Nifty managed to sustain its gains above 17350 on Monday after support emerged from IT stocks while Nifty Bank remained under pressure throughout the trading session. The ratio of Nifty Bank to Nifty has breached important support of 2.15 in yesterday’s trade and this may activate major selling in banking stocks in days to come. With the law of averages prevailing, we can expect Nifty to come under major selling on breach of 17033, while resistance for today’s session is seen at 17500.
Global stocks rose for the seventh day and U.S. equity-index futures rallied as investors bet slower hiring in the world’s largest economy may delay a tapering of Federal Reserve stimulus. Aluminium hit a decade high amid political unrest in Guinea. Asian markets opened mixed with the Japanese ‘Nikkei’ trading higher by 200 points in early trade as markets look forward to a new composition of Government with popular leader becoming Prime Minister seeing stocks do well. Chinese stocks will see a mixed reaction as stronger ‘Yuan’ sees imports suffer.
Stocks in news
Interglobe / Spicejet in focus- Domestic air passenger traffic continued on the growth trajectory in August with volumes growing up to 31% to 66 lakh MoM: ICRA
JSW Steel has reduced list prices by Rs 2,000/t for HRC and RS 4,500/t for CRC for Sept’21 delivery. HRC stands at RS 66,000-66,500/t ($903-910/t),CRC is at RS 76,000-76,500/t ($1,040-1,047/t) exy-Mumbai- Negative for steel companies
Panacea Biotec supplies 1st shipment of the second component of the Sputnik V vaccine produced in India.
Edelweiss Financial Services Limited announced that its public issue of Secured Redeemable Non-Convertible Debentures (NCDs) has been oversubscribed.
Nuvoco Vistas Corporation reported a higher consolidated profit at Rs 114.28 crore in Q1FY22 against Rs 37.52 crore in Q1FY21, revenue fell to Rs 2,202.97 crore from Rs 2,631.61 crore YoY.
Orient Cement: HDFC Asset Management Company sold 44.70 lakh shares in the company via an open market transaction on September 3, reducing shareholding to 2.97% from 5.15% earlier.
VST Tillers Tractors has entered into an agreement with ETG (Export Trading Group), for the distribution of its tractors, power tillers, power reapers and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.
Triveni Turbine: Due to multiple disputes for over two years amongst JV Partners, Triveni Turbine and D I Netherlands B V and Baker Hughes and its affiliates (BH Parties), General Electric Company and its affiliates (GE Parties), these parties agreed to terminate the joint venture agreement and finally resolved the multiple disputes amongst them.
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