Wallstreet fell but finished above session lows, as weak manufacturing data and worries of potential downgrades to the U.S. credit rating overpowered investor relief over the weekend's debt-ceiling deal.
News Bytes
* JSW Steel faces brunt of mining ban
* Suzlon Energy to raise Rs 5,000 crore
* First State Investment ups stake in Idea
* Sun Pharma chief to invest in Israeli firm
* ACC, Ambuja post higher sales despite monsoon
* Jaiprakash clocks 18% growth in July cement sales
* NHPC to invest Rs 15,000 cr in Myanmar
* Shyam Tele inks 3-yr deal with Ericsson for four circles
* Aurobindo eyes acquisitions, targets $2 bn revenue
* Exports in June rise 46% to $29b
* Jyoti Ltd ties up with Japan’s DMW Corp
* Economy to grow at 8.2% this fiscal, says report
Markets : On a weak turf
Indian markets are looking weak prima facie as FIIs continue to play the F&O game. It is funny to see Nifty tumbling 200 points with cash sales of less than 200 crore for last month's expiry.
We caution investors to stay away from midcap F&O stocks where huge short positions were built.This year is one of the most challenging as far as retail investors are concerned. It is time to accumulate slowly but steadily.
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