Indian benchmark indices closed flat after a volatile trading session on August 23. The Sensex edged up by 80.12 points, or 0.10%, to settle at 81,133.31, while the Nifty gained 11.70 points, or 0.05%, to end at 24,823.20. The market saw mixed sentiment, with 1,810 shares advancing, 1,603 declining, and 68 remaining unchanged.
Among the top gainers on the Nifty were Bajaj Auto, Coal India, Tata Motors, Sun Pharma, and Bharti Airtel. On the other hand, Wipro, ONGC, Divis Labs, LTIMindtree, and Infosys were the top losers.
The BSE Midcap index fell by 0.6%, while the Smallcap index closed flat. Sector-wise, the auto index gained 1%, but the metal, realty, media, PSU bank, and IT sectors witnessed declines of 0.5% to 2.5%.
On the currency front, the Indian Rupee ended higher at 83.90 per US Dollar, compared to Thursday's close of 83.95.
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Aug 23, 2024, 3:45 pm IST
Sensex, Nifty Close Flat Amid Volatility
Indian benchmark indices closed flat after a volatile trading session on August 23. The Sensex edged up by 80.12 points, or 0.10%, to settle at 81,133.31, while the Nifty gained 11.70 points, or 0.05%, to end at 24,823.20. The market saw mixed sentiment, with 1,810 shares advancing, 1,603 declining, and 68 remaining unchanged.
Aug 23, 2024, 3:43 pm IST
Trent Shares Break Rs 7,000 Barrier; Potential New Addition To Nifty
Trent shares surpassed the Rs 7,000 mark today, continuing their record-setting streak that has spanned over a decade. At the current valuation, Trent shares are trading at a one-year forward multiple of 97 times and a current year multiple of 143 times.
Aug 23, 2024, 3:43 pm IST
JSW Energy Subsidiary Secures Power Purchase Agreement for 300 MW Solar Project With BESCOM
JSW Energy Ltd shares rose nearly 2% in early trading on Friday, August 23, following the announcement that its wholly-owned subsidiary had signed a Power Purchase Agreement (PPA) with Bangalore Electricity Supply Company Limited (BESCOM) for a 300 MW solar capacity project.
Aug 23, 2024, 3:16 pm IST
Bajaj Auto Continues Winning Streak With 4% Gain On Fourth Consecutive Day
Bajaj Auto shares have risen for the fourth consecutive day, up more than 4%. The stock is the leading gainer on the Nifty index and has seen gains in six of the last seven trading sessions. Over the past month, it has climbed 10%, and it has surged 54.14% year-to-date.
Aug 23, 2024, 2:33 pm IST
SEPC Surges 18% Following Final Acceptance Of Rs 232 Crore Contract
SEPC shares soared over 18% on Friday after the company announced that it had received the final acceptance certificate from Hutti Gold Mines Ltd for a 2013 contract, confirming the successful completion and approval of the project.
Aug 23, 2024, 2:16 pm IST
Spandana Sphoorty Financial To Discuss Potential Fundraising
Spandana Sphoorty’s board of directors is scheduled to meet on August 27 to deliberate on the issuance of non-convertible debentures through a private placement.
Aug 23, 2024, 1:54 pm IST
Minda Corporation Hits 2nd 52-Week High, Jumps 9%
Small cap company engaged in auto component & equipment industry, Minda Corporation Ltd shares hit 2nd 52-week high on BSE today. Current market price of Minda Corporation shares is Rs 584.20 per share. Minda Corporation shares offered attractive return of 26% in last 1-month and soared 170% in last 2-years. The company’s market capitalisation stood at Rs 14,008.86 crore.
Aug 23, 2024, 1:22 pm IST
Anil Ambani-Led Group Stocks Plummet After Sebi Bans Him, Others From Securities Market
Shares of companies led by Anil Ambani on Friday declined steeply after Sebi barred him and 24 other entities, including former key officials of RHFL, from the securities market for five years for diversion of funds from the company. The stock of Reliance Home Finance Ltd (RHFL) fell 5.12 per cent to Rs 4.45 on the NSE, and 4.90 per cent to Rs 4.46 on the BSE. Reliance Infrastructure shares tumbled 10.83 per cent to trade at Rs 209.90 apiece on the BSE. On the NSE, it plunged 8.89 per cent to Rs 214.76. Further, Reliance Power stock declined 5 per cent each to Rs 34.45 and Rs 34.48 on BSE and NSE, also its lower price band. In the mid-session trade, the 30-share BSE Sensex rose 57.32 points or 0.07 per cent to trade at 81,110.51, while NSE Nifty climbed 29.35 points or 0.12 per cent to 24,840.85.
