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Equity Market Slips in Red, Nifty Struggles

The equity benchmark indices on a positive note with Sensex gaining almost 100 points led by positive cues in the global market.  At 11:20 am, the 30-share Sensex was trading at 37,291.00 down 111.49 points, or 0.30%, while the broader Nifty lost 43.25 points, or 0.39%, at 11,008.25. The broader market continued to remain under-pressure with BSE Midcap and Smallcap indices losing 0.62% and 0.51% respectively.
According to Reliance Securities report, “As for the day, support is placed at around 10,985 and then at 10,900 levels, while resistance is observed at 11,150 and then at 11,260 level.”
Meanwhile, shares of Sterling and Wilson Solar Ltd made its debut on the stock exchanges at Rs 700, down 10.25% from its issue price of Rs 780. The company’s initial public offering (IPO) was open for subscription during 6-8 August with a price band of Rs 775-780 a share.
Shares of CG Power & Industrial Solution Ltd plunged the most in six months after saying it will restate earnings after becoming aware of ‘suspect, unauthorized and undisclosed’ transactions. The shares slumped by its daily 20% limit to Rs 14.8, taking the year’s loss to almost 70%. Earnings for the year ended March 2019 and previous years may have to be restated, according to a filing on Tuesday.
Read EquityPandit Nifty Outlook for the Week 

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