PremiumMarket closing: The Sensex closed at 56,889.76, up 765.04 points or 1.36%, while Nifty was at 16,931.05, up 225.85 points or 1.35%.The Sensex touched a high of 56,958.27, while the Nifty reached a high of 16,951.50, during day's trade on Monday
Sensex, Nifty closed at record highs on Monday. This week, right on top of the agenda is India’s gross domestic product (GDP) data for the June-ended quarter. The purchasing managers’ indices (PMI) for August are also due, and will serve as the latest report card for Indian businesses’ recovery progress. Elsewhere, the PMI data for the euro area and China will also be watched.
"Nifty made a strong bullish bar today closing at its all time high level. The rally was also supported by Banknifty. Nifty closed at 16,931 up by 225 points. Banknifty closed at 36,347 up by 720 points. Nifty may face a psychological resistance at 17,000 and 17,050 levels. It has strong support around 16,750 levels. Nifty is in a strong bullish trend and all dips can be used for buying with strict stop loss."
Gold in the national capital on Monday dipped ₹199 to ₹46,389 per 10 gram amid a correction in global precious metal prices along with rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹46,588 per 10 grams. Silver also dipped ₹250 to ₹62,063 per kilogram from ₹62,313 per kilogram in the previous trade.
The Sensex closed at 56,889.76, up 765.04 points or 1.36%, while Nifty was at 16,931.05, up 225.85 points or 1.35%.The Sensex touched a high of 56,958.27, while the Nifty reached a high of 16,951.50, during day's trade on Monday. Onthe 30-share Sensex, Airtel, Axis Bank, Tata Steel, and 23 other stocks closed in green, while Tech Mahindra, Nestle India, Infosys, and TCS closed in red.
Bharti Airtel's stock was trading at ₹623.85 apiece, up 5.03% at 3:27 pm. Company chairman Sunil Bharti Mittal gave a ₹200 ARPU guidance while interacting with the press. He also gave a guidance that 5G services could begin in India by H2 FY22.
The Central Board of Indirect Taxes and Customs (CBIC) on Monday extended the import duty relief on 18 Covid-19 related supplies including medical oxygen, related gear and Covid vaccines by a month till end of September.
-Maruti produced 167k PVs in July which fell to 37% in August. This may fall below 1,00,000 unit sin September
-M&M saw 7.5% fall in Aug month-on-month.
-Tata Motors' produciton target may fall by 5,000 units in September
CNBCTV18 reported, citing people familiar with the matter
Dalmia Bharat was trading at ₹430.80 per stock, down 1.09% at 3:09 pm. The company plans to invest ₹758 crore in Jharkhand, according to news reports.
Prestige Estates's stock was trading at ₹351.10 each, down 0.07% at 2:56 pm. The company acquired a 2.16 acre land parcel in Byculla, Mumbai.
Rocket fire apparently targeting Kabul's international airport struck a nearby neighborhood on Monday, the eve of the deadline for American troops to withdraw from the country’s longest war after the Taliban takeover of Afghanistan. It wasn’t immediately clear if anyone was hurt.
- UK banks will be closed in observance of the Summer Bank Holiday.
- The US Fed Chair in last week’s annual Jackson Hole symposium said that there had been clear progress toward maximum employment and he believed that if the US economy improved as anticipated, "it could be appropriate to start reducing the pace of asset purchases this year," but most likely not as soon as September.
- Beijing is reportedly looking at new rules that would restrict domestic internet firms from going public in the US.
- India’s Bank credit grew by 6.55% to ₹108.89 lakh crore and deposits by 10.58% to ₹155.70 lakh crore in the fortnight ended August 13, 2021.
- Foreign direct investment (FDI) into the country rose by more than twofold to $17.57 billion during April-June this fiscal on account of measures such as policy reforms and ease of doing business.
- India's foreign exchange reserves declined by $2.47 billion to reach $616.895 billion in the week ended August 20. Decrease in the reserves was due to a drop in the foreign currency assets (FCAs), a major component of the overall reserves.
State-run power giant NTPC on Monday said that it has geared up to meet rising power demand and recorded electricity generation growth of 23% over the previous year. The country is witnessing a sharp increase in power demand and NTPC is making all efforts for meeting demand as per the grid requirement, it statement said. NTPC has geared up to meet the increasing demand and the generation from NTPC group stations has registered a 23% growth compared to the previous year, it stated.
Steel Strips Wheels has signed an agreement with TATA Steel Long Products for rolling round bars of various grades for three years.
Ride-hailing startup Ola has selected banks including Citigroup Inc. and Kotak Mahindra Bank Ltd. to manage its Mumbai initial public offering that could raise about $1 billion, according to people familiar with the matter. The company, backed by SoftBank Group Corp. and Tiger Global Management, has also picked Morgan Stanley for the listing, said the people, who asked not to be named as the information is private. The Bangalore-based startup could seek a valuation of more than $8 billion in the IPO and could lodge a filing as soon as October, one of the people said. (Read more)
Digital payments platform PhonePe said it has been issued an insurance broking license from the Insurance Regulatory and Development Authority of India. (Read more)
“Burger King India (BKIL) has entered into a non-binding understanding to acquire 85% stake in PT Sari Burger Indonesia (“BK Indonesia") from F&B Asia ventures (65.8%) and Mitra Adiperkasa (19.2%). The transaction values BK Indonesia at USD183mn and it will fund through equity. On EV/Sales (FY20 - Sales) basis valuation work out around 1.8x which is discount compare to burger king India (8.0x). Considering, strong QSR brand in Indonesia and 60% population age under 30 (millennials), we believe this is positive development for BKIL. Hence we are positive on stock with buy rating."
