TOP STORY- Stock Market For Monday,09 october 2017
Adani Enterprises announces plans to demerge its renewable energy business into associate
Zee Entertainment acquires 100% Equity Stake in 9X Media Private for Rs 160 crore and acquisition
of balance 26% Equity stake in Zee Turner
Zydus Cadila receives final approval from the USFDA for Amitriptyline Hydrochloride Tablets US
USFDA issues EIR for Shilpa Medicare’s manufacturing facility at Jadcherla in Telangana
Shoppers Stop exits duty free airport retail business disposes of 40 percent for consideration of Rs 6
Maruti Udyog has received export-orders for supply of LPG Cylinders for Rs 48.40 crore during the
months of May-2017 to September 2017
Precision Wires to close down sales depots in 5 states due to uniform rate under GST
India Gycol to explore and evaluate disposal/sale of co’s subsidiary in Shakumbari Sugar and Allied
MARKET COMMENTARY for Monday,09 october 2017
Nifty ended at 9,979 level, up by 91 points while Sensex ended at 31,814 level, up by 222 points.
The upsurge in the Nifty and Sensex can be attributed to the outcome of GST’s 22nd meeting. The GST Council meeting is likely to bring relief to various business sectors in the country from the complexity of compliance and high tax rate on select goods and services. Exporters are likely to get major relief in terms of faster and easier refund of input credit.
On the downside, 9890 and 9900 are strong support levels for the 50-stocks index. On the daily technical charts, Nifty has been making higher highs and higher lows for past few trading sessions. On the upside, 10,000 is followed by 10,040 and 10,080 may be placed as the important resistance levels.
There were 1,136 advances, 511 declines and 320 unchanged stocks on NSE, reflecting strong positive sentiments in the market. Metal and Banking stocks were shining on the bourses. Reliance, Tata Steel and Infosys were top contributors to the Nifty and Sensex gains. Reliance closed at Rs 837 per share, up by 1.55%.
Nifty likely to trade in the range of 9710-10206.
Market Pulse on Monday,09 october 2017