Nifty futures turned damaging in trade, falling 34.50 points to 17,527 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Wednesday. After two days of sharp correction, benchmark indices witnessed a sharp pullback rally even though Nifty discovered assistance at 17326 to reverse the falling trend. Investors will continue to watch stock-precise development, the ongoing Evergrande crisis, crude oil rates, rupee movement against dollar and other international cues. “Technically, the texture of the sharp reversal formation near the 10 day SMA suggests further uptrend from the current level. We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17650-17450 levels. For day traders, as long as the index is trading above 17450, pullback rally is likely to continue up to 17600-17650 -17680 levels. On the flip side, index below 17430, the uptrend would be vulnerable,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, mentioned.
ZEEL: Zee Entertainment Enterprises has signed a merger deal with Sony Pictures Networks India Private Limited. According to the deal, Sony Pictures Entertainment will infuse $1.57 billion in the merged entity. The Board has evaluated not only on economic parameters, but also on the strategic worth which the companion brings to the table. The Board concluded that the merger will be in the ideal interest of all the shareholders & stakeholders.
SBI Cards and Payment Services: Societe Generale acquired 85.06 lakh equity shares in the corporation at Rs 1,021 per share, whereas Carlyle entity CA Rover Holdings sold 1.6 crore shares at Rs 1,021.25 per share and 1.6 crore equity shares at Rs 1,021.01 per share on the NSE, the bulk offers information showed.
RIL: Reliance Industries Ltd is probably to take more than stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC), two persons conscious of the matter told The TheSpuzz. Bankers had sought takeover bids in July, and the Ahmedabad-based CFM ARC is understood to have place in a `825-crore bid for the corporation, which owes its lenders Rs 2,116 crore.
Torrent Power: Torrent Power on Tuesday mentioned it has entered into a share acquire agreement to obtain the complete stake in 156 megawatt (MW) of wind energy plants from CESC at an estimated enterprise worth of Rs 790 crore.
Infosys: IT services significant Infosys on Tuesday announced its collaboration with digital workflow corporation ServiceNow to provide enterprise-level service management for consumers in manufacturing industries.
Nucleus Software Exports: Nucleus Software mentioned that its board will look at the proposal for buyback of the totally paid-up equity shares of the corporation on Friday.