Markets reacted sharply yesterday to depreciating rupee after USDINR crossed 74.60 mark and forced Nifty to end with losses of 1% while Bank Nifty settled below 37708. A breakout above 74.60 has opened gates for 80 in weeks to come and we can expect major hit to occur in Bank Nifty which is struggling to sustain above Feb 21 highs. Bank Nifty is currently 2% away from major breakdown and below 36770, we can expect 25% fall. For Nifty, with appearance of bearish dark cloud cover in previous week, major breakdown would be activated below 17450.
U.S markets rebounded on Wednesday after the top US Senate Republican backed an extension of the U.S. debt ceiling and Russia calmed volatile natural gas markets in Europe. The Dow Jones Industrial Average rose 0.3%, the S&P 500 gained 0.41% and the Nasdaq Composite added 0.47%. Asian indices are trading in the green. The SGX Nifty is indicating at gap-up opening of 100 points.
Stocks in news
Telecom stocks: Government has reduced bank guarantee requirements for telecom operators by 80%.
Global ratings agency Moody’s on October 6 changed the rating outlook of nine Indian banks to “stable” from “negative”.
Nazara’s board has approved fund raise of Rs. 3153mn via a Preferential issue to 2 investors
Ambuja Cements Says LIC bought 2% more co.’s shares between Jan. 24, 2020 to Oct. 5, 2021, now holds 6.126% stake in co.
Balaji Amines Says incident takes place in unit III of DMF plant due to which leakages/breakdown has take place
Bharti Airtel -Blackrock India sells 2.55m shares of Bharti: NSE
Lupin -Gets tentative approval for Brexpiprazole tablets, a generic of Otsuka Pharma’s Rexulti
Macrotech Developers Says 2Q collections Rs 19.12b, pre-sales at Rs 20.03b; Ends 2Q with India net debt of Rs 125.08b
PNB Housing Says co. and CSC e-governance collaborates to ignite a new drive for making home loans accessible
Sobha 2Q sales volume 1.35 sq. ft, valued at Rs 8.54b
Titan Says witnessed strong recovery in 2Q demand; growth in jewelry revenue seen at 78 pct YoY, watch and wearables revenue seen at 73 pct YoY.
India Plans to Allow 20% Foreign Direct Investment in LIC
Must Read: Hybrid Funds And Its Types
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