REC Ltd is eyeing its first fundraise via Libor linked alternative loans, Bloomberg reported, citing people familiar with the matter.
Koo, India’s alternative to Twitter Inc., has surged past 10 million users to narrow the gap with the US microblogging site after its repeated clashes with the local government over the past few months. (Bloomberg)
Axis Bank on Monday said it has started issuing debt securities under its ₹35,000 crore-debt raise plan announced earlier this year. In April, the private sector lender had said that its board had approved capital raise proposal up to ₹35,000 crore by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches. The shareholders of the bank had approved the proposal in bank's annual general meeting in July.
State-run Bank of India on Monday said the government has extended the term of its executive director P R Rajagopal by two years. The central government vide notification No. dated 26 August 2021 extended the term of office of P R Rajagopal, Executive Director of the Bank for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing. His current term was to expire on February 28, 2022. The government last week extended the term of executive directors of various public sector banks.
Nazara tech's stock was trading at ₹1,785.35, up 4.35% at 12:26 pm. Gaming and sports media company Nazara Technologies is betting big on real-money gaming and hopes to achieve ₹100 crore in revenues by the end of FY22, said Nazara chief executive Manish Agarwal. In the past year, real-money gaming has been fraught with regulatory bottlenecks with states, including Tamil Nadu, introducing changes to their laws to ban real-money gaming platforms. (Read more)
Mining giant Vedanta's stock was trading at ₹298.35 each, up 2.00% at 11:43 am. The mining company will consider its first interim dividend for FY22 on 1st September, the company informed in a regulatory filing. The record date for the purpose of determining the entitlement of the equity shareholders for the dividend is being fixed as Thursday, 9 September 2021.
Bharat Forge's stock was trading at ₹756.05 apiece, up 3.65% at 11:21 am. The stock gained on news that Tesla is in talks with key components suppliers as it eyes entry into Indian markets.
L&T's stock was trading at ₹1,671.50 each, up 2.07% at 11:18 am. The engineering and construction conglomerate on Monday said it has won significant contracts for its various businesses. The company did not mention the exact amount of the contracts but as per its specification of significant contracts, the project value ranges between ₹1,000 crore and ₹2,500 crore.
Granules India's stock was trading at ₹335.00 each, up 1.25% at 11:16 am. The company said it has received approval from Health Canada for Acetaminophen Extended-Release tablets.
Sandhar Technologies' stock was trading at ₹289.25 up 11.49% at 10:35 am. The stock surged on news that Tesla is in talks with key components manufacturers as it plans to enter Indain markets, according to media reports.
Future Retail's stock was trading at ₹45.60 apiece, up 1.00% at 10:32 am. On Saturday, the company filed a new case against Amazon.com Inc at the Supreme Court in its latest effort to seek clearance for its $3.4 billion retail assets sale, which the U.S. firm has challenged. The Supreme Court this month dealt a blow to Future when it said an interim decision by a Singapore arbitrator in October 2020 that put its deal with Reliance Industries on hold - following Amazon's complaint - was valid in India.
Sona Comstar's stock was trading at ₹502.05 apiece, up 5.91% at 10:27 am. The stock climbed on news that Tesla is in talks with three critical components manufacturers as it plans to enter the Indian market.
Max Healthcare Institute's stock was trading at ₹346.45 apiece, up 3.45% at 10:17 am. Max Healthcare Institute has acquired the rights to develop a 500-bed hospital in Saket, Delhi, via its subsidiary Alps Hospital. The facility is expected to be a mother and child focused hospital, among other specialities. In the first phase, the hospital is expected to have 250 beds by 2024.
Tata Steel's stock was trading at ₹1,432.70, up 3.51% at 10:10 am. The domestic steel giant will invest ₹8,000 crore in capital expenditure on its India operations during the current financial year, the company's chief executive and managing director T V Narendran said. The amount will be spent mainly towards completion of the expansion of the Kalinganagar plant, and expansion of mining operations and recycling business, he told PTI replying to a question related to Tata Steel's plans for India business in the financial year 2022.
Bharti Airtel's stock was trading at ₹608.45 each, up 2.44% at 10:06 am. The telecom major on Sunday announced that its board has approved raising up to ₹21,000 crore via rights issue at ₹535 per share of fully paid-up equity share (including a premium of ₹530/- per equity share) at its meeting. Terms of payment of Issue Price will be 25% on application and balance in two more additional calls within an overall time horizon of 36 months.
