Market bounced sharply after US Senate increased debt limit by $480 Bn averting major debt default later this month. Nifty rallied by 1% but late selling forced Nifty to close below short-term resistance of 17802. Currently USDINR has signalled a breakout for a possible target of 78 in days to come and with such high bullishness in USDINR, Nifty and Nifty Bank are unlikely to sustain at higher levels. For Nifty, we can expect selling pressure to prevail as long it trades below 17802. Today, markets will take further direction from RBI Monetary Policy Outcome where a majority expects that the Central Bank may leave the benchmark repurchase rate unchanged at 4%. The trends in SGX Nifty is indicating a positive opening of 33 points.
U.S markets rebounded on October 7 after United States Senate leaders moved to avert a US debt default, while a global easing in energy prices tempered deepening fears of “stagflation.” The Dow Jones Industrial Average gained 0.98 percent, the S&P 500 rose 0.83 percent and the Nasdaq Composite moved up 1.05 percent. Investors also eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering.
Stocks in news
- Hero MotoCorp Introduces XPulse 200 4 Valve adventure motorcycle
- IL&FS Transportation To sell stake in Warora Chandrapur road; deal valued at 122.5m rupees
- JSW Energy GE to supply wind turbines for JSW Energy in India
- Piramal Enterprises To spin off & list pharma business; shareholders will get 4 shares of Piramal Pharma Ltd. for each share held
- Ratnamani Metals Wins order worth 980m rupees for pipes supply
- India Appellate Body Asks Tribunal to Give Zee Time to Respond
- India Market, Electricity Regulator Agree on Power Sector Rules
- India’s Coal Crisis Imperils Energy-Heavy Commodity Industry. Some cos fear power rationing if the situation worsens
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