The bulls finally halted its upward run as on July 31, 2020 post recording gains for six successive weeks. Last week, Nifty and Sensex descended by 120 points and 421 points, respectively. The fall of 4.51 per cent in the Bank Nifty acted as the biggest thorn in the flesh resulting into a market correction.

The immediate support for Nifty is placed at 10,952 to 11,058 levels as the last two weeks’ low and the 20-DMA is placed in this zone. Further, the breach of this support zone would lead Nifty towards its 200-DMA placed at 10,860 level.

Indian Oil Corporation announced today that the company’s board had approved the implementation of an Integrated Para-Xylene (PX) and Purified Terephthalic Acid (PTA) complex project at Paradip, Odisha, at an estimated investment of Rs 13,805 crore. The PX-PTA complex is estimated to be completed by 2024 and will be integrated with the company’s Paradip Refinery which is operational since 2015.

The consolidated net sales reported in Q1FY21 came in at Rs 537.37 crore, which declined by 13.36 per cent YoY from Rs 620.25 crore in Q1FY20. 

The stock is meeting Daryl Guppy’s multiple moving averages set up rules as it is trading above both the short and long-term moving averages. Interestingly, the RSI has broken out of inverse head and shoulders like pattern, which is a very bullish sign.

Sensex opened in green only to lose momentum and spend the rest of the trading session in red. Sensex closed at 37,606 levels, down by 129 points or 0.34 per cent while Nifty shut shop at 11,088, down by 13.90 points or 0.13 per cent.

The numbers show a very positive trend in the re-opening of the economy. Despite this, the bank added that the overall situation continues to be uncertain. One of the major challenges that the bank sees is the extended working capital cycle and waning cash flows.

ABB India has opened a new robotic facility in Bengaluru. ABB Nelamangala factory premises in Bengaluru would enable the company to deliver robotic applications and digital solutions for a variety of Indian industries, including automotive, food and beverage, electronics, and other upcoming sectors.

During the recently concluded Q1FY21, the company reported 14.5 per cent growth in electricity volumes at 14,878 MU in comparison to the same quarter last year.

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