Ravi Bhatt
Sebi Registered Research Analyst - INH000012591
Indian markets trade in range, GST announcement tomorrow
Earlier
in the morning, Asian markets trade lower tracking overning losses in Wall
Street. US stocks fell on Tuesday, extending losses into a second day as Big
Tech names retreated and yields on 10-year Treasuries climbed. The S&P 500
Index pared earlier declines, closing down 0.7% after shedding as much as 1.5%.
The Nasdaq 100 Index lost 0.8%. The benchmark equity indices ended in the red
on Tuesday. The NSE Nifty 50 settled 45.4 points or 0.18% lower at 24,579.6 and
the BSE Sensex closed 206.6 points or 0.26% up at 80,157.8. The Nifty fell as
much as 0.42% during the day to 24,522.35, while the Sensex slipped 0.44% to
80,008.5.
The
foreign portfolio investors on Tuesday stayed net sellers of Indian shares for
the seventh consecutive session as markets declined after closing with gains in
the previous session. The FPIs sold stocks worth approximately Rs 1,171.04
crore, according to provisional data from the National Stock Exchange. The DIIs
stayed net buyers for the fifth session and bought stake worth Rs 2,433.82
crore.
Fundamental Update
- TCS - The company partnered with Tryg on
a €550 million deal to propel growth with a comprehensive digital
transformation over the next seven years. Positive
- UPL - The company’s arm will purchase the
Decco Post-Harvest business for an enterprise valuation of $502 million (Rs
4,420 crore). Positive
- DCM Shriram - The company has entered a long-term
partnership for the supply of chlorine with Aarti Industries. Positive
- CMS Info Systems - The company has confirmed
that the contract for 1,000 ATMs from IPPB is part of its already announced
first quarter order book. Neutral
- NIFTY – Nifty faced strong resistance above
24,700 and settle lower at 24,579 on Tuesday. Index has resistance at 17 day
EMA at 24,720 while support lies at 24.450. Today’s range 24,450 – 24,700.
- BANKNIFTY – Bank nifty too erased all gains made
earlier and closed lower at 53,661 on Tuesday. Index is trading near support at
53,500 while 54K is near term resistance. Today’s range – 53,500 – 54,000.
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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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