What changed market while you were sleeping
After plunging below 9,850 level, can the Nifty50 rebound on Wednesday? Let’s check out what all might matter to the Dalal Street through the day:
Singapore trading sets stage for muted opening
At 6.30 am, Nifty50 futures on the Singapore Stock Exchange were trading 5 points higher at 9,863, indicating a flat opening for the domestic market.
Nifty formed Doji pattern on daily chart
The index formed a long-legged Doji pattern on a daily chart, suggesting that traders used the intraday pullback to exit long positions. With hopes of index hitting 10,000 mark dashed, the index now faces a bigger task i.e. hold on to 9,800 level. A fall below the level may bring in a sharp correction. Anything above 9,930 would give a bullish signal. But that looks unlikely for now.
A dozen firms to report Q1 earnings
Many BSE listed companies are scheduled to report June quarter results on Wednesday. Among them would be lender Canara Bank, NBFCs Bajaj Finserv and Bajaj Finance, auto component maker Amtek Auto, IT firms Mastek, MindTree and KPIT and electrical equipment firm Havells India.
India’s GDP can hit $8 trillion in 15 years
India’s GDP could rise to about $8 trillion over the next 15 years if the country registers an economic growth of 8 per cent annually and come very close to eliminating abject poverty entirely, Niti Aayog Vice-Chairman Arvind Panagariya said.
ITC may plunge about 6% more
ITC, which saw its steepest plunge in quarter of a century on Tuesday, could witness further downside of 6 per cent or more in the current F&O series, options data show. ITC options expiring on July 27 indicate resistance for the stock at Rs 300 and support at Rs 274.8, followed by Rs 268. The second support is around 6 per cent lower from Tuesday’s closing of Rs 284.7, a 12.4 per cent overnight price fall. All prices are provisional.
CCI approves Softbank’s investment in Paytm
CCI has approved SoftBank Group’s acquisition of a 20 per cent stake in One97 Communications, the parent of digital payments leader Paytm. SoftBank paid Rs 9,000 crore ($1.4 billion) for the stake in Noida-based One97 two months ago, making it the biggest investment by the Japanese internet and telecom conglomerate in the Indian internet ecosystem.
NCLT admits insolvency plea against Alok Ind
The National Company Law Tribunal (NCLT) on Tuesday admitted insolvency proceedings against textile company Alok Industries, which owes about Rs 23,000 crore to a consortium of lenders.
Global markets mixed
Most Asian markets were trading mixed in early trade on Wednesday. The Dow Jones Industrial Average index fell 54 points, or 0.25 per cent, to 21,574, while the S&P500 gained 1.47 points, or 0.06 per cent, to 2,460 and the Nasdaq Composite added 29 points, or 0.47 per cent, to 6,344, Reuters reported.