The market saw marginal cooling off on Tuesday with Nifty Bank continue to act as laggard while the Nifty managed to recoup losses and sustained above 17350. The Nifty Bank is 3% away from major breakdown levels and we may see more pressure on markets when USDINR regains above 73.60.
U.S indices fell on Tuesday, as worries over the slowing pace of economic recovery overshadowed hopes that the Federal Reserve would maintain its accommodative stance a little longer after a soft U.S. payrolls report.The Dow Jones Industrial Average was down 274.89 points, or 0.78%, at 35,094.20, the S&P 500 was down 17.94 points, or 0.40%, at 4,517.49, and the Nasdaq Composite was up 4.98 points, or 0.03%, at 15,368.50.
Stocks in news
Sterling & Wilson – Promoters plan Sterling & Wilson Promoters plan Sterling & Wilson solar stake sale. Co is said to be in sale talks with bulge-bracket private equity funds, including Canadian funds such as Brookfield and CPPIB, as well as Indian conglomerates such as Adani NSE, RIL
Telecom stocks in focus- reports say telecom relief package to be announced today
Textile stocks in focus. Cabinet to take up PLI Scheme for Textile Sector
Wipro: The company has partnered with Securonix to deliver managed security services. Securonix’s cloud-first SIEM, analytics-driven detection and automated response tools with Wipro’s global reach and cybersecurity intelligence capabilities will provide organizations with improved governance and security threat protection, the company said.
MAS Financial Services: The company has entered into a strategic co-lending partnership with Bank of India for lending to micro, small and medium enterprises.
TVS Motor Company: Appointed ETG Logistics as new distributor. ETGL will operate 30 dealerships for TVS Motor in South Africa as part of this partnership.
EID-Parry (India): To set up 120 KLPD Grain/Sugar Syrup/Molasses based distillery at the company’s Sankili unit in Andhra Pradesh. The distillery will cost company Rs 92.50 crore and the work is expected to be completed by November 2022
ICRA: Life Insurance Corporation of India sold more than 2.07 lakh equity shares of the company, reducing shareholding to 5.81% from 7.96% earlier.
National Fertilizers: Appointed Nirlep Singh Rai as Chariman and Managing Director of the company effective September 6.
PSP Projects: The company is in receipt of Letter of Intent(s) for projects worth Rs 132.57 crore towards industrial and precast segment from different clients in Gujarat.
Vidhi Specialty Food Ingredients: The company has set up 2 MW Solar Power Plant at Rambhapur in Akola, Maharashtra.
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