On Thursday, Indian benchmark indices ended on a higher note tracking mixed global cues. Nifty ended 106.10 points or (0.42%) higher at 25,158.45 while Sensex added 399.73 points or (0.49%) to close at 82,185.29.
KEC International Ltd. shares gained 7.5% in trade today on BSE to 934.00 per share after the company informed of securing new orders worth Rs. 1,171 crores. Meanwhile, Reliance Industries will consider 1:1 bonus shares at the upcoming meeting scheduled to take place on September 5, 2024.
Earlier, after a lacklustre opening, Indian stock market gained momentum with Sensex and Nifty trading near their record high levels. Sensex touched an intraday high of 82,040.31, which was near its all-time high of 82,129.49, while Nifty 50 hit the day's high of 25,117.95 which was also near its record high of 25,129.60.
Reliance stock is steady ahead of its AGM.
Thursday's early trading session saw a decline in Asian markets. The Kospi Index for South Korea fell more than 1%, while Japanese stocks started the day down as well. Investors will be closely monitoring the Reliance Industries AGM and Q1FY25 GDP figures in the home market.
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Aug 29, 2024, 3:06 pm IST
Economy Update - Macro Chart Book | A Bird’s eye view of the macro-economic landscape
Hitesh Suvarna of JM Financial Institutional Securities said, “Gold outperformed every other asset class in last one month on the back of heightened geopolitical uncertainties. Among risk assets, Nifty underperformed the EM and DM basket by a wide margin. FIIs reverted to negative flows in equities after two consecutive months of inflows, but they decisively bought Healthcare and FMCG while Financials and Metals were their top sells. Overweight position of Mutual Funds in Capital goods and underweight on Private banks shows that valuations is not the only criteria on which they rely on. Although US yield curve is yet to re-invert but our assessment of past four recessions reveal that re-inversion of yield curve is followed by a recession after 4.5 months, which lasts for ~11 months on an average. Recession in US is not in our base case, hence we expect a shallow rate cut cycle compared to steep rate cuts factored-in by the markets. Rate cut expectation led to weakening in US Dollar, which is positive for risk assets as well as commodities. But a soft landing scenario would be positive for the IT sector which is most exposed to the US economy. The Southern Oscillation Index is currently in “El Nino” territory unlike IMDs expectation of reverting to “La Nina” territory by Aug-Sep’24, however reservoir level and rainfall has been comfortable. Amidst early signs of improving rural demand scenario, latest rural wages have declined in real terms, raising eyebrows on the expectations of revival in rural demand.”
Aug 29, 2024, 2:30 pm IST
Nifty Prediction Today
Sameet Chavan, Head Research, Technical and Derivative - Angel One said, “Nifty extended its winning streak to ten consecutive sessions, but the formation of consecutive uncertain candlestick patterns, known as “Doji,” on the daily chart raises concerns about the sustainability of the uptrend. While it took only three sessions in early August for prices to drop from 25000 to 24000, reclaiming this ground has taken considerably longer, resulting in divergence on oscillators. This suggests some fatigue in the bullish momentum, though it doesn't indicate a bearish reversal. Therefore, the strategy remains to maintain a positive bias but with more selectivity. Traders should avoid complacency, prefer buying on intraday dips, and consider timely profit booking. Key levels to watch for the monthly expiry are resistance at 25150 – 25240, while support is seen at the psychological 25000 mark, followed by the bullish gap around 24850. Traders should adjust their strategies accordingly.”
Aug 29, 2024, 1:57 pm IST
ESAF Bank Launches INORI-RuPay Credit Card
ESAF Small Finance Bank has launched the INORI RuPay Platinum Credit Card, a premium financial product designed in collaboration with the National Payments Corporation of India (NPCI) to offer cardholders exclusive benefits and privileges. "The card's name, 'INORI', is derived from the Japanese word for 'wish', symbolising our aspiration to fulfill the desires and expectations of our valued customers," ESAF Small Finance Bank said in a statement on Thursday. This card is crafted to provide an elevated banking experience, catering to the sophisticated needs of the bank's customers, it said, according to a PTI report.
"This new offering from ESAF Bank, backed by NPCI's robust and secure RuPay network, is more than just a credit card; it's a gateway to a world of convenience, rewards, and security. Whether for everyday purchases or premium experiences, this card ensures that cardholders receive best-in-class services and value," it said. Speaking on the launch, ESAF Small Finance Bank MD K Paul Thomas said, "The INORI RuPay Platinum Credit Card is a testament to our commitment to offering top-tier financial products that meet the evolving needs of our customers."
