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Sensex, Nifty close at record highs; metals, banks top gainers; IT drags

Market closing: Indian indices closed over 1.35% higher on Monday.. (Mint) Premium
Market closing: Indian indices closed over 1.35% higher on Monday.. (Mint) 

Market 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.

30 Aug 2021, 04:08:35 PM IST

Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

"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." 

30 Aug 2021, 03:57:28 PM IST

Rupee rallies 40 paise to close at 73.29 (provisional) against US dollar

30 Aug 2021, 03:57:17 PM IST

Gold drops ₹199; silver tumbles ₹250

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.

30 Aug 2021, 03:48:57 PM IST

Market 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. 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.

Sensex at close
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Sensex at close
30 Aug 2021, 03:29:58 PM IST

Bharti Airtel surges

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.

30 Aug 2021, 03:23:08 PM IST

Import duty exemption on 18 covid supplies extended till September end

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.

30 Aug 2021, 03:22:34 PM IST

Semiconductor shortage may intensify: report

-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

30 Aug 2021, 03:10:46 PM IST

Dalmia Bharat trades lower

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.

30 Aug 2021, 03:07:22 PM IST

Prestige Estates trades lower

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.

30 Aug 2021, 02:52:13 PM IST

Rockets fired at Kabul airport amid US withdrawal hit homes

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.

30 Aug 2021, 02:39:57 PM IST

Rupee gains more than 45 paise from Friday's close

30 Aug 2021, 02:36:20 PM IST

Global Update: Heena Naik, research analyst - currency, Angel Broking

- 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.

30 Aug 2021, 02:35:01 PM IST

Divi's Lab top gainer

Nifty pharma index
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Nifty pharma index
30 Aug 2021, 02:33:42 PM IST

NTPC gears up to meet rising power demand; generation up 23% 

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.

30 Aug 2021, 02:08:31 PM IST

SSWL signs agreement with TATA Steel Long Products 

Steel Strips Wheels has signed an agreement with TATA Steel Long Products for rolling round bars of various grades for three years.

30 Aug 2021, 02:07:47 PM IST

Ola picks banks including Citi, Kotak Mahindra for $1 bn IPO

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)

30 Aug 2021, 02:01:43 PM IST

PhonePre receives Irdai nod for direct insurance broking

Digital payments platform PhonePe said it has been issued an insurance broking license from the Insurance Regulatory and Development Authority of India. (Read more)

30 Aug 2021, 01:57:47 PM IST

Burger King India commentary: Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd

“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." 

30 Aug 2021, 01:55:41 PM IST

REC eyes its first Libor linked fundraise: report

REC Ltd is eyeing its first fundraise via Libor linked alternative loans, Bloomberg reported, citing people familiar with the matter. 

30 Aug 2021, 01:45:48 PM IST

RIL, HDFC Banks drive Sensex gains

Nifty sectoral indices
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Nifty sectoral indices
30 Aug 2021, 01:42:14 PM IST

Metals, realty surge

Nifty sectoral indices
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Nifty sectoral indices
30 Aug 2021, 01:02:02 PM IST

Twitter’s India clash buoys rival Koo to 10 mn users

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)

30 Aug 2021, 12:54:02 PM IST

Bandhan Bank, RBL top gainers

Nifty Bank index 
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Nifty Bank index 
30 Aug 2021, 12:47:09 PM IST

Axis Bank begins issuing debt securities under ₹35,000 cr-debt raise plan

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.

30 Aug 2021, 12:42:28 PM IST

Govt extends tenure of Bank of India executive director P R Rajagopal by two yrs

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.

30 Aug 2021, 12:26:31 PM IST

Nazara eyes ₹100 cr from real-money gaming biz

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)

30 Aug 2021, 12:22:52 PM IST

Sensex heatmap

Tech Mahindra, Infosys, Nestle, HCL in red
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Tech Mahindra, Infosys, Nestle, HCL in red
30 Aug 2021, 11:58:11 AM IST

Maruti Suzuki set to increase prices for 4th time in 2021

30 Aug 2021, 11:44:30 AM IST

Vedanta gains

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.

