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Share price of Titan Company fall 3% to Rs 2,885.35 apiece as the street factored in the company’s quarterly earnings report.
The share price of Vedanta sank over 7.5% in trade on Thursday, as reports suggested that Twin Stars, a promoter entity of the firm, was gearing up to offload a 4.3% stake in the company through block deals. The shares are to be sold at Rs 258.50 apiece, garnering the promoter up to Rs 4,130 crore.
When market valuations are high, the sell off will be sharp. This was what happened in global markets after the Fitch downgrade of the US credit rating. Now, the important question from the market perspective is whether this will impact the fundamental factors driving the rally in global markets. The answer is no.
- The US economy’s soft landing narrative, that is driving the ongoing global rally, is intact and getting stronger.
- GDP growth in US is strong and inflation is coming down.
- 80% of US companies have posted better than expected quarterly results.
“The Fitch downgrade doesn’t alter this significant macro construct. The sentimental impact of the rating downgrade is likely to fade away soon.” – V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Intraday traders can look for long opportunities only above 19,700 if the closing comes above 19,700 in 15 min chart. Traders can look for fresh shorts only if Nifty breaks the 19,400 level & remains below for 15 min to ensure short.
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