Analysts are of the view that the Nifty 50 index has completed one leg of correction, and 18150 and 18200 could act as Sacrosanct Support Levels for the traders. Image: Pixabay

Nifty futures were trading 41.50 points or 0.23 per cent up at 18,358.50 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on weekly F&O expiry day. Amid heightened volatility, S&P BSE Sensex ended 456 points or 0.74 per cent down at 61,259 while the NSE Nifty 50 index fell 0.83 per cent to settle at 18,266. Analysts are of the view that the Nifty 50 index has completed one leg of correction, and 18150 and 18200 could act as sacrosanct support levels for the traders. “Above the same, there is a strong possibility of a quick pullback rally up to 18350-18425 levels. On the flip side, dismissal of 18150 could increase further intraday weakness up to 18080,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

Stocks to watch

Asian Paints, IDBI Bank: BSE-listed companies such as Asian Paints, JSW Steel, Biocon, 63 Moons Technologies, Agro Tech Foods, Borosil Renewables, Can Fin Homes, CG Power and Industrial Solutions, Container Corporation of India, ICICI Lombard General Insurance Company, IDBI Bank, Indian Energy Exchange, IIFL Securities, Indian Hotels, IndiaMART InterMESH, Duncan Engineering, Gateway Distriparks, Heritage Foods, Jubilant Industries, Lemon Tree Hotels, LIC Housing Finance, Bank of Maharashtra, Mphasis, Music Broadcast, Rane Engine Valve, Sasken Technologies, South Indian Bank, Sterlite Technologies, Tanla Platforms, Trident, TVS Motor Company, and VST Industries will release second quarter earnings on 21 October 2021.

RIL, Bharti Airtel: Reliance Industries’ Reliance Jio continues to add maximum wireless subscribers among mobile firms for seven straight months, but the momentum slowed down in August. For instance, during the month, Jio added just 6.49 lakh, or about 0.65 million, subscribers as against 6.52 million in July. The decline in additions was also seen by Bharti Airtel, which added 1.38 lakh subscribers in August against 1.94 million in July.

Future Retail: In what can be seen as a setback for Future Retail (FRL), the Singapore arbitration tribunal on Wednesday rejected its contention that it be excluded from the ongoing commercial dispute with Amazon Inc with regard to its Rs 24,713-crore merger deal with Reliance Retail.

NTPC, Tata Power: State-run NTPC has threatened to terminate the contract with Tata Power Solar for a 320 megawatt (MW) project at Jaisalmer in Rajasthan, alleging lack of significant progress on the site eight months after the agreement was signed.

Vodafone idea: Vodafone Idea on Wednesday informed the Department of Telecommunications (DoT) of its acceptance of the four-year moratorium for payment of its spectrum dues. The company is the first telecom operator to have sent its acceptance to the DoT following the government’s revival package for the sector which involves deferring the payment of spectrum instalments with the net present value intact.

Havells India: Havells India reported a 7.34 per cent decline in its consolidated net profit to Rs 302.39 crore for the quarter ended on September 30, 2021, compared to Rs 326.36 crore in the year-ago quarter.

Yes Bank: Yes Bank has shown remarkable progress after its management was taken by the clutch of investors led by State Bank of India (SBI) last year and may take two more years to stabilise, said former SBI chairman Rajnish Kumar.