Turns out Monday’s Nifty rally had more to do with a bout of short covering. That raises a question mark over its sustainability. With Fed policy review kicking off today, expect the market turn shaky. Watch this space as we bring you LIVE updates of the day’s proceedings from Dalal Street.
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BSE TO CHARGE FOR HIGH ORDER-TO-TRADE RATIO
The BSE on Monday said it would levy fee on members whose order-to-trade ratio is high and request count is over 10 lakh a day in the equity segment to curb potential manipulation.
SIGNAL FROM SINGAPORE
Nifty50 futures on the Singapore Stock Exchange were trading 26 points, or 0.26 per cent, lower at 10,153, indicating a negative opening for the domestic market.
NIFTY TECHNICAL CHARTS
The Nifty50 at last broke out of its strong resistance of 10,137, also its previous all-time high, to settle at a record closing level on Monday. The index made a bullish candle on the daily chart. Technical analysts said this suggests the pullout of the ‘supply zone’ augurs well for the index and a rally towards the 10,200 level looks likely. But a fall below the 10,043 level should be seen as sign of weakness.
FED POLICY REVIEW BEGINGS TODAY
The US Federal Reserve will kickstart its two-day policy review on Tuesday, at which it is likely to take another step towards policy normalisation in what is rapidly becoming a worldwide trend.
SEBI EASES RULES FROM REITS, INVITS
Markets regulator Sebi has allowed real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) to raise capital by issuing debt securities.
NHAI TO BE LISTED SOON
The road transport and highways ministry has kick-started the process for public listing of the National Highways Authority of India (NHAI), the nodal agency for the development, maintenance and management of highways in the country .
US STOCKS GAIN OVERNIGHT
MSCI’s broadest index of Asia-Pacific shares outside Japan turned slightly higher after dipping into negative territory, Reuters reported. Japan’s Nikkei stock index surged 1.2 per cent in early trade, catching up to global equities gains and responding to a weaker yen as Tokyo markets reopened after a public holiday on Monday.
SENSEX ON MONDAY
The Sensex ended up 151.15 points, or 0.5%, at 32,423.76 but failed to surpass its lifetime high of 32,686.48, hit on August 2. The Nifty surpassed its previous peak of 10,137.85 to set a fresh record high of 10,171.70 during Monday’s session. The index closed at 10,153.10, up 67.70 points or 0.7% from Friday’s close.