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Nifty starts the day with a positive bias. It is taking help from global Markets market gap up today. As the day passes the market gradually loses all early morning gap up gains. After that, nifty went into the red zone. In the afternoon from days low rebound little but at the closing 30 mints loose all ground and closes flat.
The Benchmark indices NSE Nifty 50 was rangebound at 11,181.00-11,305.40, switching between gains and losses. . Green in auto, IT and metal shares while Banking, Capital Goods, Telecom top loose of the day.
Despite a near flat closing, most of the stocks(32 of the 50) declined. Only because of —TCS (+2.4%), HDFC (+1.8%) and Reliance Industries (+1.1%)—which have high weightage were the ones that supported the index.
Walmart plans to invest in the Tata group’s ‘super app.’
The retail sector is in the primary focus of the market. Tata group aims to launch its “super app” around year-end. The app is set to put all offerings of TATA groups in a single platform. Shares of Tata group companies closed in good gain today, as TCS (+2.4%), Titan (+2.6%), Trent (+2.9%) and Tata Chemicals (+0.8%) ended in the green. As per reports, US retail major Walmart is in discussions with Tata group to invest $25 billion in the app. The retail sector is already in focus with the acquisition of Future Group’s businesses and the PE investments in Reliance Retail.
Hero Moto strategic partnership with Harley Davidson
Hero Moto and Harley Davidson are said to be a strategic planner. As part of the arrangement, Hero is likely to import and distribute Harley Davidson bikes, after the final settlement Harley will completely shut their operation in India.
GDP Forecast
Rating agency ICRA has reduced forecast of GDP for India from -9.5% to -11%, citing the rising Covid-19 cases. US is expecting a stimulus from the Govt. . which could bring back the positive sentiment in an otherwise downward trending market.
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Stocks Gainer and looser :
Hindalco, Jindalst, Ultratech, Tatasteel , Jindalsteel were among few top Gainers for the session while Idea, Bhel, BOB, Intratel were the few top looser of the day.
Nifty Views:
A rangebound day for the session. We can expect Nifty will go rangebound in 2 3 more sessions with a negative bias.
It is advisable the longs not to take, and massive positions as of now as the market may also fall in the next few sessions.
Intraday players should be cautious for 2 3 days as the market may swing both ways.