PM Modi inaugurates Global investors' summit in Lucknow

Lucknow, Feb 10: Prime Minister Narendra Modi inaugurated the Uttar Pradesh global investors' summit in Lucknow. The three-day event has already attracted memorandums of understanding (MoUs) and investment proposals of more than Rs 22 lakh crore as the state aims to become a trillion-dollar economy in the next five years.

 

 

 

Meanwhile, the Benchmark equity indices Sensex and Nifty declined in early trade on Friday, tracking negative cues from Asian and global markets.

 

 

 

The stocks of Adani Group companies will also be in focus as index provider MSCI Inc has reduced the weightage of four firms in its index after a review. In early deals, the 30-share BSE Sensex dropped 173.69 points or 0.29 percent to 60,632.53 points, while the broader NSE Nifty fell 54.15 points or 0.30 percent to 17,839.30 points. As many as 18 stocks in the Sensex were in the red while other shares, including HDFC and Maruti, were trading with marginal gains. Rohan Patil, Technical Analyst, SAMCO Securities said, "The frontline index on the weekly expiry day witnessed a muted opening and registered an intraday low at 17779.80 in the initial 30 mins candle. Nifty gradually inched higher as the day progressed and the buying aggression was witnessed after crossing the resistance around 17,850 levels. Nifty closed the day at 17,893."

 

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"Nifty on the daily chart has closed above its 21 EMA, which is a positive sign for the Indian markets in the short term. Technically, Nifty is gathering momentum, reviving bullish hopes for a test of near-term resistance at 18,000 levels. On the lower side, immediate support for the prices is placed at 17,650 levels. A successful closing above 18,000 will indulge a breakout in the index and which may lead the prices towards 18,200 – 18,250 levels," he added.