News for Linde India Limited (LINDEINDIA.NS)

India's benchmark indices fell sharply, with Sensex down 1.59% and Nifty 1.62%, driven by broad-based selling and cautious investor sentiment over Human Metapneumovirus (HMPV) cases and global economic uncertainties, including the Fed's hawkish stance and strong dollar.

Indian indices extended their losing streak for the sixth consecutive session, dragged by corporate earnings concerns and Middle East tensions. Nifty fell 0.87% to 24,795, and Sensex dropped 0.78%. Analyst Rupak De sees a bearish trend, with support at 25,400. Jatin Gedia sees a short-term target of 24,500.

The Supreme Court refused to interfere with the valuation exercise being conducted on Linde India by an NSE-appointed valuer in connection with a related-party transactions case. The SAT had earlier dismissed the company's plea against the valuation exercise.

Linde India had approached the top court challenging a recent Securities Appellate Tribunal’s order that also rejected the company’s appeal against the Sebi-directed valuation exercise on Friday.

Sebi had directed NSE to carry out the valuation of the business by the company

Sebi had asked NSE to appoint a registered valuer to carry out a valuation of the business foregone and received, including by way of geographic allocation, in terms of the JV and shareholders agreement between Linde India and Praxair India that led to the formation of Linde South Asia Services.

SAT upheld a Sebi order for a valuation exercise regarding to Linde India’s related party transactions. The tribunal has directed Sebi to ensure that the NSE-appointed valuer adheres to Unpublished Price-Sensitive Information confidentiality rules during the valuation process.

Directs Sebi and NSE to maintain confidentiality on price-sensitive information

Market regulator had directed NSE to appoint a valuer in its interim order in April

Sebi had instructed NSE to conduct a valuation to assess the business foregone and received by Linde India due to certain transactions with related parties

While the Nifty's overall trend appears positive across different time frames, it is currently facing resistance around the 24,400 level, which coincides with a 1.618% Fibonacci Extension. This suggests the possibility of a temporary consolidation or minor dip in the upcoming trading sessions before the index potentially resumes its upward movement.

The 30-share BSE Sensex pack soared more than 500 points to hit a day high of 76,968, while the broader NSE Nifty index moved 155 points up to hit an all-time peak of 23,420.

Stay updated with the latest Q4 earnings reports of top Indian companies like IRCTC, GIC, Aditya Birla Fashion, and more on May 28.

Domestic benchmark equity indices advanced on Thursday, led by heavyweight banking and IT stocks. Nifty formed a small Hanging Man pattern on the daily chart. Tata Motors, HDFC Bank, RIL, M&M, SBI, ICICI Bank and Bharti Airtel were among the most active stocks.

Sensex, Nifty snapped a 3-day winning run on Wednesday, dragged by HDFC Bank and consumer stocks. Seven of the 13 major sectors declined. Tata Motors, Coal India and Tata Motors were among most active stocks in volume terms. Nifty formed a high wave type candle on the daily chart.

The Nifty Bank index was trading 0.32 per cent down at 47708.25.

The Nifty Auto index was trading 0.45 per cent down at 22772.35.

Nifty ended Thursday expiry weaker by 345 points as the index broke below both the lower boundary of its upward channel and the support of the 50-day exponential moving average (DEMA) around the 22,150 level.

Nifty on Wednesday ended flat to form a high wave type candle pattern, which indicates chances of an upside bounce. The positive chart pattern like higher tops and bottoms is intact as per daily time frame chart and presently the market is in an attempt of new higher bottom formation.