The key benchmark indices ended on a positive note on Wednesday as the market moved into a low-volatility period of consolidation. Sensex closed 67.50 points, or (0.083%) higher at 81,779.26, while Nifty ended 27.50 points, or (0.11%) higher at 25,045.25. On the Nifty pack, LTIMindtree, Wipro, Divi's Laboratories, Bharti Airtel and Infosys were the top 5 gainers while Maruti Suzuki India, Asian Paints, Adani Enterprises, Shriram Finance and Britannia Industries were the top 5 losers.
In early trading, 1,787 shares advanced, 633 shares declined, and 128 remained unchanged. Among the top gainers on the Nifty were LTIMindtree, Wipro, M&M, Tata Motor
Wednesday holds particular significance for the Nifty Bank index as it marks the monthly expiry. Beginning the week down 600 points for the series, the index has made a commendable effort to recover some of these losses in the past two sessions. For the Nifty Bank to end the F&O (Futures and Options) series on a positive note, it must close above 51,553-a key level that could unlock further upside potential.
As traders and investors prepare for Wednesday's trading session, NBCC, Carysil, and UPL emerge as stocks to watch. Their performance could set the tone for the day and offer potential opportunities amid the broader market's mixed signals.
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Aug 28, 2024, 3:52 pm IST
Market Outlook Today From Vinod Nair, Head of Research, Geojit Financial Services
A consolidation in the US 10yr bond yield and an inflow of FIIs kept the domestic market sentiment optimistic. However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data this week. On the other hand, investors are giving more emphasis to defensive bets, which is evident with the outperformance in IT and pharma stocks.
Aug 28, 2024, 3:24 pm IST
WTI Crude Oil Outlook
Mohammed Imran – Research Analyst, Sharekhan by BNP Paribas said, “The oil rally fizzles out despite API forecasting a larger draw in weekly inventories across the products in US last week. WTI prices retreats for second straight day down 0.75% at .90 during mid European trading hours. Prices fell more than 2% on Tuesday, snapping a three-day streak of gains of more than 7%, as concerns about low refinery profit margins weighed on expectations for fuel demand amid data showing global consumption growth has been lower than forecasts. The geo-political risks escalated after Israel and Hezbollah exchanged fire over the weekend, which could threaten to derail negotiations over a ceasefire. crude oil inventories fell 3.407 million barrels in the week ended Aug. 23 last week, while Libya’s which has capacity to produce 1.2 mbpd of oil , have halted output as closures spread, amid a dispute between rival government factions. Demand outlook remain weak amid slowdown in China, while the next real catalyst comes from the next weeks PMI and NFP data, as for the week we expect crude oil to remain a sell on rise market. WTI could fall back to support, while largest draw could see sudden spike but prices don’t looks to sustain above for the day.”
As of August 26, 2024, Motilal Oswal Asset Management Company (MOAMC) reported that its assets under management (AUM) surpassed 1 lakh crore. In the ten years between April 2014 and August 2024, MOAMC's AUM climbed by 50 times, accompanied by a significant growth in its client base, which currently numbers ~32 lakh from more than 200 sites around India. Currently, the AMC has 46 lakh active folios for all of its products.
Aug 28, 2024, 2:45 pm IST
India | Internet | Quick Commerce: Competitive environment is toughening
Swapnil Potdukhe of JM Financial Institutional Securities said, Media reports suggest Tata-owned Bigbasket plans to pivot to an entirely quick commerce (QC) driven business model. While it already had an active QC arm BB Now – currently delivering over 50% of its total sales – the company now intends to move away from 2hrs to next day delivery service and offer only 10-30min delivery service. eCommerce platform Flipkart too recently launched its QC offering ‘Minutes’ in select pin-codes of Bengaluru, New Delhi and Mumbai. Earlier, Blinkit and Zepto had mentioned plans to double their dark store count over the next 1 year, while there exists a very high possibility of Jiomart (Reliance) and Amazon entering the fray. While growing competitive intensity could be intuitively concerning for investors, we note that there is also a conspicuous shift in consumer demand from traditional eCommerce and unorganised players to QC. Moreover, recent forays of QC players in lower tier cities (refer link 1 & link 2) also indicate good traction for the channel. As a result, the addressable TAM for the QC channel iself could be much bigger than earlier envisaged, which in turn should ensure strong near-term growth for all active players, in our opinion. That said, we reiterate that consolidation is a must for the QC market to see long-term sustainable profit pools.
