SGX Nifty was down 46 points at 17,337 on Thursday morning ahead of the weekly expiry session, hinting at negative momentum building for domestic equities. Sensex and Nifty have closed with marginal losses for two consecutive days now. Global cues were also negative after NASDAQ, Dow Jones, and S&P 500 closed with losses on Wednesday. “The present short term consolidation movement is expected to end soon and that could open a decisive upside bounce from the lows in the next 1-2 sessions. The confirmation of higher bottom is likely to pull Nifty towards 17550-17600 levels by next week. Immediate support is placed at 17250 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Jindal Steel Power: Jindal Steel Power announced on Wednesday that plans to repay a $105.66 million loan in its Australian arm. The prepayment has helped reduce the Australian debt by approximately 50%. The company added that it is committed to become a net debt-free company by FY23.
Tata Consultancy Services: Tata Consultancy Services (TCS) has informed the stock exchanges that it has been selected by Avianca, one of the leading airlines in South America, as a strategic partner in its cloud transformation journey.
ONGC: State-run ONGC has been assigned ‘AAA’ credit rating by rating agency ICRA for its Non-Convertible Debentures (NCD) worth Rs 7,500 Crore.
Infosys: Infosys announced on Wednesday that it has completed the buyback of its shares from investors prior to the expiry of the six-month time frame. Infosys had initiated a buyback of equity shares worth Rs 9,200 crore in June this year.
Sun Pharma: Pharma major Sun Pharma said that its consumer healthcare division has forayed into the nutrition bar segment in India with the launch of Revital NXT.
UCO Bank: The lender could be in action today after the Reserve Bank of India (RBI) announced that it will remove UCO Bank from the Prompt Corrective Action Framework. “The bank has provided a written commitment that it would comply with the norms of Minimum Regulatory Capital, Net NPA and Leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments,” RBI said.