The market confirmed another dead cat bounce today with the benchmark index Nifty falling 168 points to close at 7655. The fall was accompanied with a volume build up of around 889000000. the breadth of Nifty as bearish today with 4 advances and 46 declines. The sectoral indices too were also very negative today with CNX Realty (-3.62%) being the biggest loser followed by CNX PSU Bank (-2.61%), BANK NIFTY(-2.57%). The sector which lost the least today was CNX FMCG (-1.18%). Among the prominent stocks in Nifty, the Gainers today were BPCL(+1.47%), COALINDIA(+1.07%), BHARTIARTL(+1.01%) and LUPIN(+0.30%). The biggest losers were VEDL(-4.99%), GAIL(-4.94%), TATAPOWER(-4.84%), TATASTEEL(-4.72%), HINDALCO(-4.47%).
Nifty has entered into a downtrend in the daily chart it is forming lower highs and lower lows. From the levels of 8500 just 15 days ago, it is now sliding below 7660. With the breaking of the low of 7667 that was formed on 25.08.2015, Nifty today further confirmed that the downtrend is gathering strength. Furthermore, if we look at the trend of Bank Nifty, it repeats a similar story of lower lows and lower high along with the breakdown of the low of 02.09.2015.
ONGC buys 15% stake in Russia’s Vankor oil field – Oil and Natural Gas Corp ( ONGC ) has bought a 15% stake in Russia’s second- largest oil field, Vankor oil field in East Siberia from Rosneft for about $1.35 billion. This deal will give about 3.5 million metric tonnes of oil a year.Vankor, which started production in 2009, holds recoverable reserves of about 500 million tonnes.
Lupin launches Duloxetine 40 mg DR capsules in US – The company said that its subsidiary Lupin Pharmaceuticals has launched Duloxetine 40 mg delayed-release (DR) capsule in the US. It is the first and only generic Duloxetine formulation to become available in 40 mg dosage strength (along with 20 mg, 30 mg and 60 mg). Duloxetine capsules are used to treat major depressive disorder, generalised anxiety disorder, diabetic peripheral neuropathic pain and chronic musculoskeletal pain. The stock was up 1.6% in the trade today.