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The virus outbreak and crashing oil prices will cost the Mideast and North Africa approximately $116 billion in growth, according to the World Bank
Long build-up in Lupin, Maruti, LIC Housing Finance, Cipla and Bajaj Auto while marginal shorts were seen in HUL, TechM, Dabur, MFSL and Dr Reddy’s Lab.
Nifty futures closed positive with a gain of 3.65% at 9,070 level.
Bank Nifty Overall, the medium-term chart structure is negative, but some bounce could be seen with the immediate support at 19,100. Higher volatility and weakness in the overall trading setup suggest that the upside could be capped again.
Bank Nifty Going forward, immediate resistance for Bank Nifty is placed at 21,000 and then 21,500 levels while supports can be seen around 19,100 and 18,500 levels.
Bank Nifty Thus, it also ended a losing streak of six weeks, and logged the biggest weekly gain since May, 2009. However, Bank Nifty is still trading below its recent swing low of 21,462 and 20 DEMA.
Bank Nifty outperformed the benchmark index and rallied by 5.10%. It formed a bullish candle on both daily and weekly charts and witnessed a sharp short-covering bounce before concluding the shortened week with a gain of 15.45%.
India VIX moved down 4.78% to 49.74 level. VIX is cooling down from higher levels, which is providing some stability to the bulls amid short-covering activities..
19 stocks ‘overbought’ As many as 19 stocks turned ‘overbought’ as they crossed the 70 mark on RSI indicator. They included Lupin, Marksans Pharma, Gennex Labs, Orient Paper, FCS Software, Auro Labs, Lyka Labs and Malu Paper Mills, among others.
Nifty Auto Index was the biggest gainer jumping 10.52 per cent, which helped it break an eight-week losing streak by gaining 23 per cent in three sessions. Nifty Pharma recorded the best week in history jumping 20 per cent. All sectoral indices on NSE closed in the green.
IDBI okays stake sale Shares of IDBI Bank jumped over 7.05 per cent to Rs 21.25 after the bank board okayed a proposal to sell the bank's stake in life insurance joint venture, in addition to approving a fundraising plan.
Wabag shares jump 5% Shares of VA Tech Wabag hit 5 per cent upper circuit of Rs 85 after the company announced it has bagged Rs 90 crore-contract for operations and maintenance of sewage treatment plant in Bahrain.
Shares of Cipla soared 12.96 per cent to Rs 579.50 after the company received final approval for a generic version of Albuterol Sulfate Inhalation Aerosol from the USFDA. It is used for treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.
Shares of NLC India gained 2.45 per cent to Rs 46 after the state-owned company resumed operations at its mines in Neyveli, Tamil Nadu. Operations at its mines had halted last month as a precautionary measure to ensure the safety of workers in the wake of coronavirus.
Adani Gas gains despite price cut Shares of Adani Gas rose 2.15 per cent to Rs 92.80 after the company announced a reduction in prices of compressed natural gas (CNG) and piped natural gas (PNG) used for cooking in household kitchens, in line with a drop in raw material rates.
Tata Comm surges on bulk deals Shares of Tata Communication jumped further 9.49 per cent to Rs 286 after East Bridge Capital Master Fund and University of Notre Dame acquired a stake in the company via bulk deals.
LOCKDOWN Period - Indian Markets: NIFTY FUTURE is up 21% ..................in last 11 days (Including today's ) BANK NIFTY is up 23% in last 11 days (Including today's session )
#Granules India gets US FDA nod for anti-headache drug