Market Outlook for the day – The current chart patterns and recent developments suggest 7825-7970 is broad range for Nifty.
State Bank of India revised interest rates on home loans. The bank will offer uniform interest rate on home loans from August 26. The interest rate for home loans of up to Rs 75 lakh will be 10 basis points above the base rate. The interest rate for home loans of above Rs 75 lakh will be 15 bps above the base rate.
Reliance Power fifth 660 MW unit of its 3,960 MW Sasan power project has commenced generation. With the fifth unit generating, the total capacity operational at Sasan is 3,300 MW.
Mahindra & Mahindra would challenge the trade regulator CCI’s penalty of Rs. 292.25 crore imposed on it for violation of trade norms in the spare parts and after services market.
Infosys said that it will be in better position to share its strategy in three months even as the management retained its earlier guidance of recording a 7-9% top line growth and retaining margins between 24-25% for the current fiscal year.
In a volatile trading session the key benchmark indices closed almost flat at the end of the day. Market opened weak in the morning trade and for a brief period it hovered in positive territory but remain subdued throughout the day. The weakness extended during the afternoon session but recovery seen during the last hour of trade. Among sectoral indices buying support seen in Pharma and FMCG stocks and its BSE indices closed 1.12% and 0.9% up respectively. Selling pressure witnessed in Power, Capital goods and Oil & gas stocks and its BSE indices closed 1.32%, 0.84% and 0.7% down respectively.