- Nifty fut surged extraordinarly higher followed by gaped up opening and settled at 11579.50.
- BHEL has successfully commissioned five pumping units of the 7×139 MW Kaleshwaram Lift Irrigation Scheme (LIS) Package 8, in Telangana.
- Pennar Industries to double its CDW tubes capacity: The Company is doubling its Cold Drawn Welded (CDW) tubes manufacturing capacity.
- Adani Enterprises (AEL) has incorporated a company namely Adani Guwahati International Airport.
- IRCTC IPO price band set at Rs 315-320 per share. The IPO will open on September 30, closes on October 3.
- NHPC signed MoU with Himachal Pradesh government for project worth Rs 4,112 crore.
- Zydus Cadila has received the final approval from the USFDA to market Clobetasol Propionate Lotion, (US RLD – Clobex Lotion), 0.05%.
- Power Mech has received letter of intent/work order for the projects worth Rs 115 crore to be completed in 2-3 years.
Weekly Market View
It was a negative start for the October series. The Nifty 50, after opening moderately lower, traded in the range of previous day’s candle throughout the session and closed half a percent lower on September 27.The index managed to hold the 11,500 levels, forming a bearish candle on the daily charts while it rallied 2.1 percent for the week, seeing the Spinning Top kind of formation on the weekly scale.
Weekly Nifty Bank View
Bank Nifty consolidated for the most part of the day as it traded in the range between 29,700 to 30,100 levels. The index closed 0.42 percent lower at 29,876.65 and formed a small-bodied candle on the daily scale while Long-legged Doji on a weekly scale.Now it has to continue to hold above 30540 to extend its gains towards 30,975 then 31375 levels while on the downside support is seen at 29,500 then 29,000 levels.
Global Markets Update
Global markets traded with mixed sentiment as investors watch for developments on the U.S.-China trade front. Trade negotiations between the U.S. and China are reportedly set to resume on 10 Oct in Washington, D.C. US DJIA and NASDAQ ended at 26820.25 and 7939.63 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 21878.90 and China shanghai composite at 2932.17.
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