Markets likely to recover after weekly slump over Trump’s India target
In
the early morning session, the GIFT Nifty traded 43 points or 0.18% up at
24,815, indicating a higher open for the benchmark Nifty 50. Asian shares
erased earlier losses to advance 0.2% with Hong Kong jumping 1.2% while the
Japanese index declined with fiscal year endings in March and September weighed
on the benchmarks. European and US index futures rose during Asian trading
hours. S&P 500 futures up 0.24% while Euo Stoxx 50 futures up 0.27%.
The
NSE Nifty 50 ended 0.95% lower at 24,654.70 and the BSE Sensex closed 0.90%
down at 80,426.46. Foreign portfolio investors stayed net sellers of Indian
shares for a fifth consecutive session on Friday. The overseas investors sold
stocks worth approximately Rs 5,687.58 crore, according to provisional data
from the National Stock Exchange.
Fundamental Update
- Aurobindo Pharma - The company updates that
required investment for acquiring 26% stake in Swarnaakshu to be completed on or
before December 31. Positive
- Yatra Online - The company announces festive travel
discounts for shareholders. Shareholders to receive exclusive discount promo
codes across domestic & international flights. Positive
- Sula Vineyards - The company has received a penalty
worth Rs 6.45 crore from Deputy Commissioner of State Tax, Nashik. Negative
- Chambal Fertiliser - The company faces penalty of
Rs 527 crore mainly on alleged GST liability. Negative
Technical Update
- NIFTY – Nifty tumbled further below 24,700
to settle at 24,655 on Friday. Index suffered heavy losses on account of
continuous selling by FPIs over Trump’s tariff agenda on India. Support now
lies at 24,450 while resistance remains at 24,850. Today’s range 24,500 –
24,800.
- BANKNIFTY – Bank nifty too fell over 500 points
to close at 54,389 on Friday. Private lenders have fallen heavily on account of
weak sentiments. Today’s range – 54,000 – 54,850.
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
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