NEW DELHI: The Indian market is expected to open flat on Monday tracking muted trend seen in other Asian markets.The Nifty50 on the daily chart made a 'Hammer' like pattern and closed at 8,693 which is a line in the sand for bulls and bears. If Nifty50 sustains 8,710 level in coming sessions then we may see bullish momentum towards 8,750-8,810," Mustafa Nadeem, CEO, Epic Research said. "In case it breaches 8,650 level on the downside then a move can be seen towards 8,450. The broader range as per OI data is at 8,800-8,500 while we are trading at the upper band of range with some upside room left," he said.India'sthird largest software services company WiproBSE 0.75 % on Friday posted 8.2 per cent year-on-year drop in net profit at Rs 2,070 crore for the second quarter of this financial ended September 30, 2016. Reliance Industries is set to buy six very large ethane carriers (VLEC) from South Korea's Samsung Heavy Industries Co Ltd for $600 million, said executives involved, marking the Mukesh Ambani-led company's biggest maritime initiative in recent times.Tata Motors is evaluating the possibility of acquiring a stake in shared mobility providers, as Uber, Ola and a host of other newage companies disrupt the way the transportation sector works.India's telecoms regulator on Friday recommended the top three network operators be fined a combined 30.5 billion rupees ($455 million), saying they were denying new entrant Reliance Jio sufficient interconnection points.

Source: Economic Times October 24, 2016 02:37 UTC