On Thursday, Sebi barred industrialist Anil Ambani, 24 other entities, including former key officials of RHFL from the securities market for five years for diversion of funds from the company. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market, including as a director or key managerial personnel in any listed company, or any intermediary registered with the market regulator, for a period of 5 years, according to a PTI report.
Aug 23, 2024, 12:58 pm IST
Ambuja Cement Block Deal: Adani Group Stock Jumps Amid Stake Sale Worth 4,251 Crore
Ambuja Cements' stock price witnessed a significant surge in early trading on Friday, August 23, rising over 4% on the National Stock Exchange (NSE). The rally was fueled by reports suggesting that the Adani Group, the promoters of Ambuja Cements, planned to sell a portion of their stake via a block deal. The stock opened at Rs 654, up from its previous close of Rs 632.90, and quickly climbed to Rs 659.70, marking more than a 4% increase. By 10 am, the stock was trading at Rs 653.80, reflecting a 3.30% gain.
According to media reports, the Adani Group intended to offload approximately 3% of its stake in Ambuja Cements on Friday, aiming to raise nearly 0 million, or approximately Rs 4,197 crore, through block deals. This move is seen as a step to diversify the shareholder base and attract long-only investors, particularly those with a focus on infrastructure assets.
Aug 23, 2024, 12:29 pm IST
Blackstone-owned International Gemmological Institute files for Rs 4,000-cr IPO
Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd filed preliminary papers with capital markets regulator Sebi to float Rs 4,000 crore via an initial public offering (IPO). The initial share-sale is a combination of a fresh issue of equity shares worth Rs 1,250 crore and an Offer-For-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone, according to the draft red herring prospectus (DRHP). The company proposes to utilize the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter and general corporate purposes. International Gemmological Institute (India) Ltd provides services related to the certification and accreditation of natural diamonds, laboratory grown diamonds, studded jewellery and coloured stones, according to a PTI report.
Aug 23, 2024, 12:27 pm IST
Silver Prices Today In India: Silver Price Decline
Silver price in India today witnessed decline after staying steady for 2 consecutive days. 1kg silver prices on August 23 stood at Rs 86,700 after decline of Rs 300. 100 grams silver price today in India fell by Rs 30 to Rs 8,670. 1 gram silver prices today stood at Rs 86.70.
Aug 23, 2024, 12:18 pm IST
RailTel Jumps 7% On New Order Win
Miniratna public sector undertaking RailTel Corporation of India Ltd shares gained over 7% in trade today after it received the work order from Uttar Pradesh Police Recruitment And Promotion Board for Service amounting to Rs. 52,66,30,075 (Excluding Tax). The time period by which the order needs to be executed is August 31, 2024. Current market price of RailTel Corporation shares on BSE is Rs 494.90 per share. RailTel Corporation shares offered attractive return of 195% in last 1-year.
Aug 23, 2024, 11:46 am IST
Kaynes Inaugurates State-of-the-Art Electronics Manufacturing Facility In Hyderabad
Kaynes, a global leader in electronic system design and manufacturing solutions, proudly announces the successful inauguration of its cutting-edge electronics manufacturing facility in Hyderabad. The grand opening, held on August 23, 2024, marks a significant achievement in the company's strategic expansion, reinforcing its commitment to innovation, sustainability, and excellence. The event was attended by the Speaker of the Telangana Legislative Assembly Gaddam Prasad Kumar accompanied by Sri Duddilla Shridhar Babu, Information Technology Minister, Shri Malreddy Ranga Reddy, MLA along with other distinguished government officials, industry leaders, and key stakeholders, all of whom witnessed the advanced capabilities of this new plant. Ramesh Kunhikannan, Managing Director, Kaynes Technology, expressed his enthusiasm, stating, "The inauguration of our Hyderabad facility is a pivotal moment in our journey. This state-of-the-art plant not only enhances our manufacturing capabilities but also positions Kaynes Technology at the forefront of the electronics manufacturing industry, both in India and globally."
Aug 23, 2024, 11:19 am IST
Railtel Shares Surge 6.3% on Strong Opening
Railtel's share price surged after announcing a ₹52.66 crore order win from the Uttar Pradesh Police Recruitment And Promotion Board. The stock opened today at Rs. 478.90 and is currently trading 6.3% higher at Rs. 501.96.
Aug 23, 2024, 10:56 am IST
Ambuja Cement Block Deal: Adani Group Stock Jumps Amid Stake Sale Worth 4,251 Crore By Promotors
Ambuja Cements' stock price witnessed a significant surge in early trading on Friday, August 23, rising over 4% on the National Stock Exchange (NSE). The rally was fueled by reports suggesting that the Adani Group, the promoters of Ambuja Cements, planned to sell a portion of their stake via a block deal. The stock opened at Rs 654, up from its previous close of Rs 632.90, and quickly climbed to Rs 659.70, marking more than a 4% increase. By 10 am, the stock was trading at Rs 653.80, reflecting a 3.30% gain.
