Markets remain lacklustre amid no fresh directional clues
In
the early morning session, trends on GIFT Nifty indicate a negative start for
the broader index in India, with a loss of 49.5 points or 0.20 percent. The
Nifty futures were trading around 25,070 level. Asian stocks traded in a tight
range at the open after losses on Wall Street as signs of fatigue crept into
the AI-fueled equity rally. Shares in Japan and Australia edged up while those
in South Korea retreated. US futures rose and European contracts were steady
during Asian trading hours.
S&P
500 futures up 0.13% Euro Stoxx 50 futures down 0.05% The NSE Nifty 50 ended
0.45% lower at 25,056.90 and the BSE Sensex closed 0.47% down at 81,715.63.
Foreign portfolio investors stayed net sellers of Indian shares for a third
consecutive session on Wednesday after the benchmark Nifty 50 settled lower for
the fourth day straight. The FPIs sold stocks worth approximately Rs 2,425.75
crore. The domestic institutional investors extended their buying streak.
Fundamental Update
- Lupin - The company gets tentative approval
from the US FDA for Bictegravir, Emtricitabine & Tenofovir Alafenamide
Tablets. This drug treats human immunodeficiency virus infection in adults. Positive
- Ipca Laboratories - The company enters into a
tech transfer pact with Biosimilar Sciences USA. The tech transfer is for a
monoclonal antibody biosimilar which supercharges Puerto Rico’s biotech hub. Positive
- TBO Tek - The company enters into a pact with
Amadeus South Asia for an AI-driven travel platform. Positive
- NTPC - The company’s arm, THDC India,
commissions Unit II of Khurja STPP. The total installed and commercial capacity
of the NTPC group increases to 83,696 MW. Positive
Technical Update
- NIFTY – Nifty retraced further towards 25K
to settle at 25,056 on Wednesday. Index closed below 17 day EMA at 25,066 while
support now shifts at 50 day EMA of 24,925. Resistance lies at 25,200. Today’s
range 24,900 – 25,200.
- BANKNIFTY – Bank nifty could not hold the
earlier gains and slipped towards 55K to close at 55,121 on Wednesday. Index
slipped below 50 day EMA of 55,200 indicates support now lies at 54,800.
Today’s range – 54,800 – 55,300.
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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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