Aug 28, 2024, 1:55 pm IST
Tanishq And De Beers Forge Strategic Collaboration To Boost India’s Natural Diamond Jewellery Market
As India becomes the world’s second largest market for natural diamond jewellery, industry leaders De Beers and Tanishq unite to connect even more people to its enduring value De Beers Group, the world’s leading diamond company, and Tanishq, India's largest jewellery retail brand from the Tata group, today announced a long-term strategic collaboration to connect more Indian consumers with the rarity and preciousness of natural diamonds and amplify the growing opportunity in the Indian market. With a vibrant economy, a growing middle class and discerning consumers who seek jewellery with enduring value, demand for natural diamond jewellery from Indian consumers has surged recently and now represents 11 per cent of global demand.
Aug 28, 2024, 1:47 pm IST
JBM Electric Vehicles Signs Agreement With LeafyBus
JBM Electric Vehicles (P) Ltd., the leading Indian Electric Bus manufacturer and EV ecosystem player in India today announced signing a strategic agreement with LeafyBus for supplying 200 ultra-modern Electric Luxury Buses. This collabora on marks yet another step by the company towards fostering innova on in green public mobility and decarbonisa on aligned with the company’s ESG and SDG goals. Mr. Nishant Arya, Vice Chairman, JBM Group said, “This associa on is a testament to JBM’s commitment to fostering sustainable development and zero emission technologies. Our electric buses are designed to offer not only superior performance, safety and reliability but also a cleaner, greener alterna ve for intercity travel. This agreement aligns perfectly with our vision to lead the transi on to electric mobility in India."
Aug 28, 2024, 1:39 pm IST
Agro Tech Foods Ltd Undergoes A Change In Management
The Board of Directors of the company Agro Tech Foods Ltd. has considered and approved the appointment of Mr. Harsha Raghavan and Mr. Manish Mehta as Additional (Non-Executive) Directors with no remuneration and no sitting fees to be paid, on the Board of Directors of the Company with effect from August 28, 2024, subject to the approval of the shareholders. Mr. James Patrick Kinnerk and Mr. Alexander Byron Jacobs vide their letters dated August 28, 2024, have tendered their resignation as Non-Executive Non-Independent Directors of the Company from August 28, 2024, due to personal and unavoidable circumstances.
Aug 28, 2024, 1:13 pm IST
Bumper Listing: Orient Technologies Makes Stellar Debut On Exchanges At 40% Premium From IPO Price
Orient Technologies, a Mumbai-based IT solutions provider, marked an impressive debut on the stock market today, with its shares surging over 40% from the issue price. The strong market debut reflects the high investor confidence and the robust demand that surrounded its initial public offering (IPO). Orient Technologies' shares were listed on the National Stock Exchange (NSE) at Rs 288 per share, a 39.80% premium over its issue price of Rs 206. Meanwhile, on the Bombay Stock Exchange (BSE), the stock opened even higher at Rs 290 per share, up 40.78% from the issue price.
Advait Infratech Ltd Receives Order For Manufacturing Alkaline Electrolysers
Advait Infratech Limited (“the Company”) has received an order for Setting up Manufacturing capacities of 200 MW of Alkaline Electrolysers in India under Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Tranche - 1I) by Solar Energy Corporation of India Limited (SECI) on August 27, 2024.
Aug 28, 2024, 12:25 pm IST
Agro Tech Foods Ltd Undergoes Changes In Management
The Board of Directors of the company Agro Tech Foods Ltd. has considered and approved the appointment of Mr. Harsha Raghavan and Mr. Manish Mehta as Additional (Non-Executive) Directors with no remuneration and no sitting fees to be paid, on the Board of Directors of the Company with effect from August 28, 2024, subject to the approval of the shareholders. Mr. James Patrick Kinnerk and Mr. Alexander Byron Jacobs vide their letters dated August 28, 2024, have tendered their resignation as Non-Executive Non-Independent Directors of the Company with effect from August 28, 2024, due to personal and unavoidable circumstances.
Aug 28, 2024, 11:55 am IST
Gold Prices In India Jumps Again Mid week
India gold Rates today for 10 grams of 24-carat yellow metal is ₹ 73,250/- and ₹ 67,150/- for 10 grams of 24-carat gold. There has been a surge in prices
by ₹220/- and ₹ 210/- per 10 grams for both pure gold and standard gold respectively.
Swastika Investmart Ltd. Shares Insights On Orient Technologies IPO
Orient Technologies, the seasoned IT solutions provider, made a strong debut on the stock market, listing at Rs. 302 per share. This translates to a significant 46.8% gain over its issue price of Rs. 206, underscoring the positive investor sentiment surrounding the company.