30 Aug 2021, 11:24:01 AM IST

Bharat Forge rises

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.

30 Aug 2021, 11:20:19 AM IST

L&T gains

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.

30 Aug 2021, 11:17:17 AM IST

Granules India gains

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.

30 Aug 2021, 10:37:54 AM IST

Sandhar Technolgies gains

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.

30 Aug 2021, 10:35:06 AM IST

Future Retail rises

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 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.

30 Aug 2021, 10:29:05 AM IST

Sona Comstar gains

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. 

30 Aug 2021, 10:25:44 AM IST

Rupee rallies 31 paise to 73.38 against US dollar in early trade

30 Aug 2021, 10:20:43 AM IST

Max Healthcare gains

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. 

30 Aug 2021, 10:15:35 AM IST

RIL, HDFC drive Sensex gains

Index contribution
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Index contribution
30 Aug 2021, 10:14:08 AM IST

Tata Steel surges

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.

30 Aug 2021, 10:09:44 AM IST

Bharti Airtel gains

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.

30 Aug 2021, 10:04:29 AM IST

Anupam Rasayan gains

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.

30 Aug 2021, 10:01:43 AM IST

Arcelor Mittal Nippon may be interested in RINL, NINL subject to right conditions: CEO

30 Aug 2021, 09:59:38 AM IST

India reports 42,909 new covid-19 cases

30 Aug 2021, 09:50:35 AM IST

L&T Finance in advanced talks with DSBC to sell MF arm: report

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.

30 Aug 2021, 09:40:19 AM IST

Mindtree, Tech Mahindra top drags

Nifty IT index
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Nifty IT index
30 Aug 2021, 09:38:37 AM IST

Sobha, Phoenix top gainers

Nifty realty index
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Nifty realty index
30 Aug 2021, 09:37:31 AM IST

Nalco, Hindalco top gainers

Nifty metal index
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Nifty metal index
30 Aug 2021, 09:36:14 AM IST

Bharat Forge, Tata Motors drive gains

Nifty Auto index
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Nifty Auto index
30 Aug 2021, 09:34:50 AM IST

IT slips; metals surge

Nifty sectoral indices
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Nifty sectoral indices
30 Aug 2021, 09:33:40 AM IST

Gold prices scale near 4-week high on Powell's dovish tone

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)

30 Aug 2021, 09:29:35 AM IST

More than ₹1 L cr funds under 15th Finance Commission for rural areas

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.

30 Aug 2021, 09:21:01 AM IST

Market opening

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.

Sensex at open
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Sensex at open
30 Aug 2021, 09:14:14 AM IST

Pre market opening quote: Gaurav Udani, founder and CEO, ThincRedBlu Securities.

"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."

30 Aug 2021, 09:12:47 AM IST

IDFC First Bank addresses concerns over Vodafone Idea exposure in annual report

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)

30 Aug 2021, 08:50:24 AM IST

Market outlook

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)

30 Aug 2021, 08:40:15 AM IST

India to stop coal supplies to power plants having more than 14 days stock

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)

30 Aug 2021, 08:35:22 AM IST

Stocks to Watch 

Bharti Airtel, Future Retail, IDBI Bank, Tata Motors, among other stocks may be in the news today. (Read more)

30 Aug 2021, 08:23:02 AM IST

Low premiums on parts of Indian credit prompt calls for RBI help

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)

30 Aug 2021, 08:09:32 AM IST

M-cap of BSE-listed companies rises to record ₹243.73 lakh cr

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)

30 Aug 2021, 08:00:50 AM IST

Cryptocurrency prices today: Bitcoin, ether, dogecoin fall; cardano gains. Latest rates here

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)

30 Aug 2021, 07:45:02 AM IST

FPIs net buyers in August, invest ₹986 cr in equities

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)

30 Aug 2021, 07:34:16 AM IST

Asia Stocks steady as traders mull Powell remarks

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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