SGX Nifty was trading in the red on Monday morning and so were major Asian peers, hinting at a negative start for Sensex and Nifty.
SGX Nifty was trading in the red on Monday morning and so were major Asian peers, hinting at a negative start for Sensex and Nifty. On the charts, Nifty formed a long bull candle and closed last week towards new highs. “The confusing weekly pattern of doji has been negated on Friday, as Nifty closed above the high of last week at 13145. This could be considered as a strength of an upside momentum post upside breakout of long term resistance of uptrend line,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that Nifty faces resistance at 13,500 and support at 13,150.\
Pfizer: The US-based pharmaceutical firm became the first company to apply for an emergency use authorisation in India for its covid-19 vaccine. The company has sought the Drugs Controller General of India (DCGI) nod after the parent firm got clearance for use in the United Kingdom and Bahrain.
Reliance Industries Limited: Mukesh Amabani’s RIL will acquire Reliance Infratel Limited through its subsidiary Reliance Projects & Property Management Limited after the Mumbai bench of NCLAT approved its resolution plan. According to reports, RIL will have to spend over Rs 4,500 crore to take over the firm.
Axis Bank: Private sector lender Axis Bank’s could soon be raising its stake in Max Life Insurance. The CEO of the insurance firm Prashant Tripathy said that approval from the insurance regulator should come through within the next three months.
Maruti Suzuki: India’s largest car manufacturer made 1,50,221 vehicles in the month of November. This is an increase from the 1,41,834 vehicles Maruti Suzuki had manufactured in the same period last year. The firm reported an increase in the production of both passenger vehicles and LCVs.
Tata Power: The company has been selected as the successful bidder to own the licence for the distribution and retail supply of electricity in Odisha’s 11 Circles. The annual revenue generated will be near Rs 4,500 crore.
ONGC: The state-run firm’s subsidiary ONGC Videsh has made a significant strike of oil in its onshore block CPO-5, Colombia, in Llanos Basin.