- Market hits fresh new high; Nifty ended the week at new life time closing high at 10192.40.
- JSPL completed the sale of its oxygen plant assets to SREI Equipment Finance Ltd for Rs. 1,121 crore.
- South Indian Bank Q2 profit plunges 96% as provisions rise 3.5 times, but NII up 13%. Profit stood at Rs 110.5 crore.
- Lupin acquired Symbiomix Therapeutics LLC for $150 million.
- L&T won an offshore contract from ONGC valued at around Rs 1,150 crore.
- Dena Bank raised Rs 400 crore by selling shares to a clutch of institutional investors in an attempt to shore up capital.
- Idea Cellular soars 6% after shareholders approves Vodafone merger.
- Vedanta Resources’ mined metal production at its Indian zinc unit rose 42% in the first half, boosted by higher ore production across all its mines.
Weekly Market View
Nifty traded lower after two weeks of spectacular gains and scored new life time high on charts before witnessing selling pressure to end the week lower. Nifty traded lower for most of the trading session of the week as fund outflow by FII has kept the market under pressure. Nifty however still on its native buy trend on daily and weekly chart both and a close above the resistance level of 10425 may see the market to test the lifetime high once again. The level of 10250 is seen as good support level for the market.
Weekly Nifty Bank View
Nifty Bank traded mixed after the continuous gains of two weeks and ended with dozi candle formation on weekly chart. The prospect of higher inflation and result expectation kept the banking stocks under pressure throughout the week. Nifty bank looks bullish on charts ahead and close above the life time high may trigger further buying in index.25250 is seen as good support and 25715 is immediate resistance for the index.
Global Markets Update
World markets traded mixed in last week’s trading as the mixed sentiments float around. Uncertainty over US tax reforms kept the S&P 500 to end flat on weekly closing. The S&P 500 ended the Thursday trading session at 2584.62. The European peers also followed the cautious approach but the German DAX witnessed the selling pressure most and ended lower on Thursday at 13182.75.The Asian peers however strong trading week had with Nikkei 225 ending the Friday’s bell at 22681.42 and Shanghai composite ending at 3432.67.
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