PremiumSensex, Nifty closed over 0.90% on Thursday. In Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red. Equities in Europe were largely trading with gains in mid-session deals.
The Indian rupee settled with a marginal gain of 2 paise at 73.06 (provisional) against the US dollar on Thursday despite a sustained rally in domestic equities. At the interbank forex market, the local unit opened at 73.04 against the greenback and witnessed an intra-day high of 72.96 and a low of 73.13. It finally ended at 73.06 against the American currency, registering a gain of just 2 paise over its previous close. On Wednesday, the rupee had settled at 73.08 against the US dollar.
“Nifty made a new all time high of 17,245 and gave a closing around the same level. This is a strong bullish sign. Today Nifty closed at 17,234 up by 155 points. Nifty is now headed for 17,275 and 17,310 in the coming few trading sessions.17,150 and 17,060 will act as strong support levels for Nifty. Traders can consider buying on every correction with strict stop loss as long as Nifty is trading above 16,900 levels."
“Indian markets started on a positive note despite mixed Asian market cues which traded lacklustre as investors eye U.S. jobs data. During the afternoon session markets added to the gains on the back of sustained buying activities by traders. Adding to the already positive sentiments a private report penning that the ongoing economic recovery will quickly take India above the pre-pandemic levels in most sectors of the economy, adding that the improved health of the Indian financial sector is also a positive factor for economic growth. Investors also cheered with RBI’s statement that India's holding of IMF's Special Drawing Rights (SDR) has gone up to SDR 13.66 billion which is equivalent to USD 19.41 billion."
The Sensex closed at 57,852.54, up 514.33 points, or 0.90%, while Nifty closed at 17,234.15, up 157.90 points, or 0.92%. Auto, PSU Bank stocks were top drags. TCS, HUL, Kotak Mahindra Bank, and 18 other stocks closed in green, while M&M, Bajaj Auto, Bajaj Finserv, and six others closed in red.
Bitcoin broached the key $50,000 level once again as the wider cryptocurrency market continued its rally. The largest cryptocurrency rose as high as $50,363 on Monday, having briefly surpassed $50,000 on Aug. 23 as well -- a level it hadn’t hit since mid-May. Ether, the second-largest crypto, rose as much as 3% to $3,843, continuing a strong run after its London upgrade early last month.
State-owned CIL on Thursday said it has launched a multi-pronged effort to help build up coal stocks at power plants, and stressed that supply to the electricity units carrying stock of zero to six days has been prioritised by preparing a contingency supply plan to increase their stock. The statement assumes in the wake of the country's power stations grappling with depleting stocks at their end.
Payments and financial services company, PhonePe, on Thursday announced the launch of PhonePe Pulse, an interactive geospatial website, which provides insights and granular data on digital payment trends in India. At present, the data on the platform is from the PhonePe’s network, which currently owns 45% market share in India’s unified payments interface (UPI) landscape. (Read more)
NTPC Renewable Energy Ltd (NTPC REL) has received the letter of award (LoA) for developing 325 MW projects in Madhya Pradesh’s Shajapur solar park, the company said in a statement. This comes in the backdrop of NTPC preparing for initial public offerings (IPOs) of its clean energy subsidiaries NTPC REL and NTPC Vidyut Vyapar Nigam Ltd (NVVN). (Read more)
Indian Oil listed has listed its foreign currency bonds on IFSC (International Financial Services Centre) exchanges at Gujarat International Finance Tec-City (GIFT). "We are extremely delighted to be here on the momentous occasion of the listing ceremony of $1.4 billion and SG$400 million on NSE IFSC and India INX exchanges," Indian Oil Director- Finance Sandeep Kumar Gupta was quoted as saying in a statement issued by NSE IFSC on Thursday. According to him, the advent of IFSC at Gift City has provided an opportunity for Indian companies to access offshore funds within India. These bonds were listed on the global securities market platform of India International Exchange (India INX) and debt securities market platform of NSE International Exchange (NSE IFSC).
Tata Realty & Infrastructure Ltd. has acquired the entire equity share held by Actis TREIT in TRIL IT4 Pvt. Ltd now called Intellion Square, Goregaon, Mumbai (TRIL IT4) in an all-cash deal, the company said today. A securities purchase agreement was executed between all the parties. TRIL IT4 is part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across India’s major cities. Post the transaction, TRIL now owns 100% stake in TRIL IT4 Private Limited, which owns and operates an IT building, located in Malad, Mumbai. TRIL IT4 is a 0.8 million sq. ft completed IT building leased to marquee tenants, largely from the technology and BFSI sectors.
Embassy Office Parks REIT was trading ₹365.00 each, up 1.04% at 2:01 pm. The company's board has approved the further issuance of 3,000 listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures of face value of ₹10,00,000 each, totaling ₹3 billion, on a private placement basis.
Adani Green stock was trading at ₹1,084.00 apiece, up 0.49% at 1:54 pm. The company said it has raised $750 million via 3-year notes.
Crude oil prices rose ₹24 to ₹5,017 per barrel on Thursday, as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for the September delivery traded higher by ₹24, or 0.48 per cent, at ₹5,017 per barrel in 4,535 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil was up 0.01 per cent to USD 68.6 per barrel, while Brent crude traded 0.04 per cent higher at USD 71.62 per barrel in New York.
