Saturday, October 24
Indian frontline indices ended the week with 2.3% cuts amid selling pressure in most sectors, primarily in banks, auto and pharma. On Friday too, they ended lower. While the S&P BSE Sensex settled at 77,378.91, down by 241.30 points or 241.30%, the broader Nifty closed at 23,431.50, lower by 95 points or 0.4%.Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that he sees the bearish pressure continue and to intensify as the index closed below 23,500 for the first time in several days. "The index remains below the crucial 50 EMA, reaffirming a bearish trend. Furthermore, the RSI remains in a negative crossover, signaling weak momentum. Sentiment stays subdued in the short term, with the potential for a decline toward 23,300 or 23,000. On the upsid
While strong quarterly earnings from TCS propelled the IT index 3.4% higher, the broader market, as measured by the Nifty, continued its decline, falling for the third consecutive session on Friday. This divergence highlights the ongoing weakness in other sectors despite the IT sector's strength.The index breached and closed below the crucial support level of 23,460, marking a weekly decline of 2.4%. The market continues to exhibit weakness, characterized by a lackluster trading session that resulted in a moderately negative candle with a minor lower shadow on the daily chart for the last trading session.Analyst Ruchit Jain, VP, Head – Equity Technical Research at Motilal Oswal interacted with ET Markets regarding the outlook on Nifty and Bank Nifty along with an index strategy for the u
Tapering off in the BSNL deal expected over the next few quarters will aid TCS to expand profit margin, a senior company official has said. The country's largest software exporter is also looking at creating a capacity of over 25,000 seats in Bengaluru over the long term on a land parcel acquired recently, Chief Financial Officer Samir Seksaria told PTI. "The same program (BSNL) as it tapers down at a portfolio level, at an overall level, there would be a benefit which would come in (on margins)," Seksaria said replying a specific question on the impact of BSNL deal's tapering down on margins. He, however, declined to share a number on the positive impact on the operating profit front. For the December quarter, it reported operating profit margin at 24.5 per cent for December quarter an
While strong quarterly earnings from TCS propelled the IT index 3.4% higher, the broader market, as measured by the Nifty, continued its decline, falling for the third consecutive session on Friday. This divergence highlights the ongoing weakness in other sectors despite the IT sector's strength.The index breached and closed below the crucial support level of 23,460, marking a weekly decline of 2.4%. The market continues to exhibit weakness, characterized by a lackluster trading session that resulted in a moderately negative candle with a minor lower shadow on the daily chart for the last trading session.Analyst Ruchit Jain, VP, Head – Equity Technical Research at Motilal Oswal interacted with ET Markets regarding the outlook on Nifty and Bank Nifty along with an index strategy for the u
As the bearish sentiment appears to be intensifying in the market, the next meaningful support for Nifty is placed at 23,000, below which further correction seems likely, Rupak De, Senior Technical Analyst, LKP Securities, said.Bears are expected to remain active, with every rise likely to be sold into as long as Nifty sustains below the 50 EMA, he said.Edited excerpts:Nifty ended the week around 2% lower amid FII sell-off. How does the trade set-up looks like for the week ahead for both Nifty and Nifty Bank?Nifty has been falling since encountering resistance at the 50 EMA on the daily timeframe, correcting by about 900 points in just six trading sessions. The bearish sentiment appears to be intensifying. The next meaningful support is placed at 23,000, below which further correction seem
Star batter Rohit Sharma will remain Indian captain till the ICC Champions Trophy this year, said sources in the Board of Control for Cricket in India (BCCI). Also, pace spearhead Jasprit Bumrah is being discussed as India's next captain, added the sources. Rohit's captaincy has been a mix of memorable highs and some extremely disappointing lows. Be it a 10-match winning streak during the 2023 ICC Cricket World Cup at home, which concluded with a loss to Australia in the final or India's redemption with an ICC T20 World Cup title win in 2024 at Barbados, Rohit's captaincy has given fans plenty of positives. Under him, team also made it to the final of the ICC World Test Championship 2023, where they lost to Australia. However, since the second half of 2024, luck seems to have deserted the
The looming US presidential inauguration casts a long shadow. Not the least important uncertainty that feeds the fears of many concerns the role of Donald Trump intimate Elon Musk, the richest person in the world.Musk is even more notorious than the president-to-be for reckless speaking, not least about Britain, for which he seems to have conceived a weirdly violent hostility. He characterizes our country as “a tyrannical police state” and believes we’re “going full Stalin,” while predicting “civil war is inevitable.”On both sides of the Atlantic, money has always talked. For centuries, the wealthy have been buying politicians, or shares in them. Though Rupert Murdoch doesn’t bribe our rulers, he secures the slavish obeisance of many through their fear of his vast media emp
