SBI, Vodafone Idea, Sterlite Power, Coal India, HUL, Nestle, Tata Steel under focusTechnical analysts say that after a strong rally on the daily charts last week, Nifty 50 formed a Doji Star formation indicating a temporary overbought condition, but the short-term trend still looks positive.

Local stock market indices BSE Sensex and Nifty 50 were set again at new highs on Tuesday, after a 7-day rally. In the previous session, major indices posted record closing highs. S&P BSE Sensex settled 459 points, or 0.75%, up at 61,765, while NSE Nifty 50 added 138 points, or 0.76%, to close at 18,477. Technical analysts say that after a strong rally on the daily charts last week, Nifty 50 formed a Doji Star formation indicating a temporary overbought condition, but the short-term trend still looks positive. “We see that due to an overbought formation, the bulls may take a cautious stance near the 18600-18650 resistance. For day traders, the 18400 level may be the trend-setting level. Above that, the bullish trend formation will continue until the 18600-18650 levels. On the other hand, under 18400, technical sale is not excluded until 18350-18275,” Shrekant Chauhan, Head of Equity Research (Retail), Kotak Securities.

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Central Bank of India: The Reserve Bank of India (RBI) on Monday imposed a Rs 1 crore fine on the country’s largest State Bank of India (SBI) and a Rs 1.95 crore fine on Standard Chartered Bank for violating various guidelines. In another development, the SBI raised Rs 6,000 crore by issuing Basel 3 compliant bonds. In June, the bank received the approval of its Central Board of Directors to raise the additional new Tier 1 (AT 1) capital by up to Rs 14,000 crore.

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Vodafone idea: Telecom operator Vodafone Idea (VIL) and the smart world and telecoms businesses of engineering and construction conglomerate Larsen & Toubro (L&T) have joined forces in a pilot project to test 5G-based smart city solutions, according to a statement. This is part of the ongoing 5G trials on spectrum assigned to the government.

Sterlite Strength: Sterlite Power on Monday said it has been awarded the Nangalbibra-Bongaigaon Interstate Power Transmission Project worth Rs 324 crore. “The company’s statement said Rs 324 crore through the Tariff Competitive Bidding (TBCB) thanks to the emergence as the L1 bidder.”

India charcoal: Coal India’s (CIL) surging supply to the power sector has started to build stocks on top of the plant and is expected to improve to 8 days around Diwali. This would bring the power plants, which depend on CIL supplies, out of critical stockpile condition. Increased supplies also affected the energy market, bringing average spot energy prices down to 3.76 units from 14 units last week.

Today’s second quarter results: Companies listed on the Bahrain Stock Exchange Hindustan Unilever Ltd (HUL), Nestle India, ICICI Pru Life Insurance, L&T Technology Services, ACC, ICICI Securities, Navin Fluorine International, DCM Shriram, Jubilant Ingrevia, Tata Steel BSL, Sonata Software, Network 18 Media & Investment is set to announce, among other things, second-quarter earnings today.

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