- Market gains for the third straight week; Nifty ends above 9950 mark.
- Escorts continue to post solid growth; August sales increase 23% to 4,587 units.
- Maruti Suzuki August sales beat estimates, grow 24% to 1.63 lakh units.
- Dr Reddy’s Labs zooms 9% on settlement with US firm for anti-obesity drug Qsymia.
- Ashok Leyland posts healthy sales growth of 25% in August, ahead of estimates.
- IRB Infra gains as board approves sale of Pathankot Amritsar toll road to IRB InvIT Fund.
- Mahindra & Mahindra auto sales up by 4 percent in August.
- BEML rallies as Merrill Lynch Markets Singapore Pte buys stake.
- Eicher Motors August total sales up by 22% on yearly basis.
- Welspun Enterprises gains on back of letter of award from National Highways Authority of India.
Weekly Market View
Nifty traded higher after two week fall and reclaimed its psychological mark of 10000 to close above it at 10003.40.Nifty remained in buy mode for most of the trading session of the week. The policy rate decision of central bank to maintain the policy rates status quo was in very much line with market expectation. Nifty looks bullish on charts ahead too if closes successfully above the life time high level of 10188.50 though a healthy bull market correction is expected below the support level of 9850.
Weekly Nifty Bank View
Nifty Bank traded lower following the central bank decision of maintaining the policy rates same as it sees inflation to rise in near future. Nifty bank traded lower for most of the trading session of the week and looks bearish in charts. If it closes below the level of 23850 then selling pressure may take it test the support level of 23475.However an upward buying move can be seen if close above the resistance of 24600.
Global Markets Update
World markets traded higher in the light of service sector data in US economy increases suggesting the signs of strength in the economy and prospects for earning.US S&P 500 ended higher to close at new life time high at 2549.33.The German DAX also ended the weekly closing positively at 12955.94.The Asian peers Nikkei and shanghai too followed the buying momentum and ended at 20690.71 and 3348.94 respectively.
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