The rupee continued its downward trend for the third consecutive session to close 8 paise lower at 83.25 against the US dollar on Thursday, dragged down by massive selling in equity markets and strengthening American currency overseas.
The value of new business, which measures expected profit from new premiums and is a key gauge for growth, rose 12% during the first half of the year from the same period a year earlier.
After a correction which has been caused by both domestic and global events, Nifty is once making an attempt to move into a range bound mode. During this period, one should keep an eye on market breadth as it would give a more reliable indication of what is in store both in short and long term for Indian equities. During this period analysts are bullish on certain large cap stocks. Stocks from different sectors are making to the list, this week, stocks from Oil refining and marketing, private banks, insurance, auto ancillary and fertilizer space. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks.
"Immediately at 19,700 and thereafter at 19,600, the two very crucial support levels for Nifty can be seen in the near term. Till these levels are held, the probability of an upside on Nifty is more right now. But then, crossing 20,000 looks difficult as of now, at least for this weekly expiry."