Anupam Rasayan's stock was trading at ₹789.55 apiece, up 6.99% at 10:03 am. The company has signed ₹135 cr letter of intent with a Japanese MNC for a specialty chemical product.
HSBC, L&T Finance refused to comment on the story, CNBC TV18 reported. Previously, Blackstone was in talks to acquire L&T Finance's MF unit.
Gold prices rose to a near four-week high on Monday after U.S. Federal Reserve chief Jerome Powell stopped short of providing any clear guidance on a stimulus tapering timeline and boosted hopes that interest rates may remain lower for longer. Spot gold was steady at $1,814.86 per ounce, as of 0312 GMT, after hitting its highest since Aug. 4 at $1,820.50 earlier in the session. U.S. gold futures edged 0.1% lower to $1,817. (Reuters)
The 15th Finance Commission has tied grants of ₹1,42,084 crore to ensure more funds to gram panchayats to make their water supply and sanitation-related plans, the Ministry of Jal Shakti said on Sunday. The Department of Expenditure, Ministry of Finance has issued the guidelines for release and utilisation of grants recommended by the 15th Finance Commission (FC) for RLBs/PRIs during the period 2021-22 to 2025-26, it said.
The Sensex opened at 56,329.25, up 204.53 points, or 0.36%, while Nifty was at 16,775.85, up 70.65 points or 0.42%. All sectors opened in green. On the 30 share Sensex, Power Grid and Tech Mahindra were the only stocks in red.
"Nifty is expected to open around 16,610 up by 100points. 16,825 to 16,850 will act as a resistance zone for Nifty while 16,700 to 16,720 will act as a support zone. Nifty has been rising in lower volumes therefore there is a possibility of a minor correction. Buy on dips can be a good strategy for the current markets."
Amid concerns over the bank's asset quality that could be impacted the most from the troubles faced by Vodafone Idea (Vi), private lender IDFC First Bank in its annual report addressed the concerns that some of the investors would have about its exposure to the cash-strapped telecom service provider. (Read more)
Indian markets on Monday are likely to open higher, tracking gains in the SGX Nifty. However, gains are likely to cap amid surge in international crude prices, analysts said. In morning trade, SGX Nifty climbed 0.6% to 16,814. (Read more)
In an attempt to ensure coal supplies at power generation plants across the country, the fossil fuels supplies to plants having more than two week’s stock will be stopped for a week, and that freed up coal will be sent to plants having low stocks. (Read more)
Bharti Airtel, Future Retail, IDBI Bank, Tata Motors, among other stocks may be in the news today. (Read more)
Tightening premiums are often a sign of a strong credit market, but in India recently it’s more about dislocations in the yield curve due to central bank interventions. As the Reserve Bank of India tries to tame borrowing costs amid the pandemic, spreads on five- and 10-year rupee corporate bonds that usually move in lockstep have diverged, with premiums on the shorter notes falling. The problem is that it’s not happening because of strong demand. (Read more)
The market capitalisation of BSE-listed companies jumped to an all-time high of ₹2,43,73,800.36 crore on Friday, driven by an upbeat sentiment in equities. The BSE benchmark Sensex climbed 175.62 points to close above the 56,000-mark for the first time on Friday. During the day, it gained 239.13 points to 56,188.23. (Read more)
Bitcoin prices have swung between $47,000 and $50,000 since the past few session with the world's largest cryptocurrency trading over $48,000 level today. Bitcoin prices were lower at $48,526, down 1.6%. The most popular digital token is up 67% this year (year-to-date), though, far away from its record just below $65,000 in April. Most of the cryptocurrencies were trading with cuts except Cardano which was up 1% to $2.87, as per CoinDesk. Meanwhile, Ether, the coin linked to ethereum blockchain, plunged to 3,212 whereas dogecoin at $0.28, down 1.6%. Other cryptocurrencies like XRP, Stellar, Litecoin also declined over the last 24 hours. (Read more)
Foreign portfolio investors (FPIs) pumped in a net of just ₹986 crore in Indian equities during August, as cautiousness continued to persist among overseas investors. According to data from depositories, FPIs bought equities worth ₹986 crore and invested ₹13,494 crore in the debt segment between August 2-27. (Read more)
Asian stocks were steady Monday and Treasuries held an advance as traders weighed Jerome Powell’s signal that pandemic-era Federal Reserve policy support will be withdrawn cautiously and gradually. Shares gained in Japan, slipped in Hong Kong and fluctuated in China, where Beijing’s regulatory broadside remains in focus. U.S. futures were steady after a record Wall Street close in the wake of Chair Powell’s Jackson Hole speech. Powell said the Fed may start paring bond purchases this year but is in no hurry to raise interest rates and will be guided by data on Covid-19 risks.
S&P 500 futures slipped 0.1% of 10:45 a.m. in Tokyo. The S&P 500 rose 0.9%
Nasdaq 100 futures were flat. The Nasdaq 100 rose 1%
Japan’s Topix index added 0.5%
Australia’s S&P/ASX 200 lost 0.1%
South Korea’s Kospi was little changed
Hong Kong’s Hang Seng shed 0.5%
China’s Shanghai Composite was steady
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