Nifty confirmed major trend change after closing below 17802, which activated bearish setup of upside gap two crows on candlestick. This setup has coincided with major breakdown in India ADR Index which has opened potential downside of 20% in the Indian markets. Meanwhile, a move above 74 in USDINR is likely to see further selling in Indian bonds with USDINR positioned to hit 77.50 in the coming days. We can expect aggressive selling by FIIs after breakdown in Indian ADR Index in US markets. Short term support is seen 17050 in the next few days.
Wall Street closed sharply lower on Tuesday as a spike in Treasury yields dragged tech shares down. The yield on the 10-year Treasury topped 3-months highs of 1.5% and the 5-year rate rose above 1% for the first time since February 2020 as investor’s bets grew after the FOMC meeting last week that the Fed will soon start reducing stimulus
Stocks in news
Godrej Industries raises Rs 750 crore through non-convertible debentures
CESC board approves plan to raise Rs 400cr via non-convertible debentures
Crisil upgrades Bharti Airtel debt programme rating to AA+, stable outlook
Adani Group acquires 10% stake in CSC SPV’s Grameen eStore
Indonesia recovery hopes drive gains for Godrej Consumer, which accounts for 16 per cent of overall revenues
Record 310,000 new PNG connections provided in Delhi-NCR in FY21 – IGL
NCLT allows Future Group to hold EGMs to sell businesses to Reliance
Dish TV gets 2 months extension from Registrar of Companies to call AGM
TCS signs a 5-year IT transformation deal with German bank NORD/LB
India’s Allcargo Logistics eyes potential stake sale in ECU Worldwide
Lupin forays into diagnostics business; launch expected next month
REC gets shareholder nod to raise up to Rs 85,000 cr via bonds, debentures
Whirlpool to acquire additional 38% stake in Elica PB India for $57 mn
Future Group stocks: The NCLT, Mumbai bench has passed an order allowing the group to hold meetings of shareholders and creditors to seek approval for the scheme of arrangement.
Stent maker Sahajanand Medical Tech files for Rs 1,500 crore IPO
FinMin officials pitch for better sovereign rating outlook with Moody’s
Centre starts talks with RBI to kick off bank privatisation process, beginning with the strategic divestment of IDBI Bank
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