- Market surged for the second straight week to close at 10352.85 amid tensed global cues.
- L&T may face SFIO probe as MP says group defaulting on bank loans.
- Indian Oil Corporation Limited has acquired 17% participating interest in the Mukhaizna Oilfield.
- Dabur completes acquisition of two personal care products firms in South Africa.
- Zydus Wellness eyes acquisitions in W. Asia, Africa.
- Lupin has received an Establishment Inspection Report (EIR) from the US health regulator for its Pithampur Unit 1 manufacturing facility in Madhya Pradesh.
- Jet Airways finalises deal for 75 Boeing 737 Max planes worth $8.7 bn.
- Eicher Motors lined up capex plan of Rs 800 crore for setting up of plant in Tamil Nadu.
- PepsiCo India’s bottling partner Varun Beverages plans to set up a green field production facility for select beverages in Punjab.
Weekly Market View
Nifty surged higher as the RBI in its bimonthly policy review gave the positive comment on inflation keeping the policy rates unchanged much in line with markets expectation. Global trade war tension didn’t impact the market negatively. Nifty closed the week with gains at 10352.85.Nifty looks bullish on charts ahead and if closed above the resistance level of 10500 then may test the level of 10775.However the level of 10200 and 10000 are going to be the support level for market.
Weekly Nifty Bank View
Nifty Bank too surged higher in last week’s trading following the positive comment of RBI on inflation forecast. Nifty bank remained bullish on most of the trading session of the week and further looks in uptrend for the coming week’s trading. The level of 24500 and 24000 may provide support to the banking index however 25250 and 25600 are good resistance for the index.
Global Markets Update
World markets tanked as the trade war tension between China and US increases after the US precident Donald Trumph levies fresh tariff on goods coming from China. Chinese counterpart also imposed the increased tariff on US goods in reply.US S&P closed lower at 2604.47.The German index DAX closed the bell at 12241.27. The Asian peers reacted mix on the development with Nikkei 225 21567.52 and Shanghai composite closed lower at 3131.11.