- Nifty fut surged higher for the third consecutive week to close at 11295.50.
- Lupin received approval for its Propranolol Hydrochloride extended-release (ER) capsules from Health Canada.
- Biocon licensed three Generic Formulations Products to China Medical System Holdings.
- Reddy’s Laboratories received EIR from the USFDA indicating closure of audit for its Vizag’s formulations plant
- SBI stated that it will exercise the over-subscription option of 1cr share in the SBI Life Insurance offer for sale.
- TCS and General Motors have launched a new partnership with General Motors for Global Vehicle Engineering.
- HCL Technoloaies has secured a contract with Aperam, a global player in stainless, electrical and specialty steel.
- Tata Communications partnered with Conecta Wireless to address enterprises’ digital transformation needs.
Weekly Market View
The Nifty 50, on September 20, posted its biggest single-day gain in the last 10 years, closing above 11,250 levels with a massive 5.3 percent surge. The booster shot by Finance Minister Nirmala Sitharaman to revive the economy lifted sentiment. Corporate tax has been cut to 25 percent from 35 percent (without exemptions), and minimum alternate tax reduced to 15 percent. New companies incorporated after October 2019 will pay 15 percent tax.
Weekly Nifty Bank View
Bank Nifty opened positive and witnessed sustained buying interest throughout the session. The index rallied 2,223.90 points to close at 28,981.55 and formed a big bullish candle on daily as well as on a weekly scale. It recorded the biggest intraday gain ever since its incorporation as it surged nearly 10 percent. Now it needs to hold above 29000 levels to witness a momentum towards 29,425 then 29850 levels while on the downside supports are seen at 28,625 levels.
Global Markets Update
Global markets ended higher on Friday as economic stimulus around the world eased fears of economic deceleration. On the trade front, Chinese and U.S. delegates are meeting Thursday and Friday ahead of higher-level meetings expected early October to resolve the yearlong trade dispute. US DJIA and NASDAQ ended at 26935.07 and 8117.67 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 22079.09 and China shanghai composite at 3006.45.
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