A gap down opening expected because of nervous sentiment due to a life time lowest valuation of IN₹ versus US$ and rising crude oil prices. Also it will follow the weakness of other Asian markets. Investors will be eyeing Services PMI data for the month of September to be out later in the day and an RBI policy outcome later on this week.
Late hour sell-off mainly dragged the Indian markets lower to settle near intra-day low level on Wednesday with Italy crisis. Nifty has spotted a bearish piercing look a like candle on the daily chart.
Nifty has a very strong support at 10750-10780 level on a closing basis.
🎯 News & Impact 🎯
🎯 ONGC :
Company awarded contract worth $1.69 billion to Baker Hughes, McDermott International and L&T’s unit – L&T Hydrocarbon.
Positive for the stock. 👍
🎯 AU Small Finance Bank :
CRISIL has upgraded rating of the company to AA-/Stable from A+/Positive.
🎯 GE T&D :
Company has completed the acquisition of Alstom's minority ownership of the three joint ventures (JVs) that were established at closing of the acquisition of Alstom's Power and Grid assets in November 2015.
🎯 L&T :
The company will buyback around 6.1 crore shares, representing 4.35 % of the paid-up equity capital at a price of Rs. 1,475 each.
🎯 Federal Bank :
Bank was fined Rs.5 crore by the RBI for non-compliance with certain norms.
🎯 IL&FS Transportation Networks :
Company defaulted in the payment of interest worth Rs 20.8 crore due on three non-convertible debentures due to insufficient funds.
🎯 Aditya Birla Capital :
Company arm received a seven-year long-term loan worth Rs 7,000 crore from the World Bank.
🎯 TVS Motor :
Company invested additional Rs.30 crore in its subsidiary company TVS Credit Services.
🎯 GATI :
Company clarified on reports of sale of Kintetsu joint venture stake for Rs 2,000 crore.
🎯 GMR Infra :
Moody’s downgraded GMR Infra- run Hyderabad International airport.
🎯
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