Markets are cautious ahead Fed Chief Powell speech later today
Asian
Pacific markets rose on Friday morning, although gains were muted as investors
hunkered down in anticipation of more cues on U.S. interest rates from an
upcoming address by Federal Reserve Chair Jerome Powell. US markets closed out
their fifth straight day of losses on Thursday, the longest slide since the
turn of the year, after retail bellwether Walmart Inc. posted a rare profit
miss, jobless claims ticked higher and a Federal Reserve official down played
the need for a near-term interest-rate cut.
The
NSE Nifty 50 ended 33.2 points or 0.13% higher at 25,083.75 and the BSE Sensex
closed 142.87 points or 0.17% up at 82,000.71. The FPIs bought stocks worth
approximately Rs 1,247 crore, according to provisional data from the National
Stock Exchange. The DIIs, who have been buyers for the 33rd straight session,
mopped up stocks worth Rs 2,546 crore.
Fundamental Update
- NTPC Green - The company’s arm NTPC Renewable Energy has declared the third part capacity of its Khavda Solar Energy Project in Gujarat, a 49.125 MW solar unit. Positive
- Wipro - The company to acquire 100% of Harman Connected Services and its subsidiaries for up to $375 million. Positive
- Piramal Pharma - The company’s business vertical Piramal Pharma Solutions and New Amsterdam Pharma invest in dedicated suite to enhance oral solid dosage capabilities at Pennsylvania Site. Positive
- Hikal - The company has received a Warning Letter from the US FDA for its manufacturing facility in Jigani, Bengaluru. Negative
Technical Update
- NIFTY – Nifty could not hold opening gains
and settled below 25,100 at 25,083 on Thursday. Index trades above 25K while 17
day and 50 EMA stands near 24,830. Today’s range 24,950 – 25,150.
- BANKNIFTY – Bank nifty too hovered near 17 day
EMA and settled steady at 55,755 on Thursday. Index awaits fresh impetus for
further momentum. Today’s range – 55,500 – 56,000.
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checking the correctness and authenticity of the information before publishing
research report. We shall not be in any way responsible for any loss or damage
in analysis or views obtained from the use of information contained in this
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