Nifty futures were trading 3.50 points down at 12,989.50 on Singaporean Exchange, suggesting a gap-down start for BSE Sensex and Nifty 50 on Tuesday
Steady quarterly numbers, coupled with relatively lower valuations and anticipation of an economic turnaround, have led to a renewed buying interest in these stocks.
Nifty futures were trading 3.50 points down at 12,989.50 on Singaporean Exchange, suggesting a gap-down start for BSE Sensex and Nifty 50 on Tuesday. Investors will react to Septemeber quarter GDP data, which was released after market hours on Friday, last week. Apart from this, November auto sales data will start pouring in from today. Market participants will also await the outcome of RBI policy meeting, the release of manufacturing and services PMI data this week. Analysts believe that for the next few trading sessions, 12810 should be the sacrosanct level for the trend following traders. “If it sustains above the same then uptrend texture is likely to continue up to 13050. And any further upside could lift the index up to 13200 levels. On the flip side, dismissal of 12810 could trigger correction up to 12700-12650 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Bank stocks: Banks and financial stocks would remain in focus today as RBI’s two-day Monetary Policy Committee (MPC) meeting will begin tomorrow. Analysts expect RBI MPC to keep the interest rates unchanged for the third straight time.
ICICI Lombard General Insurance Company: The company in an exchange filing informed to receive in-principle approval of The Insurance Regulatory and Development Authority of India (IRDAI) to the draft scheme of arrangement between ICICI Lombard General Insurance Company and Bharti AXA General Insurance Company.
Glenmark Pharmaceuticals: Glenmark Pharmaceuticals announced that it has entered into a definitive agreement with Dr. Reddy’s Laboratories Ltd. to divest its brand Momat Rino (for Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (for Russia), Momat A (for Kazakhstan and Uzbekistan), Glenspray and Glenspray Active (for Ukraine), along with rights to the trademarks, dossiers and patents for the territories mentioned.