The substantial oversubscription and impressive listing gain demonstrate strong investor confidence in Orient Technologies' future prospects. The company's long track record and diverse clientele solidify its market position. Consistent financial growth and a healthy balance sheet further enhance investor appeal.
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd. stated ,Orient Technologies' listing is a testament to its strong fundamentals and positive market outlook. However, investors should remain cautious about potential challenges such as industry competition and reliance on key clients. Investors are advised to keep holding their shares with a stop - loss at 270.
Aug 28, 2024, 10:46 am IST
Sectoral Indices Performance Overview
The Indian stock market continues to face downward pressure, with both the Sensex and Nifty trading flat. Selling pressure is evident across most sectoral indices, with Nifty Bank, Auto, FMCG, Metal, and Realty sectors lagging behind. However, there are some bright spots in the market, with Nifty Pharma, IT, and Media indices showing positive momentum.
Aug 28, 2024, 10:32 am IST
Tata Elxsi Stock Plunges 4%
Tata Elxsi's share price, which had been enjoying a steady upward trend rising around 30% in recent trading sessions, has experienced a significant setback today. The share prices are currently plunging by approximately 4% due to heavy selling pressure.
Aug 28, 2024, 10:15 am IST
PDS Raises 430 crore Through A QIP
PDS Limited announced the successful completion of its Qualified Institutions Placement (QIP) crore (mn). The QIP attracted robust interest from institutional investors, with a subscription exceeding 2x the issue size. The overwhelming response and commitment from institutional investors underscore the confidence in PDS's strategic vision, growth potential and a testament to the resilience and vitality of the business model, refined over two and a half decades. This fund raise enables PDS to accelerate its growth journey of expanding into new markets & categories, as well as diversifying its sourcing regions through brownfield investments, all while maintaining a robust balance sheet.
Aug 28, 2024, 10:00 am IST
Adani Enterprises Set To Launch Rs 800 Crore NCD Issue On September 4
The Board of Directors of Adani Enterprises, through its Management Committee, has given the green light for the public issuance of non-convertible debentures (NCDs) worth up to Rs 800 crore. The company has adopted the prospectus for the issuance of up to 80,00,000 secured, rated, listed, redeemable NCDs, each with a face value of Rs 1,000. The initial offering is valued at Rs 400 crore, with the option to retain an over-subscription of an additional Rs 400 crore. The NCD issue will be open for subscription from September 4, 2024, to September 17, 2024.
Aug 28, 2024, 9:28 am IST
Market Opens Flat Amid Mixed Global Cues
Amid mixed global signals, Indian markets opened flat on August 28. The Sensex edged up by 74.59 points or 0.09% to 81,786.35, while the Nifty rose by 19.50 points or 0.08% to 25,037.30.
Aug 28, 2024, 8:37 am IST
GIFT Nifty Signals Flat to Slightly Negative Opening
Trends on GIFT Nifty suggest a flat to slightly negative start for the broader Indian market, with the index showing a decline of 23 points, or 0.09%. Nifty futures were trading around the 24,989.50 level.
Aug 28, 2024, 8:28 am IST
Oil Prices Rebound Amid Geopolitical Tensions and Demand Uncertainty
Oil prices rebounded on Wednesday following a sharp decline in the previous session, which ended a three-day winning streak. Investors have been caught between concerns over potential supply disruptions from Libya and the Middle East and worries about global fuel demand.
As of 0209 GMT, Brent crude futures rose by 25 cents, or 0.31%, to .80 per barrel, while US West Texas Intermediate crude futures increased by 17 cents, or 0.23%, to .70 per barrel.
This recovery follows a more than 2% drop on Tuesday, which halted a three-day rally of over 7%. The decline was driven by concerns over low refinery profit margins, which have dampened expectations for fuel demand, especially in light of data indicating that global consumption growth has been slower than anticipated this year.
Aug 28, 2024, 8:28 am IST
Dow Nears Record High as Wall Street Sees Mixed Movement
A day after the Dow Jones Industrial Average reached an all-time high, Wall Street's stock indexes showed mixed performance. On Tuesday afternoon, the S&P 500 edged up 0.2% after fluctuating between minor gains and losses throughout the day. The Dow dipped slightly, losing 19 points, or 0.1%, while the Nasdaq composite rose 0.3%.
Nvidia, the semiconductor giant valued at over trillion, saw its shares climb 1.8% ahead of its financial results announcement on Wednesday. The company’s stock has surged by 160% this year, largely driven by Wall Street’s enthusiasm for artificial intelligence.
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