The market for the week ended higher by 1.5% on contribution from the Nifty IT index while Bank Nifty struggled to cross 38000. With Brent crude at a 52-week high, it is well-positioned to hit USD 90 anytime soon and the first downward reaction can occur in financials and interest-rate sensitivity. For the coming week, we can expect volatility to continue as Indian markets have entered into inflection point and can expect major reversal on a close below 17478. Resistance on the higher side can be seen at 18050.
US indices ended the turbulent week on a mixed note helped by gains in Tesla and Facebook that offset a tumble by Nike. The Dow Jones Industrial Average rose 33.18 points, or 0.1 per cent, to 34,798, the S&P 500 gained 6.5 points, or 0.15 per cent, to 4,455.48 and the Nasdaq Composite dropped 4.55 points, or 0.03 per cent, to 15,047.70. Asian indices have opened cautious as a rise in oil prices to three-year highs could inflame inflation fears. Trends in SGX Nifty is indicating a positive opening of 105 points.
Stock in news
Zee Entertainment: Invesco, the largest shareholder in the firm is insisting on the EGM requisition which sought a newly reconstituted board and the removal of MD & CEO Punit Goenka.
PVR, Inox Leisure in focus: Theatres, auditoriums will be reopened in Maharashtra from October 22, 2021.
Biocon: The USFDA has issued a Form 483 with a total of 6 observations at Biocon Biologics’ Insulin manufacturing facility in Malaysia.
NBCC: The company has secured the work order of ‘construction of 2000 social housing’ at Hulhumale, Maldives on EPC basis. The total cost of the project is Rs 968.50 crore.
Dalmia Cement (Bharat): The company commenced commercial production of Line 2 at its Kapilas cement manufacturing works, Cuttack.
Must Read: Penny Stocks – Definition, Investment Options, Risk Factors
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning without any cost on: http://bit.ly/Robo-Fintoo
Disclaimer: The views shared in blogs are based on personal opinion and does not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.