Stock Market Highlights: Indian equity benchmarks Sen and Nifty50 ended a volatile session lower on Friday. The Nifty began the February F&O series, a day after ending the January series with a loss of 93.8 points. Losses in financial and select auto stocks pulled the headline indices lower, though gains in IT and consumer shares lent some support. Broader markets strengthened, aiding investor sentiment, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising 1.5 percent and one percent respectively. Broader markets also strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices up to nearly two percent each in early deals. Investors awaited more quarterly numbers from India Inc for cues.
Nifty closed below 50-day SMA after a long time: Kotak Securities' Amol Athawale
Amol Athawale, Deputy Vice President-Technical Research at Kotak Securities, said the Nifty had closed below its 50-day simple moving average after a long time and formed a bearish candle on the weekly chart, which is negative for the market."For the bulls, 17,300 would be the important breakout level to watch and if the Nifty manages to close above the same, we could expect a continuation of an uptrend wave up to 17,450-17,550 levels. On the flip side, a drop below 17,000 may trigger further weakness up to 16,800-16,700 levels," he said. He also said the Nifty Bank is near the its 20-day SMA, any movement above which could see the index rally up to 38,500-39,000 levels.
Sell-off has already done, Nifty likely to rise to 18,000-plus in 1 month: Prakash Diwan
Market expert Prakash Diwan believes the sell-off is already behind, and except for some movement of 100-150 points, the Nifty50 is likely to start inching back on positive newsflow to 18,000-plus levels in the next one month. "There is no hurry to buy; there's enough money with PMS mutual funds. A lot of institutions and HNIs are sitting on cash, and the smart money is on the sidelines. The key trigger is going to be the Budget. Going into the budget with low expectations is another plus, I don't think the market is building up itself for some sort of exuberance at this point in time, which means that anything that comes through positively favorably is going to be good," he said.
Market At Close | NTPC, UPL, Sun Pharma, Tata Consumer, IndusInd Bank top blue-chip gainers
ONGC, Mahindra & Mahindra, Indian Oil, and Bharti Airtel, and Indian Oil were also among the top gainers. On the other hand, Maruti Suzuki, Tech Mahindra, PowerGrid, ICICI Bank, Hero MotoCorp, Axis Bank, Bajaj Finserv, and SBI were the worst hit among the 19 laggards in the Nifty50 pack.
Closing Bell | Sens down 77 points at 57,200, Nifty50 at 17,102
Both headline indices gave up their intraday gains to end with a cut of 0.1 percent. The 30-scrip index lost 76.7 points to close at 57,200.2 and the broader Nifty50 benchmark settled at 17,102, down 8.2 points
Google is investing another $1 billion in India's smartphone market
Google is investing up to $1 billion in a major Indian telecom company, a move it hopes will drive down the cost of smartphones in a huge and rapidly expanding market.
Google (GOOGL) said in a statement Friday that it would invest $700 million in Bharti Airtel, India's second-largest telecom operator, and acquire a 1.28% stake in the company. An additional $300 million would be used for potential multi-year commercial agreements, the companies added.
According to Airtel, the two companies want to work with device manufacturers to "bring down the barriers of owning a smartphone across a range of price points." They also expect to work together on 5G and cloud services in the country.
The deal, which is still subject to regulatory approvals, marks Google's latest push into a market that has become critical for Big Tech firms looking to expand their global footprint.
Nice one
You must be logged in to post a comment.