business

LIVE: Will Nifty stay subdued amid weak global cues? Coal India, Siemens in focus | Top pharma bets

Nifty50 continues to consolidate amid volatility as investors await the outcome of the three-day Reserve Bank of India Monetary Committee Policy (RBI MPC) meeting that started off yesterday. The index has gradually been moving towards 19,650-19,700 area, which is crucial for further upside. Experts say unless and until the index gives a strong close above these levels, the uptrend towards 19,800-20,000 is unlikely and till then the range bound action can continue with crucial support around 19,500-19,300 levels. This morning on August 9, the GIFT Nifty is hinting at a muted start for the Indian markets. Global cues are mostly negative with Wall Street clocking overnight losses after Moody’s downgraded 10 United States’ banks. The European markets also ended lower after a surprise windfall tax announcement. China’s consumer and producer prices both declined in July from a year ago, a sign of deflation pressure as demand in the world’s second-largest economy weakens. Lots of stocks in focus this morning including Coal India, Siemens, ICICI Lombard and Adani Enterprises, among others. Pharma has made a strong comeback after underperforming in the first half of the year. The index has hit a fresh 52-week high and stocks such as Cipla have been hitting fresh highs. Is this the time to dive into stocks like Gland Pharma after strong performance in the first quarter? Catch Nandita Khemka in conversation with Nithya Balasubramanian, Director, Healthcare Research at Sanford Bernstein; and Hemen Kapadia, Senior Vice President, Institutional Equity, at KR Choksey Shares & Securities.

first published: Aug 9, 2023 08:41 am