Nifty futures turned negative in trade, falling 34.50 points to 17,527 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50
Nifty futures turned negative in trade, falling 34.50 points to 17,527 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Wednesday. After two days of sharp correction, benchmark indices witnessed a sharp pullback rally while Nifty found support at 17326 to reverse the falling trend. Investors will continue to watch stock-specific development, the ongoing Evergrande crisis, crude oil prices, rupee movement against dollar and other global cues. “Technically, the texture of the sharp reversal formation near the 10 day SMA suggests further uptrend from the current level. We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17650-17450 levels. For day traders, as long as the index is trading above 17450, pullback rally is likely to continue up to 17600-17650 -17680 levels. On the flip side, index below 17430, the uptrend would be vulnerable,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.
ZEEL: Zee Entertainment Enterprises has signed a merger deal with Sony Pictures Networks India Private Limited. According to the deal, Sony Pictures Entertainment will infuse $1.57 billion in the merged entity. The Board has evaluated not only on financial parameters, but also on the strategic value which the partner brings to the table. The Board concluded that the merger will be in the best interest of all the shareholders & stakeholders.
SBI Cards and Payment Services: Societe Generale acquired 85.06 lakh equity shares in the company at Rs 1,021 per share, whereas Carlyle entity CA Rover Holdings sold 1.6 crore shares at Rs 1,021.25 per share and 1.6 crore equity shares at Rs 1,021.01 per share on the NSE, the bulk deals data showed.
RIL: Reliance Industries Ltd is likely to take over stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC), two people aware of the matter told The Financial Express. Bankers had sought takeover bids in July, and the Ahmedabad-based CFM ARC is understood to have put in a `825-crore bid for the company, which owes its lenders Rs 2,116 crore.
Torrent Power: Torrent Power on Tuesday said it has entered into a share purchase agreement to buy the entire stake in 156 megawatt (MW) of wind power plants from CESC at an estimated enterprise value of Rs 790 crore.
Infosys: IT services major Infosys on Tuesday announced its collaboration with digital workflow company ServiceNow to provide enterprise-level service management for customers in manufacturing industries.
Nucleus Software Exports: Nucleus Software said that its board will consider the proposal for buyback of the fully paid-up equity shares of the company on Friday.