Gold rates in India have declined for the second consecutive day. 10 grams of 24-carat gold is now priced at Rs. 72,650/-, while 22-carat gold is valued at Rs. 66,600/- per 10 grams.
Aug 23, 2024, 10:27 am IST
JSW Energy Signs PPA For 300 MW Project In Pavagada Solar Park
JSW Renew Energy Twenty Limited, a wholly owned step down subsidiary of JSW Energy Limited, has signed Power Purchase Agreement with Bangalore Electricity Supply Company Limited for solar capacity of 300 MW awarded by Karnataka Renewable Energy Development Limited. The PPA is signed for supply of power until FY 2044 with a tariff of ₹2.89/KWh. The aforesaid project is located in Pavagada Solar Park, Karnataka and is expected to be commissioned in next 18 months. The current solar pipeline capacity stands at 3.2 GW with PPAs signed for 1.3 GW. JSW Energy has total locked-in generation capacity of 16.7 GW comprising 7.5 GW operational, 2.3 GW under-construction across wind, thermal and hydro and RE pipeline of 6.9 GW (PPAs signed for 2.3 GW). The company also has 4.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The Company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.
Aug 23, 2024, 10:06 am IST
Power Grid Corporation of India Shares In Focus
In order to evacuate power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/Barmer Complex): Part D), Power Grid Corporation of India Limited acquired Beawar - Mandsaur Transmission Limited on a build, own, operate and transfer (BOOT) basis from the PFC Consulting Limited, the bid process coordinator. In the regions of Rajasthan and Madhya Pradesh, the project includes building a 765kV D/C Transmission Line and extending associated bays at an existing substation. The corporation, along with the company's assets and liabilities, had been acquired for an approximate total value of Rs. 18.58 Cr. This amount included 10,000 equity shares at par value of Rs. 10 apiece.
The Indian stock indices opened with modest gains on August 23, with the Sensex slightly down by 58.50 points or 0.07%, settling at 80,994.69, while the Nifty edged down by 10.00 points or 0.04% to 24,801.50. In early trade, about 1,690 shares advanced, 797 declined, and 116 remained unchanged. Among the top gainers on the Nifty were Bajaj Auto, Apollo Hospitals, Tata Motors, Tata Consumer, and Reliance Industries. On the downside, ONGC, NTPC, Infosys, LTIMindtree, and IndusInd Bank were among the major losers.
Aug 23, 2024, 9:30 am IST
Railtel Corporation of India Bags Order From Uttar Pradesh Police Recruitment And Promotion Board
The Uttar Pradesh Police Recruitment and Promotion Board has awarded Railtel Corporation of India a work order of Rs. 52,66,30,075 (Excluding Tax) for service.
Aug 23, 2024, 9:29 am IST
Rupee Vs Dollar
After falling by 4 paise to 83.94 (provisional) versus the US dollar on Thursday, the rupee gained 2 paise to 83.91 against it in early trade on Friday.
Aug 23, 2024, 9:08 am IST
Stocks/Sectors To Focus
Aditya Gaggar, Director of Progressive Shares, said “Indian equities ended the weekly expiry day marginally higher at 24,812. The range of 24,850-,25,000 is a bearish gap zone, and considering a one-way rally from the past 5 sessions, a pullback can be anticipated where the Index will find support at 24,720. BankNifty has given a breakout but is awaiting confirmation. From the Auto sector, Hero Motocorp is all set to give a breakout from a bullish Flag and pole formation. Post the breakout, the FMCG has made a DOJI candlestick pattern which indicates a temporary pause in its trend (not yet confirmed), buying on dips would be an ideal strategy. The IT sector is probably developing a bearish divergence in the RSI and due to profit booking, some correction can be anticipated. Gems and Jewellery counters have gained momentum (Kalyan Jewellers and Titan- Symmetrical Triangle Breakout, and TBZ- Flag and Pole Breakout). A sharp uptick was seen in select Chemical stocks (Plastiblends, Jubilant Ingrevia, and SRF).”
Aug 23, 2024, 8:54 am IST
Market Outlook Today From Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Market is witnessing significant sectoral churning. The PSU stocks rally which gave excellent returns in recent months is losing steam. For PSU banking stocks, the turnaround story which took the PSU banks from losses of Rs 87000 crores in FY 2018 to profits of Rs 1.41 lakh crores in FY 2024 is over. But the valuation of this segment is still attractive.
