Market Snippet

  • Nifty fut drifted lower headed biggest weekly fall in last 4 year to close at 11149.15.
  • NIIT to merge its two wholly-owned arms NIIT Institute of Process Excellence and NIIT Yuva Jyoti, with self.
  • Sterlite Technologies received orders worth Rs 1,500 cr in new order bookings from European Telecom players.
  • Biocon has received three observations from the US health regulator following inspection of its insulin manufacturing facility in Malaysia.
  • JSW Steel Ltd was declared the preferred bidder for the Jajang Iron Ore block in Odisha.
  • Tech Mahindra acquired 100 percent stake in Zen3 Infosolution
  • IRB Infra receives Letter of Acceptance from MSRDC for Mumbai-Pune Expressway and Old Mumbai Pune Highway Projects.
  • The construction arm of L&T has secured orders from prestigious clients for its varied businesses in India and abroad.

Weekly Market View

The Nifty registered its biggest single-day fall in four years and formed a large bullish candle, which resembles a Long Black Day pattern on daily as well as weekly charts, as the closing was far lower than the opening level. The index ended the week 7.3 percent lower. The decline was followed by a correction across global mats as the coronavirus continued to spread to the US and Europe, which raised concerns over global economic growth.

Weekly Nifty Bank View

The Bank Nifty opened gap down and saw sustained selling pressure to close near 29,100 zone. It corrected 1,039.80 points to 29,147.20 and failed to hold its budget day’s low to close at more than four-month low.It has formed lower lows, lower highs from the past five sessions and formed a big bearish candle on daily and weekly scales, as the bears have tightened the grip of higher zones and witnessed the biggest single-day fall in four years.

Global Markets Update

Shares in Europe and Asia fell across the board on Friday. Japan’s Nikkei sank to into correction territory as coronavirus fears continued to rattle global markets. New COVID-19 cases have sprung up around the globe in recent days, with trade and industry threatened by mass quarantines and shutdowns.Japan’s Nikkei 225 plunged 4%. US stocks plunged for a sixth straight day on Thursday as all three benchmark indexes closed in correction territory.

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