Stock market Nifty ended 303 points lower at 21

OVERVIEW

Stock market Nifty ended 303 points lower at 21
Stock Market Highlights: Nifty forms bearish engulfing candle. What traders should do on Thursday expiry
Tech View: Nifty on Wednesday ended 303 points lower at 21,150-mark to form a bearish engulfing candle on the daily charts. The index broke its previous support of 21337 and also displayed a negative moving average crossover as the 20-period moving average moved below the 50-period average.

STOCK MARKET

Momentum readings like the 14-day RSI, too, have declined sharply from overbought levels indicating a loss of momentum. Further downsides are likely once the immediate support of 21,087 is broke. We believe that the Nifty could play down towards the next major supports at 21,026-20,769 in the coming sessions. Any pullback rallies could find resistance at 21,325, said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

OI data show that on the call side, the highest OI was observe at 21500 follow by 21400 strike prices while on the put side, the highest OI was at 21000 strike price. On the other hand, Bank Nifty has support at 47100-46900 while resistance is place at 47700 and 48000 levels.
FedEx tumbles after sober results; Express unit disappoints Wall Street
FedEx shares sank 11% on Wednesday, with the rout poised to wipe off over $8 billion from its market value, after its dismal results and outlook prompted a slew of price-target cuts from Wall Street, which said its air delivery business needed improvements.

FELL SHARES

Shares of the global delivery giant fell 11.3% in morning trade as at least five brokerages cut their price targets (PT). Shares of rival UPS also fell 2%.

US stocks open lower as rate-cut rally fizzles; FedEx slides
Wall Street’s main indexes open lower on Wednesday as investors took a breather from a rally that was sparke by the Federal Reserve’s likely pivot to a dovish policy, while FedEx tumbled after issuing a grim outlook.

The Dow Jones Industrial Average fell 37.79 points, or 0.10%, at the open to 37,520.13.

The S&P 500 opened lower by 3.64 points, or 0.08%, at 4,764.73, while the Nasdaq Composite dropped 29.86 points, or 0.20%, to 14,973.36 at the opening bell.
US stocks open lower as rate-cut rally fizzles; FedEx slides

ZEE ENTERTAINTMENT SHARES

Bain Capital-backed Emcure Pharma files fresh IPO papers with Sebi
Bain Capital-backed Emcure Pharmaceuticals has filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The IPO comprises a fresh issuance of equity shares worth Rs 800 crore and an Offer of Sale (OFS) of 1.36 crore equity shares by promoters and existing shareholders, according to the fresh draft red herring prospectus filed last week.

Sony Pictures agrees to discuss merger date extension: Zee Ent
Sony Pictures Networks has agreed to enter into negotiations to discuss a possible extension of the date to complete the merger deal with Zee Entertainment Enterprises.

NIFTY BANK FALL 400 POINTS

The company is in receipt of a communication from CMEPL and BEPL that they will enter into good faith negotiations…with a view to discuss the extension of the date required to make the scheme effective by a reasonable period of time,” Zee Entertainment said in an exchange filing.
Sony Pictures agrees to discuss merger date extension: Zee Ent

Nifty Bank falls more than 400 points; experts advise caution ahead
The Nifty Bank nearly 1% on Wednesday in-line with the weakness seen in the benchmark indices as traders preferred to book profits after the recent rally. The index fell 425 points to close at 47,445 while the Nifty50 index closed with losses of over 1%.
Nifty Bank falls more than 400 points; experts advise caution ahead.

RBZ JEWELLERS

RBZ Jewellers IPO subscribed 7.13 times on Day 2 of offer
The Initial Public Offer (IPO) of RBZ Jewellers attracted 7.13 times subscription on Wednesday, the day two of bidding. The Rs 100-crore initial share sale received bids for 5,63,65,650 shares against 79,00,000 shares on offer, according to NSE data.

SAT quashes Sebi’s order against Kishore Biyani, others in insider trading case
The Securities Appellate Tribunal (SAT) on Wednesday quashed regulator Sebi’s order banning Future Retail chairperson Kishore Biyani and some other promoters from the securities market for one year in an insider trading case.

Happy Forgings IPO receives 7.46 times subscription on Day 2 of bidding
The initial share sale of auto components maker Happy Forgings received 7.46 times subscription on the second day offer on Wednesday.The Rs 1,008.6 crore-initial share sale got bids for 6,23,78,219 shares against 83,65,639 shares on offer, as per NSE data.The portion for non-institutional investors attracted 16.49 times subscription while the quota for Retail Individual Investors (RIIs) received 7.40 times subscription. The category for Qualified Institutional Buyers (QIBs) got subscribe 45 per cent.