- Nifty fut tanked for the third week consecutively to close at 10939.90.
- RITES’ OFS in the non-retail portion was subscribed 1.32 times.
- Pidilite Industries will acquire a 70% stake in Tenax India Stone Products Pvt. Ltd. for Rs80cr.
- The power transmission & distribution business of L&T Construction has bagged orders in India and overseas.
- HFCL received the purchase order worth Rs 196 crore from Larsen & Toubro.
- Maruti Suzuki said that it has partnered with HDB Financial Services to provide car loans.
- Reliance Industries acquires 100% stake in Shri Kannan Departmental Store Pvt. Ltd.
- Godrej Properties has entered into an agreement to purchase land in the upcoming & fast developing micro-market of Chandivali, Mumbai
Weekly Market View
The Nifty50 has broken its consolidation range and breached the crucial psychological 11,000-mark on March 6 amid Yes Bank uncertainty and worries over the spread of coronavirus. Nifty recovered 162 points from the day’s low to close 279.5 points down and formed a bullish candle as closing was higher than opening levels. For the week, the index lost 1.9 percent and formed large bearish candle on the weekly scale.
Weekly Nifty Bank View
Bank Nifty shed almost 6 percent intraday post the overnight development in the banking system. The index has breached all near-term support levels as the situation is quite grim and closed 3.52 percent lower at 27,801.50, but it formed small-bodied bullish candles as closing was higher than opening levels. In the week, the index fell 4.6 percent and formed a large bearish candle on the weekly scale.
Global Markets Update
Shares in Europe and Asia fell across the board following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown. In US, stocks closed sharply lower on Thursday as anxieties about the worldwide spread of COVID-19 lingered and concerns about the ability of governments to control the impact of the disease on their economies sent the benchmark US Treasury note yield to a fresh all-time low
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