Market volatility is expected to continue until the global banking system fully recovers from the turmoil, along with a confirmation of the Fed's decision to pause rate hikes.
The short-term trend of Nifty continues to remain weak, while the short-term trend of Bank Nifty continues to be positive. Zee Entertainment Enterprises, Reliance Industries, NTPC and Vedanta stocks will be in focus on Friday.
Zee Entertainment Enterprises and IndusInd Bank on Wednesday settled a dispute over a loan default, paving the way for the media company's mega merger with Sony. IndusInd started bankruptcy proceedings against Zee Entertainment late last month over a default of Rs 83 crore.
Mukesh Ambani-led Reliance Industries (RIL) has completed the acquisition of Sintex Industries (SIL) and has infused Rs 1,500 crore into yarns and fabric maker under the resolution plan.SIL allotted shares totalling Rs 600 crore and optionally fully convertible debentures of Rs 900 crore to RIL.
NTPC Renewable Energy has signed a term sheet with Greenko ZeroC Pvt Ltd to supply round-the-clock RE Power of 1300 MW capacity for its Green Ammonia Plant. The agreement is one of the world’s single largest contracts for supply of round-the-clock renewable supply for an industrial client.
After Vedanta Ltd. announced payment of the fifth interim dividend of Rs 20.50 per equity share, amounting to a total of Rs 7,621 crore, rating agency CRISIL has revised outlook on the company's term loans and debentures from 'stable' to 'negative'.
Goyal Aluminiums has plans to invest Rs 200 crore to set up an electric vehicle (EV) manufacturing plant in Uttar Pradesh. The company has been allotted 4,000 square metre land from the Greater Noida Industrial Development Authority (GNIDA) for the project.
South Indian Bank has hired leadership advisory firm, Hunt Partners, as the agency to look for its new Managing Director (MD) and Chief Executive Director, after Murali Ramakrishnan declined to be reappointed as the MD and CEO.
“A decisive breakout above 17,250 may take Nifty for a ride to the 17,500–17,600 zone, where bears will be waiting. On the lower end, 16,900 may continue to act as crucial support, where bulls have placed a tough guard,” said Rupak De, Senior Technical Analyst at LKP Securities.
“To confirm the breakout, Bank Nifty needs to sustain above 40,000 in the upcoming session. The undertone remains bullish and one should keep a buy-on-dip approach as long as the index stays above the level of 39,500,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
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