Aug 29, 2024, 1:39 pm IST
RBI Imposes Monetary Penalty On The Urban Co-operative Bank
The Reserve Bank of India (RBI) has, by an order dated August 22, 2024, imposed a monetary penalty of ?1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Urban Co-operative Bank Ltd., Cuttack (the bank) for non-compliance with certain directions issued by RBI on 'Know Your Customer (KYC) norms' and 'Exposure norms and Statutory / Other Restrictions - UCBs'. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
Aug 29, 2024, 12:54 pm IST
M3M India, OYO Ink Pact To Launch 'SUNDAY' Branded Hotel In Gurugram
Realty firm M3M India and Oravel Stays, which is the parent company of OYO Hotels & Homes, have signed an initial agreement to launch a premium hotel under 'SUNDAY' brand in Gurugram. In a statement, M3M India said it has signed a Memorandum of Understanding (MoU) to launch 'SUNDAY' Hotel in India. This project will feature 220 keys, spanning 1.69 lakh sq ft of premium hospitality space. The hotel is located on Southern Peripheral Road (SPR) in Gurugram, according to a PTI report. The initiative is part of a larger partnership to develop luxurious hospitality space across 15 lakh square feet with 1,000 keys across multiple destinations in Gurugram and Noida, M3M said "This collaboration is a testament to our shared vision of creating unparalleled commercial spaces that redefine luxury and convenience," Sudeep Bhatt, President of M3M India, said.
Aug 29, 2024, 12:31 pm IST
PTC Industries Announces QIP Issue With Rs 13,894.42 Floor Price
For over 56 years, PTC Industries Limited has produced premium engineered components for a range of critical and super-critical applications. More than 75% of PTC's products are exported to different nations worldwide, where they are purchased by well-known clients like Emerson, Siemens, GE, Alstom, Rolls-Royce, and Metso, among others. Following the approval of the floor price of Rs 13,894.42 per equity share by the company for the QIP, the shares of PTC Industries are in focus on Thursday.
"We further wish to inform you that the Listing Committee has fixed the 'Relevant Date' for the purpose of the QIP, in terms of Regulation 171 of the SEBI ICDR Regulations as August 28, 2024 and accordingly the floor price in respect of the QIP, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹13,894.42 per Equity Share.
Aug 29, 2024, 12:22 pm IST
Vedanta Dividend: Board Set To Consider Dividend In September
Board of Directors of Vedanta Limited are planning to meeting on September 2, 2024 to consider and approve the third interim dividend on equity shares for the financial year 2024-25. The company fixed September 10, 2024 as the record date, if declared. Current market price of Vedanta shares on BSE is Rs 467.30 per shares gain of 0.31% in trade today at the time of writing the story. Vedanta Limited shares offered return of 97% in last 1-year and 74% in last 6-months. The company’s market capitalisation stood at Rs 1,82,732.43 crore. Check key details below:
Vedanta Limited To Consider Interim Dividend: As per the regulatory filing of Vedanta dated August 28, 2024, “Pursuant to Regulation 29 of Listing Regulations, Notice is hereby given that the meeting of the Board of Directors of the Company (the “Board”) is proposed to be scheduled on Monday, September 02, 2024, to consider and approve the Third Interim Dividend on equity shares, if any, for the Financial Year 2024-25.”
Aug 29, 2024, 12:13 pm IST
Gold Prices Jump In India, Aug 29: Check 18k, 22k, 24k Gold Price After Rise, Silver Slips
Gold price in India on Thursday witnessed marginal surge amid firmer US dollar as investors shifted their focus to crucial inflation data for hints on the size of Federal Reserve’s potential interest-rate cut in upcoming meeting in September. 22K gold prices today surged by Rs 10 to Rs 67,160/10 grams and 100 grams of 22 carat precious metal prices today in India soared marginally by Rs 100 to settle at Rs 6,71,600. 24k gold prices today zoomed by Rs 10 to Rs 73,260/10 grams and 100 grams of 24 carat yellow metal prices today in the country rose by Rs 100 to Rs 7,32,600.
18k gold prices today in India gained by Rs 10 to Rs 54,950/10 grams and 100 grams of 18 carat precious metal prices soared by Rs 100 to Rs 5,49,500. 1 gram gold rate today for 22k gold prices surged by Re 1 to Rs 6716 and 1 gram gold price today for 24k gold jumped by Re 1 to Rs 7326. 1 gram gold price today for 18k gold today rallied by Re 1 to 5495.
Spot Gold, Spot Silver Prices Today: Spot gold gained 0.46% to ,513.73 per ounce, as of 0034 GMT. Bullion touched a record high of ,531.60 on August 20. Spot silver edged up 0.5% to .245 per ounce, platinum gained 0.22% to 2.06 and palladium surged 0.2% to 8.31, according to Reuters.
