Nifty ends above 17,100, Sensex gains 574 pts; autos outperform:Business news
A Pull-back rally in the global markets lifted sentiments as benchmark indices traded higher. Nifty reclaimed its 17000 level. Among sectors, the Nifty Auto index outperformed rallied by over two percent. Whereas technical sell-off was seen in Metal and Media stocks.
Technically, after today’s bounce back, the Nifty is still trading below its 200-day SMA which is broadly negative. On daily charts, Nifty has formed a small inside body bullish candle and on intraday charts. Nifty is consistently taking support near 17050. Direction wise, the medium-term trend is still on the downside. But the continuation of the pullback rally is not ruled out if the Nifty succeeds to trade above 17050.
For traders, 17050 would act as a trend decider level, above which Nifty could rally up to 17250-17350. However, below the 17050 uptrends would be vulnerable. Below the same, chances of hitting the level of 16950-16900 would turn bright.
India Has Coal Stocks For Over 30 Days: Business news
India has enough coal stocks to meet more than 30 days of demands and there is no need to panic, Government sources told ANI.
Sources said 72.5 million tonnes (mt) of coal stocks are lying with Coal India Ltd.
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On average, power plants in India is having coal stock of 22 mt and on an average daily 2.1 mt coal is replaced with plants. So no shortage of coal will arise in the country, sources said. Power plants in India still have 10 days of stock and the country has coal stock of more than 30 days, the sources added.
Another top official told ANI that there is no coal shortage, especially in Maharashtra. The government has directed the states to review the PPA with power plants and Maharashtra is already reviewing it.Energy demand rose due to early summer and the recovery in the economy. Coal production has increased 20-22 per cent in the month of April itself. The Ministry of Railways also increased the availability of rakes by 20 percent.
Rakesh Jhunjhunwala sells stake in this PSU metal stock during Q4:Business news
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As of December quarter, Rakesh Jhunjhunwala held 1.09% stake or 4,50,00,000 shares in the SAIL.Ace investor Rakesh Jhunjhunwala has rejigged his portfolio quite a bit in the January-March period of 2022 as he trimmed stake in many companies, while he raised his holding in some.
IT employees union files complaint against Infosys non-compete clause: Business news
Non-compete clauses in the employment agreements offered by IT major Infosys to its IT as well as BPO employees are “illegal”, a Pune-based IT employees union has said. The Nascent Information Technology Employees Senate (NITES) has written to Union Labour Minister Bhupender Yadav seeking his intervention to remove such “arbitrary, unethical and illegal clause from employment contracts.” It has also complained to the Ministry of Corporate Affairs.
Elon Musk To Invest $15 Billion Of His Own Money To Buy Twitter: Business news
Elon Musk is willing to invest between $10 billion and $15 billion of his own money to take Twitter Inc private, the New York Post reported on Tuesday, citing two sources familiar with the matter.
The billionaire, who is Twitter‘s second-biggest shareholder with a 9.1% stake, is planning to launch a tender offer in about 10 days and has tapped Morgan Stanley to raise another $10 billion in debt, according to the report,business news.
Musk, who is also Tesla Inc’s chief executive, may also be willing to borrow against his current stake if necessary, a move that could possibly raise several billion additional dollars, the New York Post reported.
Twitter declined to comment. Tesla did not immediately respond to a Reuters request for comment from Musk.
Nifty ends above 17,100, Sensex gains 574 pts; autos outperform: Business news
A Pull-back rally in the global markets lifted sentiments as benchmark indices traded higher. Nifty reclaimed its 17000 level. Among sectors, the Nifty Auto index outperformed rallied by over two percent. Whereas technical sell-off was seen in Metal and Media stocks.
Technically, after today’s bounce back, the Nifty is still trading below its 200-day SMA which is broadly negative. On daily charts, Nifty has formed a small inside body bullish candle and on intraday charts. Nifty is consistently taking support near 17050. Direction wise, the medium-term trend is still on the downside. But the continuation of the pullback rally is not ruled out if the Nifty succeeds to trade above 17050.
For traders, 17050 would act as a trend decider level, above which Nifty could rally up to 17250-17350. However, below the 17050 uptrends would be vulnerable. Below the same, chances of hitting the level of 16950-16900 would turn bright.
