Market Bizzz

Musk offered to buy the San Francisco company at $54.20. Shares jumped nearly 13% to $47.95 before trading stopped.

Besides, board meetings of Haldyn Glass, Mega Corporation and Thinkink Picturez are also lined up for today. Punit Commercials and Sharanam Infraproject and Trading will hold their board meetings for bonus and rights issues of equity shares.

The last time TD Sequential suggested a reversal to rally in Adani Ports’ shares was in 2015, and a 55% drop followed. However, those who made trades following a 2007 sell signal by the indicator on Adani Enterprises, the first one since its public market debut in 1999, faced losses.

Williams said lower economic growth and higher unemployment are very likely to be side effects of the Fed’s inflation-fighting mission. Economic activity will likely be close to flat this year, with only modest growth next year, and the unemployment rate, now at 3.7%, will likely rise to 4.5% by the close of 2023, he said.

Telecom companies will be at the focus as Prime Minister Narendra Modi launched the 5G telephony services that promise to provide ultra high-speed internet on mobile phones.

The U.S. dollar index fell 0.12% to 122.10, while the yen firmed at 144.79. Dollar/yen has held steady below the 145 level following an intervention by Japan to shore up the fragile currency.

Rising interest rates dim bullion’s appeal as they increase the opportunity cost of holding the non-yielding asset. Euro zone inflation zoomed past forecasts to hit 10% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank.

“Right now, I would say FMCG, cement, banking and auto would be the go-to places. IT is going to get hammered again, post the results. So, IT is a no-go zone.”