DSIJ Mindshare

Auto component maker Steel Strips Wheels Limited (SSWL) on Monday announced that it has received orders worth over US$ 46,000 (around Rs 34 lakh) for about 3,700 wheels for the US caravan trailer market.

The price action has formed a bearish engulfing candlestick pattern on the daily scale. This pattern is considered to be a bearish reversal pattern and usually occurs at the top of an uptrend.

Meanwhile, BSE 500 index too surged by 3.8 per cent from 14,346.18 as on July 31, 2020, to 14,890.06 as on August 31, 2020.

The Sensex on Monday made an intraday high of 40010.17 in the morning session to tumble by more than 1500 points and close at 38628.29 levels. Sensex was down by 839.02 points or 2.13 per cent. Nifty closed at 11387.50 levels, down by 260.10 points or 2.23 per cent.

Fitch Ratings, in its recently released report, said that the sales of Indian pharmaceutical companies will rise after a gradual easing of the Coronavirus pandemic-related lockdown measures that caused disruptions across most markets in the first quarter of FY21