India’s electricity demand reached its highest since July 2019 to register124.8 billion units (BUs) in July this year, according to India Ratings and Research. In a reflection of revival of economic activity in the country, India’s peak electricity demand recorded an all time high of 200.57 giga watt (GW) on 7 July. The demand is currently around 192-193 GW.
ICICI Bank, SBI, Federal Bank, Equitas Small Finance Bank, Varun Beverages, Camlin Fine Sciences, Mold-Tek Packaging, Amber Enterprises India, Minda Corporation, Steel Strips Wheels, Krishna Institute of Medical Sciences, Tech Mahindra, Bharti Airtel, HCL Technologies, Orient Cement, Ashok Leyland.
Themes:
Earnings continue to see upgrades
Volatility continues to remain range bound, signaling the continuance of strong bull market
Quality back in focus; Opportunities in small and mid-caps continue
Earnings momentum is the key; Upgrade December NIFTY target to 17,700
Apple Inc is facing an antitrust challenge in India for allegedly abusing its dominant position in the apps market by forcing developers to use its proprietary in-app purchase system, according to a source and documents seen by Reuters. The allegations are similar to a case Apple faces in the European Union, where regulators last year started an investigation into Apple's imposition of an in-app fee of 30% for distribution of paid digital content and other restrictions. The Indian case was filed by a little-known non-profit group, "Together We Fight Society" which argues Apple's fee of up to 30% hurts competition by raising costs for app developers and customers, while also acting as a barrier to market entry. (Reuters)
Ind Bank Housing’s stock was trading at ₹30.35 each, down 1.62% at 12:24 pm. The company has approved appointment of Infant Anto Jerald as CFO.
The East Coast Railway (ECoR) has loaded 94.26 MT of freight during the period from April to August, 2021 against 72.32 MT carried in the corresponding period of last fiscal. With this, the ECoR has loaded 21.9 MT incremental cargo during the first five months of the current financial year. This has also surpassed the loading target fixed by Railway Board which is 89.16 metric tonne (MT) from April to August, the railways said on Wednesday. (PTI)
Amazon is planning to hire more than 8,000 direct workforce across 35 cities in the country this year across corporate, technology, customer service and operations roles, according to a top company official. "We have more than 8,000 direct job openings across 35 cities in the country, including cities like Bengaluru, Hyderabad, Chennai, Gurgaon, Mumbai, Kolkata, Noida, Amritsar, Ahmedabad, Bhopal, Coimbatore, Jaipur, Kanpur, Ludhiana, Pune, Surat.
Just Dial's stock was trading at ₹988.00 apiece, up 3.12% at 11:45 am. The company's board has approved the allotment of 2.12 crore shares at ₹1,022.25 per share via preferential allotment to Reliance Retail Ventures, Just Dial said in a regulatory filing.
Punjab National Bank has opposed the sale of Jet Airways to Kalrock-Jalan consortium, according to media reports. Court to hear PNB's plea opposing the sale.
M&M's stock was trading at ₹763.65 each, down 0.84% at 10:38 am. The company has announced a 7 day production cut in its automotive division in September owing to semiconductor shortage. This may lead to a 20-25% reduction in September's automotive production volume. The 'no production days' will not affect the company's tractor and 3-wheeler businesses, the company said.
Bank Nifty has seen an increase in Open Interest of 26.94% with increase in price of 2.69% indicating Long Build Up.
Nifty has seen an increase in Open Interest of 14.90% with an increase in price of 2.70% indicating Long Build Up.
Option data indicates a probable trading range of Bank Nifty for the day between 37,000 to 36,000 & that for NIfty at 16,900 to 17,200.
BANK NIFTY Strategy: PUT Spread
View: Moderately Bearish.
Rationale: - Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 36,600 strike PUT Option and simultaneously selling one lot of 36,100 strike PUT Option.
Reliance Industries has issued a clarification to exchanges about recent media reports on the potential acquisition of REC Ltd, Europe's largest solar panel maker. RIL said it is unable to comment on media speculation and rumours and it would be inappropriate on its part to do so. company's stock was trading at ₹2,272.00 apiece, up 0.10% at 10:10 pm.
Dr. Reddy''s Laboratories' stock was trading at ₹4,874.80 each, up 2.33% at 10:05 am. The company's Canada unit has announced the launch of Reddy-Lenalidomide, one of the first generic medications of its kind for the Canadian market.
Fintech unicorn Razorpay is in talks with large global funds to raise $200-250 million at a valuation of around $4 billion, two people familiar with the development said. (Read more)
KM Birla, Vodafone group chief executive met telecom minister Ashwini Vaishnav, CNBCTV18 reported. They discussed the telecom sector's health and the need for urgent government intervention. The Centre is considering sectoral relief instead of individual relief for telcos, according to the report. Vodafone Idea's stocks was trading at ₹6.23, up 2.30% at 09:40 am.