Aug 29, 2024, 11:54 am IST
Nifty Auto Top Bears
Nifty Auto index plunged by 160 points or 0.62% to trade at 25,719.50, emerging as top bears of the day. Ashok Leyland, MRF, Bharat Forge, M&M, Bosch, and Exide nosedived by 1% to 3%.
Aug 29, 2024, 11:39 am IST
Signature Global Shares Fall
Signature Global shares dip over 1% despite launching new project comprising 62 units in Gurugram.
Aug 29, 2024, 11:13 am IST
HCL Tech Share Near 52-Week High
HCL Tech share price jumped nearly 2% to hit an intraday high of Rs 1748.85 apiece, which is near its 52-week high of Rs 1,757 apiece. This comes after brokerage Motilal Oswal reiterated BUY with a revised TP of INR2,000 (based on 27x Sep’26E EPS).
Aug 29, 2024, 10:49 am IST
Bajaj Twin Stocks Top Gainers
Bajaj Finance and parent company Bajaj Finserv are top gainers on Thursday as Sensex holds around 82,000 level. The two stocks have gained between 2-3%.
Aug 29, 2024, 10:21 am IST
Reliance Share Ahead Of AGM
Reliance Industries (RIL) share price is in focus on Thursday, August 29, 2024, ahead of the company's 47th annual general meeting (AGM). In the early trade, the heavyweight stock crossed the Rs 3,000 mark and rose by nearly a per cent. The stock opened higher. Market participants are eyeing views on IPOs of Jio and retail businesses, coupled with developments in new energy from billionaire Mukesh Ambani.
Sachin Dixit of JM Financial Institutional Securities said, “Nykaa’s FY24 Annual Report outlined its financial and operating performance and business strategy for the coming years. Company expects BPC growth in mid-to-late twenties over the next 3-4 years with India being where China was in 2007 and sustained economic growth expected to drive rising BPC spends per capita. Nykaa Fashion has created its own niche with the company accounting for 20% market share of online premium fashion, a market expected to grow 3.5x over the next 6 years. The segment continues trending towards EBITDA profitability driven by successful plugging of leakages by undertaking line-by-line efforts such as reducing RTOs, minimising returns, along with improving assortment and focus on women and premium category. While not building any improvement in contribution margin for core BPC, we still expect the company to deliver 250bps EBITDA margin expansion over the next 3 years, resulting in our Sep’25 TP rising to INR 250. We reiterate BUY with Nykaa expected to be a key beneficiary of any recovery in demand environment.”
Aug 29, 2024, 9:31 am IST
IndiGo Shares In Focus
On Thursday, August 29, up to 2.3 crore shares, or 6% equity stake of InterGlobe Aviation, valued at .3 billion (11,000 crore), were exchanged at Rs 4,760 per share.
Aug 29, 2024, 9:30 am IST
Market Open On A Flat Note
On Thursday, the Indian stock market opened on a mixed note as Nifty opened 23 points down at 25,029 level while Sensex opened 59 points lower at 81,727 level.
Aug 29, 2024, 9:19 am IST
Stocks/Sectors To Focus Today
After registering a new high of 25,130, profit booking in the last session dragged the Index lower to settle the trade at 25,052. At record levels, Long-Legged DOJI candlestick pattern with a probable bearish divergence in the RSI suggests loosening of the positive momentum. The same was spotted on the lower timeframe (hourly chart) as well. A break below 24,970 will drag the Index further lower towards 24,840; while on the flip side, a firm close with a bullish candle above 25,100 is a must to continue its northward journey. We continue to hold our positive stance on the IT sector with a buy-on-dips strategy (Wipro- Inverted Head and Shoulder breakout, but waiting for confirmation). As indicated yesterday, the FMCG sector did correct, although, some more correction is still left before resuming its uptrend. With a fresh breakout in a few Pharma stocks suggesting an extension of their rally (Cipla- Pennant and Pole Breakout, Granules- Ascending Triangle Breakout, and Torrent Pharma- Range Breakout), said Aditya Gaggar, Director of Progressive Shares.
Aug 29, 2024, 9:18 am IST
JSW Energy In Focus On Order Deal Announcement
The company's wholly-owned subsidiary JSW Neo Energy Limited has obtained a letter of award from MSEDCL (MSEDCL – Phase III) for an additional 400 MW of WindSolar Hybrid Power Project under a greenshoe option.
Aug 29, 2024, 9:09 am IST
Rupee Vs Dollar
After closing at 83.95 against the US dollar on Wednesday, the rupee began at 83.92 against it on Thursday.