Defence and many railway stocks have good growth prospects but the valuations in most cases had run ahead of fundamentals, warranting a correction which has been happening recently. Money is moving into private sector financials where valuations are fair and attractive in this market which doesn’t have valuation comfort. This churning is fundamentally sound.
Globally the market’s focus today will be on Jerome Powell’s comments at Jackson Hole on the economy and the possible rate cut trend. Powell is likely to sound dovish indicating a rate cut in September.
Aug 23, 2024, 8:40 am IST
Adani Power Shares In Focus
The National Company Law Tribunal, Bench at Hyderabad (NCLT) on Thursday approved the 100% acquisition plan by Adani Power for Lanco Amarkantak Power Limited (LAPL) with an upfront payment of Rs. 4,101 Crore. The acquisition is to be completed by October 20, 2024.
Aug 23, 2024, 8:07 am IST
Dalmia Bharat Shares In Focus
On August 22, 2024, Dalmia Bharat executed addenda to the Share Purchase Agreement and Power Purchase Agreement (PPA) in order to acquire an additional 7.31% stake in O2 Renewable Energy V Private Limited's equity share capital, or 27,82,685 equity shares, totalling Rs. 3.15 crore in one or more tranches.
Aug 23, 2024, 7:52 am IST
Market Strategy Today
“The market outlook remains bullish, with a "Buy on Dips" strategy recommended in the current scenario. On the 75-minute time frame, the index is trading above its key averages, with immediate resistance at the 0.786 Fibonacci level of 24,823. The gap between 24,850 and 25,010 is exerting selling pressure at higher levels. On the downside, the index has established a strong base around 24,700 to 24,620, where the 0.618 Fibonacci retracement support lies. As long as the index stays above 24,600, the bulls are in control. A sustained move above 24,850 could trigger a strong recovery, leading to short-covering by sellers,” said Dhupesh Dhameja of SAMCO Securities.
Aug 23, 2024, 7:51 am IST
Options Market Insights
“In the options market, notable open interest is observed at the 51,000 Call (27.32 lakh contracts) and the 51,000 Put (23.69 lakh contracts), with significant activity around the 51,200-51,500 Calls and 50,500-50,800 Puts. The Put-Call Ratio (PCR) has risen from 0.78 on Wednesday to 0.93, indicating a slightly sideways sentiment as the index grapples with sustaining above the 51,000 level. The Max Pain Point, where the highest concentration of open options contracts is located, stands at 51,700, serving as a critical reference for the index's movement,” commented Dhupesh Dhameja of SAMCO Securities.
Aug 23, 2024, 7:51 am IST
Market Outlook
“The market outlook remains bullish as the index has successfully broken out of its 0.382 Fibonacci retracement level. The index also closed above its 50 DEMA, which had previously acted as resistance, further reinforcing the bullish momentum. The confirmed breakout from the Fibonacci level adds additional strength to the bullish outlook. With a solid base established around 50,300, the "Buy on Dips" strategy remains valid. A sustained move above 51,150 could ignite strong bullish momentum, potentially leading to the next upside target of 51,650,” said Dhupesh Dhameja of SAMCO Securities.
Aug 23, 2024, 7:51 am IST
Nifty Prediction Today
“Currently, the index is hovering near its 0.786 Fibonacci resistance level of 24,823 and faces an unfilled gap between 24,850 and 25,010, which is expected to act as a significant resistance zone. On the 75-minute chart, the index is holding above its key 10- and 20-period Exponential Moving Averages (EMAs), offering solid support at lower levels. The Relative Strength Index (RSI) on the daily chart is trading above the 60 mark, suggesting that the bullish momentum remains intact despite the previous sell-off,” said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Aug 23, 2024, 7:51 am IST
Bank Nifty Outlook
Bank Nifty has carved out a double bottom on the daily chart, indicating a potential trend reversal, with a steady scaling underway. The MACD on the daily time frame has signalled a bullish crossover, further enhancing the positive outlook. The immediate support is now positioned at 50,650, while a minor resistance looms around 51,250, aligned with a declining trendline. A break above this level may extend the rally toward the 51,550-51,700 zone. A buy-on-dip strategy could be adopted in the next session, said Om Mehra of SAMCO Securities.
Aug 23, 2024, 7:50 am IST
Nifty Outlook
Om Mehra, Technical Analyst, SAMCO Securities said, “Nifty continues to form a series of higher highs and higher lows on the daily chart, staying comfortably above its short-term moving averages. Following an extended consolidation and a decisive breakout, the momentum would likely persist, potentially pushing Nifty to retest the 25,000 mark or even breach All time high of 25,078.30 reached on August 1 intra-day, in coming sessions. Support levels have been pushed higher from 24,600 to 24,680, highlighting the bullish outlook.”
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