Asian markets remain muted this morning as investors analysed gains in the U.S. amid simmering tensions between U.S. and China.
US stocks rose on July 8 and the Nasdaq hit a record closing high, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country.
The Dow Jones Industrial Average rose 177.1 points, or 0.68 percent, to 26,067.28, the S&P 500 gained 24.62 points, or 0.78 percent, at 3,169.94 and the Nasdaq Composite added 148.61 points, or 1.44%, at 10,492.50.
The International Monetary Fund (IMF) is concerned about rising debt in both emerging and advanced economies due to coronavirus stimulus spending, and will urge countries to tackle fiscal reform once the pandemic ends.
Nifty on Wednesday opened positive and headed towards the 10,850 mark in first hour of the session. However, it failed to hold its morning gains and drifted sharply towards the previous day’s low at 10,689 level before closing the session with a loss of around 100 points.
Nifty has been facing supply pressure near the 10,800-10,850 zone since last three sessions, while support remains intact at 10600 - 10,550 level.
🎯 News & Impact 🎯
Major Results Today : TCS 2021Q1
🎯 BSE :
The equity derivatives segment of BSE witnessed a turnover of Rs 6,442 crore on July 8. The country's oldest exchange had launched weekly contracts on the Sensex, with Monday expiry, from June 29, which has received an encouraging response from STAKEHOLDERS.
Positive for the stock. 👍
🎯 ICICI Bank :
Board approves raising Rs 15,000 crore through equity.
🎯 State Bank of India :
SBICAP to invest in Investec Capital Services India to form a Joint Venture entity. SBICAP Securities' institutional equities broking and research business will be transferred to the proposed entity.
🎯 Gufic Biosciences :
Gets approval from South African Heath Products Regulatory Authority to manufacture Vancomycin after its manufacturing facility in Navsari was inspected by the National Institute of Pharmacy and Nutrition, Hungary. The company can now expand its business in South Africa.
🎯 Torrent Pharma :
Company gets US FDA nod for anti-bacterial drug, Erythromycin Tablet (250-500 Mg).
Positive for the stock. 👍
🎯 Unichem Lab :
Company gets US FDA nod for Cyclobenzaprine Hydrochloride (5-10 Mg) used to treat muscle spasms.
Positive for the stock. 👍
🎯 Aurobindo Pharma :
Company gets US FDA nod for blood pressure drug, Verapamil Hydrochloride.
Positive for the stock. 👍
🎯 Strides Pharma :
Company receives US FDA nod for Butalbital, Acetaminophen, Caffeine, Codeine Phosphate Capsules used to treat symptom complex of tension.
Positive for the stock. 👍
🎯 TCPL Packaging :
Announces that the entire promoter shareholding is free from encumbrance.
Positive for the stock. 👍
🎯 Sterling & Wilson Solar : Promoters fail to repay the installment of Rs 500 crore out of the outstanding loans envisaged to be repaid by June 30.
Negative for the stock.
🎯 PSU Insurance companies :
Merger of PSU general insurers called off.
Negative for the stocks.
🎯 Sharika Enterprises :
The company received an order worth Rs 26.55 crore from BHEL.
Positive for the stock. 👍
🎯 Yes Bank :
SBI to invest up to Rs 1,760 crore in further public offering of the bank.
Positive for the stock. 👍
🎯 Parsvnath Developers :
The company has entered into an agreement, the Fourth Supplementary Concession Agreement, with the Delhi Metro Rail Corporation (DMRC) along with subsidiary Parsvnath Realty Ventures (PRVL), a special purpose vehicle, in relation to the project at Akshardham Metro Station, New Delhi.
🎯 DB Corp :
Promoter DB Consolidated released pledge of 9.75 lakh shares on July 2.
Positive for the stock.
🎯 JSW Steel :
JSW Steel | Promoter Danta Enterprises released a pledge on 12,02,500 shares of the company but created pledge on 6.5 lakh shares with IndusInd Bank. Another promoter, Glebe Trading, released the pledge on 3,41,500 shares.
Positive for the stock. 👍
🎯 JSW Energy :
Promoter Danta Enterprises created a pledge on 80 lakh shares of the company with IndusInd Bank but released it on 1 lakh shares. Another promoter, Glebe Trading, created a pledge on 1.2 crore shares with IndusInd Bank but released on 70.34 lakh shares.
Negative for the stock.
🎯 Adani Transmission :
Promoter Adani Tradeline revoked pledge of 27.3 lakh shares on July 7.
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Edited by Sharp.
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