PROGRESSIVE’S EVENING STROLL DATE: 29 July, 2021 Market Snapshot: Today's trade was dominated by Metal stocks and right from the opening trade, Index started compounding its gains. In the mid-session, select IT stocks took the lead, but towards the end of the day, Index erased some of its gains to end the session at 15,778.45 with gains of 69.05 points. Apart from Metal, PSU Banking sector outperformed while weakness was witnessed in FMCG and Auto sectors. HOW THE DAY TRENDED INDICES MARKET ACTION Index Close Points % chg A/D BSE NSE Sensex 52653.07 209.36 0.40 Advances 1938 1184 Nifty 15778.45 69.05 0.44 Declines 1252 751 Nifty Midcap 100 27512.30 197.00 0.72 Unchanged 147 333 Nifty Small Cap 100 10475.60 94.50 0.91 A/D TREND BULL BULL SECTORAL GAINERS / LOSERS NIFTY TOP GAINERS / LOSERS Sectors Close Points % chg Gainers %chg Losers % chg NIFTY METAL 5810.75 277.95 5.02 HINDALCO 10.04 MARUTI (2.39) NIFTY PSU BANK 2449.30 77.20 3.25 TATA STEEL 6.86 POWERGRID (2.15) NIFTY AUTO 9956.65 (43.75) (0.44) BAJAJ FINSERV 4.50 ITC (1.46) NIFTY FMCG 35990.05 (370.30) (1.02) SBIN 3.77 BAJAJ AUTO (1.43) INDICES LEVELS FOR July 30,2021 Nifty (future) Bank Nifty (future) Resistance 15,935 Resistance 35,330 Support 15,640 Support 34,620 PROGRESSIVE’S EVENING STROLL DATE: 29 July, 2021 KEY TAKEAWAYS OF THE DAY Yes Bank, Indiabulls Housing Finance to give home loans under co-lending model: Yes Bank and Indiabulls Housing Finance have come forward for a strategic co-lending tie-up to source and service home loans. Under this strategic co-lending agreement, they will offer home loans to homebuyers at competitive inter- est rates. The partnership aims at synergising capabilities to provide an efficient and seamless experience to retail home loan customers. The co-lending framework laid down by RBI provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank. Ashok Leyland to transfer complete electric vehicles business to new arm Switch Mobility: Ashok Leyland is consolidating the entire electric vehicles (EV) business of the group, including UK-subsidiary Optare into a new company called Switch Mobility. The company would be solely responsible for the EV operations of the group with Ashok Leyland focussing on its core business of diesel-powered vehicles as well as work on alternative fuels like CNG, LNG and hydrogen. The new company will be launching an electric van in India by the end of this year and it will be aimed at commercial vehicle fleet operators. The company claimed that it already has 2,000 advance orders for the same. It will also house a new e-mobility as a service business under the Ohm brand. RBI imposes Rs5cr penalty on Axis Bank: The RBI has imposed a penalty of Rs5cr on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. The penalty has been imposed for contravention of/non-compliance with certain provisions of directions issued by the RBI. They include 'Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer'; 'Cyber Security Framework in Banks';and 'Reserve Bank of India (Financial Services provided by Banks) Directions, 2016'. They also include 'Financial Inclusion-Access to Banking Services-Basic Savings Bank Deposit Account'; and 'Frauds-Classification and Reporting'. USFDA approves Biocon's long-acting insulin Semglee as first interchangeable biosimilar product: The USFDA has approved Biocon-Viatris Semglee- the first interchangeable biosimilar product, giving the designation to a once-daily insulin product to treat diabetes. USFDA’s designation of Semglee (insulin glargine) as interchangeable with Lantus (insulin glargine of Sanofi) means that Semglee may now be substituted for the reference product at the pharmacy without the intervention of the prescriber. Semglee is marketed by Biocon's partner Viatris in US. The biosimilar is manufactured by Biocon. Biosimilars marketed in the US typically have launched with initial list prices 15% to 35% lower than comparative list prices of the reference products. Fed holds rates near zero, says economy has gotten better even with pandemic worries: The Federal Open Market Committee concluded its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Along with that, the committee said in a unanimously approved statement that the economy continues to “strengthen.” Despite the optimism about the economy, Chairman said the Fed is nowhere near considering a rate hike. “Substantial further progress” on inflation and employment is the benchmark the Fed has set before it will tighten policy, which would mean slowing and ultimately stopping monthly bond purchases and ultimately raising interest rates. Source: Media Reports .