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CAPITALSTARS INDIAN EQUITY MARKET WRAP UP – 23 AUGUST 2019

market-wrap-up

Closing Bell: Nifty ends above 10,800, Sensex gains 228 pts.

After a weak start Indian indices ended on positive note on August 23 on hopes of stimulus package from government. Finance Minister Nirmala Sitharaman will hold a press briefing on Friday evening, a government spokesman said, amid expectations that the government would announce steps to revive economic growth, said Reuters. After breaking 10,700 in the morning the Nifty rebounded from the lows and closed above 10,800 level. At close, the Sensex was up 228.23 points at 36,701.16, while Nifty was up 88.00 points at 10,829.40. About 1310 shares have advanced, 1125 shares declined, and 130 shares are unchanged. IndusInd Bank, ITC, ICICI Bank, Eicher Motors and Kotak Mahindra Bnak were among major losers on the Nifty, while gainers were Zee Entertainment, Vedanta, UPL, BPCL and Yes Bank. Among sectors, except bank and FMCG other indices are ended higher led by the metal, auto, pharma, infra and IT.

HEADLINES OF THE DAY

Bosch India appoint Bernhard Straub as Chairman; stock jumps 3%, The Board has approved the appointment of Dr. Bernhard Straub, (Non-Executive, Non-Independent Director) as an Additional Director designated as a Chairman of the Board with effect from August 24, 2019.

SBI cuts retail term deposit rates by 10-50 bps Further, the bank stated that due to falling interest rates and surplus liquidity, it has realigned its interest rate on term deposits with effect from August 26.

Wockhardt rises 1% on receiving GMP Compliance Certificate for Ankleshwar facility, The said GMP Compliance Certificate is valid for a period of 3 years, i.e., upto 2nd April, 2022.

The crucial resistance for Nifty spot is now seen at 10950 and above this 11100 Support for the immediate term is now placed at 10700 next support will be 10600.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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