Indian stock SENSEX widens losses
In Thursday morning trading, BSE SENSEX fell 261 points (0.3%) to 79,637, dragged by the real estate, healthcare, pharmaceuticals and banking sectors, and retreated for 2 consecutive sessions.
The Nifty 50 Stock Index fell 0.3% to below 24,300.
Investors are expecting India's inflation data for June to be released on Friday, and they expect the market to accelerate from 7.75% in May to 4.8% for the first time in six months, driven by vegetable prices.
What concluded the decline was strong Wall Street trading on Wednesday, and the S&P and NASDAQ hit record highs as the tech sector boosted ahead of expectations for this year's Fed rate cuts and inflation data.
Major declines were Nestle Indoor (-1.6%), Sun Pharmaceuticals (-1.4%), HDFC Bank (-1.2%), Shriram Finance (-1.0%), and Cipla (-0.9%).
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乱空 OP : Rail Vikas Nigam, Shipping Corporation, Yes Bank, Mazagon Dock, IRFC, etc. are booming in the NSE.
乱空 OP : Stock prices recovered due to the sale of GE Power's hydropower/gas power generation business
On 7/11, GE Power India's board of directors approved the sale of its hydroelectric power generation business and gas power generation business, and the company's stock price recovered from initial losses and rose 7%.
GE Power India's board of directors meeting held on 2024/7/10 approved the sale and transfer of the company's hydropower business to GE Power Electronics (India), which consists of development, design, engineering, marketing, manufacturing, sales, supply, transportation, assembly, installation, and service businesses for hydroelectric power plants (including pumped storage power plants) and systems for hydroelectric power plants (including pumped storage power plants) .
The Board of Directors approved the sale of the gas power generation business: (a) provision of project management, application, and detailed engineering services for regional and global projects; and (b) provision of maintenance services to GE Renewable Energy Technologies for existing gas power plants.
乱空 OP : The Indian stock market became the worst session since 2024/6/4 in response to the slump in the global market and the fact that the 2024 US Federal Reserve (Fed) interest rate cut period indicated by Fed Chairman Powell is unclear.
On the technical side, Nifty's 24,200 level is an important support point. As long as Nifty remains above this level, the bullish outlook will continue. Today's weekly maturity shows that there are many calls written due to ATM-OTM strikes, which indicates that the possibility of an increase is limited. Specifically, while the 24,500 call strike attracted attention, there were about 60,000 open positions in the 24,200 put strike, which suggests strong support at this level.
In contrast, Bank Nifty continued to be sluggish, and since all but 2 of its constituent stocks closed in the red, it fell further. Going forward, the 52,000 level is expected to be an immediate support line, and the 52,500 level is expected to be a resistance line.
乱空 OP : Zidas Life Sciences obtains USFDA approval, stock prices are trending downward
Zidas Life Sciences and its subsidiaries have obtained final approval from the USFDA for the sale of sacubitrile and valsartan tablets. This combination drug treats chronic heart failure in adults and reduces the risk of death and hospitalization. The tablets are manufactured in Ahmedabad, India.
乱空 OP : At 16:15
SENSEX is 79,723.06 (-0.26%)
NIFTY50 is 24,286.60 (-0.16%)
乱空 OP : 18:10
SENSEX is 79,835 (-0.11%)
NIFTY50 is 24,306.65 (-0.07%)