pick up 7.76% stake worth Rs 6.9 crore in Borderless Softtec. NMDC reports a manifold jump in Q4 profit to Rs 2,838 crore vs Rs 351 crore a year ago. Minda Industries to buy 51% stake in Uzbekistan-based UZ Chasys for ~ Rs 58 crore. Key Results today- Apollo Hospitals, Allcargo Log, HCC, MBL Infra, Mcleod Russel, Schneider Electric, etc.’
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