Sensex opened at 57,423.65, up 85.44 points, or 0.15%, while Nifty was at 17,095.40, up 19.15 points, or 0.11%. Pharma, metals surged. Realty top drag
US crude futures closed modestly higher after Opec+’s relatively harmonious decision to gradually raise supply, and a bullish US oil inventory report. Futures erased intraday losses to climb 0.1% as Opec and allied partners appeared to rubber stamp a previously announced hike of 400,000 barrels a day. The drama-free meeting was a welcome sign of unity after July’s tiff between Saudi Arabia and the United Arab Emirates left the market waiting for days on a decision. A U.S. government report showed crude stocks fell more than expected and petroleum products demand rose to a record high. (Bloomberg)
Apple Inc will loosen App Store rules that have banned companies like Netflix Inc from providing customers a link to create a paid account to bypass Apple's in-app purchase commissions, the company said late on Wednesday. It is the second concession to regulators and companies in less than a week as the iPhone maker faces legal, regulatory and legislative challenges to the App Store, which forms the core of its $53.8 billion services segment. But Apple will still ban developers from taking other forms of payment inside apps on the iPhone, the key practice that "Fortnite" creator Epic Games, Spotify Technology and Match Group Inc have said they want to end. (Reuters)
“We initiate coverage on DCB Bank (DCB) with a BUY recommendation and a Target Price of ₹115/share implying an upside of 24% from CMP. We believe in the robustness of DCB’s business model backed by its past performance of maintaining healthy asset quality despite multiple headwinds such as demonetization and GST roll-out which had impacted the bank’s core customer base of self-employed borrowers. While growth has moderated in the past couple of years due to macroeconomic headwinds, DCB has managed to grow the book at 15% CAGR over FY16-21."— Dnyanada Vaidya, analyst, Axis Securities
Cryptocurrency prices today surged with Bitcoin trading near $50,000, days after it broke back above the psychologically important mark last month for the first time in three months. The world's largest cryptocurrency by market capitalization jumped 6% to $49,678.59, as per CoinDesk. Bitcoin prices are up 71% this year (year-to-date), though, far away from its record just below $65,000 in April. (Read more)
Aditya Birla Fashion, Axis Bank, SBI, Vedanta, Indiabulls HFL among other stocks may be in the news today. (Read more)
Markets are likely to continue to be in consolidation phase on Thursday while trends in SGX Nifty indicate a mild opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 57,338.21, down 214.18 points or 0.37%. The Nifty closed at 17,076.25, down 55.95 points or 0.33%. (Read more)
After being reduced on the first day of September by 13-15 paise across metro cities on Wednesday, petrol and diesel prices remained unchanged on Thursday. Petrol continues to retail at ₹101.34 in Delhi, whereas diesel at ₹88.77. In India's financial capital Mumbai, petrol is being sold at ₹107.39 per litre, and diesel at ₹96.33 per litre. In Kolkata, petrol prices stand at ₹101.72 per litre and diesel prices at ₹91.84 per litre in the city. In Tamil Nadu's capital Chennai, petrol prices being sold at ₹99.08 per litre and diesel prices at ₹93.38 per litre. (Read more)
Asian stocks were steady Thursday as investors await key U.S. employment data to assess when the Federal Reserve may start paring the substantial stimulus that has bolstered financial markets. Equities rallied in Hong Kong amid a continuing rebound in Chinese technology stocks on bets that the pressure from Beijing’s regulatory crackdown has peaked. China’s market climbed, with traders assessing a central bank step to cushion the economy by helping smaller firms. Commodity-reliant Australia’s stock index slid on weakness in materials like iron ore. U.S. equity futures fluctuated. Overnight, the Nasdaq 100 edged up to an all-time high and the S&P 500 was little changed. The defensive flavor to trading came amid economic data suggesting a slower U.S. labor market recovery. Ten-year U.S. Treasury yields remained around 1.30%. The U.S. payrolls report Friday will offer clues on the economy and a possible timeline for a reduction in the Fed’s $120 billion of monthly bond purchases. The dollar held a drop.
S&P 500 futures were steady as of 10:40 a.m. in Tokyo. The S&P 500 was little changed
Nasdaq 100 futures climbed 0.1%. The Nasdaq 100 rose 0.2%
Japan’s Topix index fell 0.2%
Australia’s S&P/ASX 200 retreated 1%
South Korea’s Kospi lost 0.5%
Hong Kong’s Hang Seng index added 0.9%
China’s Shanghai Composite rose 0.2%
The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy. Technology stocks, which tend to benefit from a low-rate environment, finished higher. Apple Inc rose 0.4% to its second-highest close, and Facebook Inc, Amazon.com Inc and Google-owner Alphabet Inc all advanced between 0.2% and 0.7%. Utilities and real estate - sectors considered as bond-proxies or defensive - were the top performers. A report by ADP, published ahead of the U.S. government's more comprehensive employment report on Friday, showed private employers hired far fewer workers than expected in August. Another set of data on Wednesday showed U.S. manufacturing activity unexpectedly picked up in August amid strong order growth, but a measure of factory employment dropped to a nine-month low, likely as workers remained scarce.The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38. Falling 1.5% on the day, and down for the third straight session, was the energy index. (Reuters)
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