Indian equities likely to keep upward journey on resumption of India US
trade talk
In
the morning, the GIFT Nifty was flat at 25,073, indicating a positive - muted
open for the benchmark Nifty 50. US index futures traded with marginal gains,
mirroring European contracts. The S&P 500 futures were up 0.13%, while Euro
Stoxx 50 futures up 0.11%. The NSE Nifty 50 settled 104.5 points or 0.42%
higher at 24,973.1 and the BSE Sensex closed 323.83 points or 0.4% up at
81,425.15. The Nifty rose as much as 0.67% during the day to 25,035.7, while
the Sensex was up 0.67% to 81,643.88.
The
producer price index decreased 0.1% in August from a month earlier and July’s
figure was revised down. From the year before, it rose 2.6%. Economists pay
close attention to PPI as some components are used to calculate the Fed’s
preferred measure of inflation. President Donald Trump called for the Fed to
make a “big” rate cut after the dataAsian equities were mixed Thursday after a
rally on Wall Street drove stocks and bonds higher, as a drop in producer
prices supported bets the Federal Reserve will resume cutting interest rates
next week.
Fundamental Update
- Dr Reddy's Labs - The company will acquire
Johnson & Johnson's Stugeron portfolio for $50.5 million or Rs 445 crore to
foray into anti-vertigo segment. Positive
- Muthoot Capital - The company has successfully
redeemed its commercial paper by making a payment of Rs 10 crore to the
beneficiaries. Positive
- Optiemus Infracom -The company has approved a
further investment of Rs 7.69 crore in its wholly-owned subsidiary, Optiemus
Electronics. Positive
- Shipping Corp. Of India - The company
has taken physical delivery of a secondhand very large gas carrier of 54,534 MT
DWT capacity – "SHIVALIK” (47,058 GT). Positive
- NIFTY – Nifty maintained upward momentum
with another 100 points gain to settle at 24,973 on Wednesday. Index likely to
move towards 25,100 during the day. Today’s range 24,900 – 25,150.
- BANKNIFTY – Bank nifty geared up with fresh
buying to settle above 17 day EMA to 54,536 on Wednesday. Index is likely to
head towards 50 day EMA of 55,180. Today’s range – 54,350 – 55,050.
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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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