On Monday morning, SGX Nifty was up more than 80 points, suggesting a positive start to trading. On the charts, however, Dalal Street looked to be on the lookout for more weakness to come. “The market has fallen sharply and more weaknesses could be in store. The downside breakout of critical supports and the overall negative chart pattern on the daily and weekly calendars indicate a resumption of a strong downtrend in the market, ”said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The next lower targets to watch for Nifty are around 16,500 levels over the next two weeks. Any pullback rally from here could find strong resistance around 17,200 levels, ”he added.
Trusted industries: After Bharti Airtel and Vodafone Idea, Jio of Reliance Industries has increased its tariffs by 20%. With this, all private telecom operators have now increased their tariffs, marking the first price increase since December 2019.
One97 Communications (Paytm): Newly listed Paytm released second quarter results where it reported 64% year-over-year revenue growth. The company reported a loss of Rs 473 crore compared to a loss of Rs 436 crore during the same period last year.
Industrial bank: Hinduja Group will seek to increase its stake in IndusInd Bank after the Reserve Bank of India authorized the promoter to hold up to 26 percent in private sector lenders. Previously, the limit on promoter participation was 15 percent.
CTI: The company announced Friday that it has agreed to acquire a 16% stake in Mother Sparsh Baby Care, an Ayurvedic and natural personal care brand in the direct-to-consumer (D2C) space, for Rs 20 crore.
National Bank of Punjab: In an attempt to recover 200 crore rupees, PNB has put up for sale a steel and agricultural company based in Madhya Pradesh. National Steel and Agro Industries Ltd has an outstanding balance of Rs 199.90 crore in the bank.
Macrotech Developers: The real estate company is looking to enter the Bengaluru market and invest Rs 3,000 crore for growth as it aims to triple its annual sales bookings to reach Rs 20,000 crore by 2025-2026.