Aug 29, 2024, 9:02 am IST
Nifty Bank Prediction Today
Nifty Bank concluded the session at 51,143.85, marking a decline of 0.26%. While the index continues to sustain above the declining trendline on the daily timeframe, the breach of lower swings in the hourly candles signals a slowdown in bullish momentum. To flare up this momentum, Bank Nifty needs to surpass the 51,500 level. The decline was primarily driven by a downturn in most private banks, which weighed on the index. If Bank Nifty slips below the 51,000 level, it could potentially extend its decline towards 50,770 and might fill the gap created on August 22nd. The index is likely to remain non-directional, within a broader range of 50,750 to 51,500, said Om Mehra, Technical Analyst, SAMCO Securities.
Aug 29, 2024, 8:41 am IST
Nifty Prediction Today From Om Mehra, Technical Analyst, SAMCO Securities
In a shorter time frame, the Nifty has given a breakout of a diamond pattern and is sustaining above the crucial 25,000 level. Although the index is oscillating within a narrow range, the primary trend remains positive. Nifty is positioned above the middle Bollinger Band and appears poised to test the upper Bollinger Band, which lies around the 25,280 level.
Aug 29, 2024, 8:25 am IST
Market Strategy Today
The market outlook remains sideways to bullish as the index holds above its 10-day and 20-day EMAs, with a solid base around the 50,800-50,900 levels. With the index maintaining its Higher-High and Higher-Low structure, the "Buy on Dips" strategy remains valid as the index continues to trade within a narrow range of 51,300-50,800, with buying activity still evident at lower levels. Should the index sustain above 51,300, it could trigger a strong bullish momentum, potentially targeting the next upside level of 51,850, leading to short-covering by sellers, said Dhupesh Dhameja.
Aug 29, 2024, 8:25 am IST
Options Market Outlook
In the options market, significant open interest is noted at the 51,200 Call (1.09 crore contracts) and the 51,100 Put (1.22 crore contracts), with active trading around the 51,300-51,400 Calls and 50,900-51,000 Puts. The Put-Call Ratio (PCR) has slightly increased from 0.84 to 0.89, reflecting a sideways to bearish sentiment as the index experiences limited follow-up buying and trades mostly sideways, keeping the bulls cautious. The Max Pain Point, concentrated at 51,200 strike, serves as a crucial level to watch, for the potential shifts in the index's direction, said Dhupesh Dhameja.
Aug 29, 2024, 8:25 am IST
Banking Index’s Monthly Expiry Ends on Flat Note; Bullish Indicators Hold Steady
Dhupesh Dhameja, Technical Analyst, SAMCO Securities said, despite the lacklustre performance, the index continues to trade just above its falling trendline, maintaining a Higher-High and Higher-Low structure on the daily chart. A bullish crossover of the 10-day and 20-day Exponential Moving Averages (DEMAs) further highlights the underlying bullish sentiment. With Nifty Bank trading above these short-term key averages, solid support is established around the 50,800-50,900 levels—previous resistance in the trading range—making the "Buy on Dips" strategy favourable as buying opportunities arise from these support zones.
Aug 29, 2024, 8:18 am IST
Market Outlook
The market outlook has shifted from bullish to sideways, with a "Buy on Dips" strategy advised. On the 75-minute time frame, Nifty continues to trade within a Higher-High and Higher-Low structure, staying above the key 20-period Exponential Moving Average. The consecutive Doji candlestick pattern, engulfing its previous day trading range at all-time high levels, indicates indecision. The narrow range battle between Puts and Call writers in the 25,000 to 25,200 range adds to this uncertainty. However, as long as Nifty remains above 24,800, the bulls are in control. A decisive close above 25,100 could trigger a strong recovery, potentially leading to short-covering by sellers (Call Writers), said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Aug 29, 2024, 8:18 am IST
Options Market Insights
The options market remains bullish, with more Puts being written than Calls as the index continues to hold above the 25,000 level. Significant open interest at the 25,000 Put (1.19 crore contracts) and the 25,500 Call (91.12 lakh contracts) points to a narrow range battle between buyers and sellers. The Put-Call Ratio (PCR) has slightly increased from 1.11 to 1.12, underscoring the bullish structure dominated by Put writers over the past two trading days. The Max Pain Point at 25,000 strike marks a critical level that could influence the index's near-term movement, according to Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Aug 29, 2024, 8:18 am IST
Nifty Prediction By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
On the 75-minute chart, Nifty maintains a strong Higher-High and Higher-Low structure, consistently trading above its key 20-period upward-sloping Exponential Moving Averages (EMAs). The Rising Window between 24,850 and 24,900, alongside key daily chart averages, offers robust support on the downside. The presence of two consecutive Doji candles at all-time high levels suggests caution for trend continuation. This makes the upcoming sessions crucial in determining the index's direction.
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