MarketsmithIndia Articles

U.S. Markets Fell Sharply; Bharti Airtel to Cut Greenhouse Gases by 50%

September 21 2021 | Reading Time: 2 minutes
At 8:15 am IST, SGX Nifty Futures was trading at 17,439, compared with yesterday’s Nifty’s close of 17,397.

Market Pulse: Confirmed Uptrend

Distribution Day Count:

Nifty50: Two Nifty Midcap100: Three Nifty Smallcap100: Two

Global stock markets: Dow 30, -1.8%; Nasdaq, -2.2%; S&P 500, -1.7%; Nikkei, -2.0%; Kospi, +0.3%; Shanghai Composite, +0.2%.

Yesterday, Nifty had a rollercoaster ride. The benchmark gapped lower, but the lows were bought, and the index rebounded more than 150 points from there. After moving above 17,600, Nifty fell sharply and breached 17,400. Since the start of August, Nifty has found support near its 10-EMA several times. Today also, Nifty briefly breached its 10-EMA, but closed just above the level (17,390). On the sectoral front, barring Nifty FMCG (+0.7%), all indices closed lower. Nifty Metal nosedived 7%. Tata Steel closed 10% lower. Nifty Bank, Realty, Auto, Pharma, and Financial Services closed 1.5–2.5% lower.

The distribution day count currently stands at Two. Further, Nifty is now trading near its all-time high, above all its key moving averages. We would like the index to continue this trend. After such a sudden rally, one must also be prepared for some mild profit booking. In the process, if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.

Key News

Bharti Airtel has decided to cut emissions by 50% in greenhouse gases across its operations by FY31.

Coal India (Nse) inked a deal worth Rs. 1,880 crore for commercial extraction of coal-bed methane.

Greenpanel Industries said that it will consider taking a price hike next quarter to mitigate the surge in raw material costs.

What do you think? Please email us any questions or comments.

Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.For more information, see our Legal disclosures here.

Related Article