Light at the end of tunnel as US Federal court sight Trump tariff as
illegal
Markets
in Asia Pacific region and US and European futures were trading higher in the
morning. A US federal appeals court rued that President Donald Trump’s sweeping
trade tariffs were illegal. US markets are closed for the Labor Day holiday.
S&P 500 futures up 0.3% Euro Stoxx 50 futures up 0.3% The NSE Nifty 50
ended 74.05 points or 0.3% lower at 24,426.85 and the BSE Sensex closed 270.92 points
or 0.34% down at 79,809.6.
The
Nifty fell over 0.39% during the day to 24,404.7, while the Sensex slipped
0.42% to 79,741.76. The FPIs sold stocks worth approximately Rs 8,092.9 crore,
according to provisional data from the National Stock Exchange. The domestic
institutional investors stayed net buyers for the fourth session and bought
stake worth Rs 10,925.34 crore.
Fundamental Update
- Rites - The company received a letter of award worth Rs 25.3 crore for Biennial MGR mega contract from NTPC Ltd. Positive
- BLS International - Arm BLS International FZE subscribes to 100% stake of BLS consular services. Positive
- Panorama Studios - Arm in an agreement with the Tweak India Ink to exploit airborne rights of the program ‘Tweak India -The Icons With Twinkle Khanna’. Positive
- Sterlite Tech - US arm faces $96.5 million jury verdict in Prysmian Litigation. Positive
Technical Update
- NIFTY – Nifty slide further albeit slower
to settle below 24,500 at 24,426 on Friday. 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 too slipped further and
closed at 53,620 on Friday. Index has support at three months’ low of 53,450
while 54,150 is near tern resistance. Today’s range – 53,450 – 54,150.
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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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