Markets rallied on Monday on positive global cues with Nifty gaining more than 1% in USD terms after U.S. democrats passed USD 1 trillion infrastructure bill which forced Nifty to settle above the key resistance of 18,034. A hanging man formation was also seen on Monday after prices gapped up, and then turned negative and recovered to close at day’s high which is a sign of indecisiveness. For the momentum to stay positive Nifty has to sustain above 18,034 levels or else a rebound will turn futile. On the downside, the support line of expanding wedge has moved up to 17,895 in the past few days which acts as a major make or break levels in the near term. The resistance for Nifty is seen at 18250 for the next few days. Results today- Power Grid, Petronet LNG, Bosch, BHEL, M&M
U.S indices ended slightly higher on Monday, rising early after passage of a US infrastructure spending bill but paring gains late as sliding Tesla shares weighed the indexes down. The Dow Jones Industrial Average rose 104.27 points, or 0.29 percent, to 36,432.22, the S&P 500 gained 4.17 points, or 0.09 percent, to 4,701.7 and the Nasdaq Composite added 10.77 points, or 0.07 percent, to 15,982.36.
Stocks in news
Aurobindo Pharma Q2FY22 margin falls 100 bps YoY, US sales up 7 pct YoY at USD 401 mn.
Cadila Healthcare- to supply 1 crore doses of ZycoV-D to government at Rs 265 per dose
Reliance Industries to sell its assets in Eagleford Shale Play in Texas US
HDFC Life- October New business premium up 11 pct, APE up 20 pct YoY
ICICI Pru October new business up 16.6 pct, individual APE up 23 pct.
SBI Life new business premium up 6.1 pct, total APE up 28 pct YoY
Shriram Transport and Shriram City- Reports say merger process will be completed by 2021-end
Dish TV, Yes Bank- reports say UP Police freezes banksstake in Dish TV
Britannia- Q@FY operationally below estimates, margin at 15.5 pct vs 19.8 pct
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