Indian market rallied on Monday amidst positive global cues with Non-financial stocks including midcap and small index outperforming the broader markets while Bank Nifty failed to cross resistance of 34900. The Nifty is currently placed at critical juncture with 15,950 acting as a stiff resistance which has been prevailing since last 50 calendar days. The main risk for Indian markets now also emerges from breakdown in BNY India ADR Index which has also completed bearish rising wedge setup and is mere 3% away from long term breakdown. We would reiterate cautious stance and advise for hedging long positions whenever Nifty closes below 15,850.
US markets declined on Monday to finish slightly lower, mirroring a decline in oil and Treasury prices, as economic worries related to the Delta variant of the coronavirus outweighed optimism about infrastructure spending and corporate earnings. The Dow Jones Industrial Average fell 97.31 points, or 0.28%, to 34,838.16, and the Nasdaq Composite added 8.39 points, or 0.06%, to 14,681.07.
Asian stocks fell as the Delta coronavirus variant spread in key markets in the region and put Chinese authorities on high alert, rattling investor confidence.
Stocks to watch
Key Results Today- Bharti Airtel, Dabur, Godrej Prop, Inox L, Adani Ent, CARE, SCI, etc.
– PI Industries to acquire API biz of Ind-Swift Labs.
– IRCTC, BHEL in talks for partnership to run private trains.
– Tata Sons arm Panatone Finvest buys 8% stake in Tejas Network for ~Rs 193 crore.
– Policybazaar, Adani Wilmar file papers for Rs 6,000 crore, Rs 4,500 crore IPOs.
– Mangalore Chem Q1 profit more than doubles to Rs 24.32 crore YoY.
– Steel production impacted in Apr-Jun qtr due to second Covid wave
– Adani, Essar, queue up for govt’s Rs 2,500 cr-plan to develop ports
Economy & Policy
Exports rise 47.91% in July to $35.17 bn; trade deficit at $11.23 bn
Retirement fund body EPFO invests Rs 7,715 cr in equity in April-June
Hiring up 11% sequentially in June quarter, IT tops with 61% growth
Lok Sabha passes bill to amend public sector general insurance law
NHAI’s total borrowing rises to Rs 3.06 trillion in March 2021
Monsoon expected to be normal in August-Sept after prolonged dry spell – IMD
Manufacturing Purchasing Managers’ Index (PMI) rose to 55.3 in July from 48.1 in June
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