Indian markets remain under pressure over H1 B visa fee hike
In
the early morning, the GIFT Nifty was down 34 points or 0.13% at 25,270,
indicating a lower open for the benchmark Nifty 50. US equity futures were
steady while European contracts rose in Asian trade. S&P 500 futures was
traded flat in the morning. Asian equities posted a modest gain at the open
after Wall Street shares rallied to a new record. Benchmarks in Australia,
Japan and South Korea rose.
Earlier,
the NSE Nifty 50 ended 0.49% lower at 25,202.35 and the BSE Sensex closed 0.56%
down at 82,159.97. The Nifty fell over 0.69% during the day to 25,151.05, while
the Sensex slipped 0.76% to 81,997.29. The foreign portfolio investors on
Thursday turned net sellers of Indian shares, after two days of buying. FPIs
sold stocks worth approximately Rs 2,910.09 crore, according to provisional
data from the NSE.
Fundamental Update
- Alkem Laboratories - The company launches Pertuza
(Cancer drug), a Pertuzumab biosimilar in India. Positive
- Glenmark Pharmaceuticals - The board
to meet on September 26 to mull interim dividend for FY26. Positive
- Muthoot Capital Services - The company
confirmed timely redemption of its commercial paper and having made a payment
of Rs 50 crore to the beneficiaries. Positive
- Adani Green Energy - The company incorporates arm
Adani Ecogen Three. Positive
Technical Update
- NIFTY – Nifty lost momentum and turned
weaker over bearish sentiments and settled lower at 25,202 on Monday. Indian IT
stocks hammered by FPIs heavy selling on US H1 B visa fee hike and Nifty seems
to test 17 day EMA at 25,055. Resistance lies at 25,400. Today’s range 25,050 –
25,400.
- BANKNIFTY – Bank nifty too turned weaker to
close lower by 400 points at 55,284 on Monday. Index took support at 50 day EMA
of 55,200 while resistance stays at 55,600. Next support seems at 17 day EMA of
54,900. Today’s range – 54,900 – 55,600.
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