Infosys’ major’s subsidiary, Infosys Public Services Inc (IPS), has been awarded a contract by Manitoba Public Insurance (MPI) to digitize driver licensing, vehicle registration, and International Registration Plan (IRP) services for over 900,000 Manitobans.
Steel Authority of India is aiming at reducing its net debt to a range of Rs 15,000-20,000 crore in the current fiscal if the prices and demand for the commodity remain stable.
Ashok Leyland launched the much awaited AVTR 4825 Tipper truck with ‘dual tyre lift axle’ and heavy-duty bogie suspension. Launched on the latest AVTR modular platform with 29-cubic metre load body, the new tipper truck is powered by the company’s iGen6 technology 186-Kw engine.
Retail and institutional investor advisory firms have given their nod for Naveen Jindal-led Jindal Steel to divest its power business Jindal Power Ltd (JPL) to Worldone Private Limited which was rejected earlier on account of lower valuation.
The electric utilities firm NLC India has raised Rs 500 crore by issuing commercial paper. As many as 10,000 commercial papers of “a face value of Rs 5,00,000 each, aggregating to Rs 500 crores have been issued and allotted.
The Directorate General of Civil Aviation (DGCA), which had banned operations by Boeing MAX aircraft in March 2019 after two fatal crashes, allowed operations of these airplanes in India. Spicejet to be benefitted.
Reliance Jio is the only telco to gain revenue market share (RMS) in the April-June quarter, helped by strong consumer uptake of its new cheaper JioPhone offers and strong sequential growth in revenue from national long distance (NLD) services.
Wipro has partnered with DataRobot to deliver Augmented Intelligence at scale, to help customers become AI driven enterprises, and accelerate their business impact.
RBI has approved the appointment of Sanjeeb Chaudhuri as the part-time Chairman of IDFC First Bank for a period of three years with effect from August 25. Chaudhuri has served on the boards of Aditya Birla Fashion & Retail, Citigroup Europe and Standard Chartered Securities.
What to expect today?
Yesterday, NIFTY had a muted opening and then moved up with the power from RELIANCE but it was a consolidating day overall. NIFTY traded completely range-bound between 16,680 and 16,600. You can read all about yesterday’s market movements here.
BANK NIFTY was a bit more bullish as it moved up and tested the resistance at 35,800 but then moved down and closed absolutely flat, just like NIFTY.
NIFTY METAL and MEDIA closed well in the red. Almost all other indices consolidated. It was a calm monthly expiry indeed.
The European markets closed in the red. The US markets also moved down and closed more than 0.5% down.
The fall in the US is majorly attributed to the Jackson Hole symposium and the explosion in Kabul, Afghanistan. The markets remain cautious as Fed Chair Jerome Powell is due to speak.
The Asian markets are mixed. The European and US futures are also slightly in the green.
SGX NIFTY is in fact trading higher at 16,690 indicating a gap up opening in the Indian market.
The immediate supports for NIFTY are at 16,590 and 16,500. There will be strong resistance at the all time high of 16,700-16,720.
The 35,500 support exists for BANK NIFTY, which might be taken out in the morning hours. 35,300-35,250 and 35,000 are the next support levels. 35,680, 35,800 and 36,000 will act as immediate resistances for the index.
Foreign institutional investors (FIIs) net sold worth Rs 1974 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1055 crores in the Indian equity market. FIIs have been heavily selling for many days now.
There seem to be more calls written in NIFTY and BANKNIFTY than puts for the next expiry, indicating a limited upside move. Let’s see. We will have more clarity by the end of the day.
RELIANCE is looking strong above 2200. HDFCBANK is below 1565, let’s see if the bank can break out from this level.
There will be uncertainty in the market ahead of the Jackson Hole symposium. So, be extra careful.
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