After a long weekend, benchmark indices will open on Tuesday amidst the news of weak economic data and lending rate cuts in China which raises the concerns of a recession. Wall Street gained despite this news on Monday and Asian traders are trading cautiously but mostly in green on Tuesday.
Make in India: Govt holds meeting on container production
A meeting was held on Monday between Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal and his Railways counterpart Ashwini Vaishnaw to facilitate an ecosystem for container production under the Make In India programme, an official statement said.
The high-powered meeting deliberated on various aspects in this regard.
“With a cluster base manufacturing in focus, the CONCOR will be working closely with the Ministry of Ports, Shipping & Waterways (MoPSW),” the statement added. (PTI)
Be cautious! Nifty approaching key resistance zone, say analysts
It is time to get cautious as Indian stock markets are approaching key resistance levels though the short-term trend remain positive, say analysts. Equities will track global trends, foreign fund flows and movement of crude oil prices in this holiday-shortened week. Stock markets are closed today on account of Independence Day. The demise of ace investor Rakesh Jhunjhunwala on Sunday has come as a shock to the investor community.
“Short-term traders must liquidate some positions and wait for dips to enter. Immediate resistance is located around 17,800, while 17,600 serves as a decent support,” said Apurva Sheth, Head of Market Perspectives, Samco Securities.(Full Report)
Stocks, dollar gain despite surprise weak China data
Global equities and the U.S. dollar advanced on Monday despite weaker-than-expected economic data in China that prompted its central bank to cut its lending rate, stoking concerns of a global recession.
The Dow Jones Industrial Average rose 0.42% to 33,903.57, the benchmark S&P 500 gained 0.37% to 4,296.09 points, and the Nasdaq Composite added 0.59% to 13,123.89.
The dollar index, which measures the greenback against six peers, rose 0.785%, with the euro down 0.97% to $1.0158. (Reuters)
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