India looks East as US Trade Tariff sees no sign of respite
The
GIFT Nifty was down 0.12% or 30 points at 24,670 in the early morning session,
indicating a lower subdued start for the benchmark Nifty 50. The Indian
government will release the GDP data for the April-June quarter and the fiscal
deficit for April-July. The gross domestic product is estimated to grow by 6.6%
in Q1FY26, according to poll by Bloomberg. The NSE Nifty 50 ended 211.15 points
or 0.85% lower at 24,500.9 and the BSE Sensex closed 705.97 points or 0.87%
down at 80,080.57.
The
FPIs sold stocks worth approximately Rs 3,592.7 crore, according to provisional
data from the National Stock Exchange. The DIIs stayed net buyers for the third
session and bought stakes worth Rs 6,346.5 crore. In the meanwihile, Asian
equities opened subdued after US stocks set a new high, lifted by data
underscoring economic strength ahead of the Federal Reserve’s favored price
gauge due Friday. Shares opened lower in Japan and Australia while South Korea
climbed.
Fundamental Update
- Shukra Pharma - The company received a letter of
authorisation worth Rs 24 crore to supply medicines and diagnostic kits to
Afghanistan. Positive
- CG Power - Its arm CG Semi Pvt. launched
India’s first outsourced semiconductor assembly and test facility in Sanand. Positive
- AGI Infra - The company acquires 60% stake in
world’s next realty LLP for Rs 30 crore. Positive
- GE Power - GE
Power India sought injunction against Jaiprakash Power Ventures over Invocation
of bank guarantees worth Rs 77.5 crore. Neutral
Technical Update
- NIFTY – Nifty continued downside journey to
settle 200 points lower at 24,500 on Thursday. Index suffered from heavy
selling by FPIs in recent days on account of 50 % trade tariff on India. Index
broke near term support and it should now find next support at 24,350. Today’s
range 24,350 – 24,700.
- BANKNIFTY – Bank nifty slipped further below
54K and closed at 53,820 on Thursday. Index has support at three months low of
53,450 while 54,150 is near tern resistance. Today’s range – 53,450 – 54,150.
Disclaimer: This report is prepared by an analyst who has exercised due diligence in 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 report
and especially states that we have no financial liability whatsoever to the
user of this report.
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