KEY HIGHLIGHTS
Rupee weakens Against US Dollar
Rupee weakened by 4 paise to close at 83.96 against the US dollar.
It closed at 83.92 on Tuesday.
Source: Bloomberg
Nifty Clocks Longest Gaining Streak In Nearly Four Years To End At Record High: Closing Bell
Benchmark equity indices continued their uptrend with the Nifty recording its best gaining streak since October 2020 to close at its lifetime high and the Sensex extending gains to a seventh consecutive session.
Intraday, the Nifty rose as much as 0.45% to its highest level of 25,129 and the Sensex rose as much as 0.40% to 82,039.65, 90 points shy of its lifetime high.
The Nifty ended 0.14% or 34.6 points higher at 25052.35 and the Sensex ends 0.09% or 73.80 points higher at 81785.56.
For Nifty, according to Aditya Gaggar, director of Progressive Shares, "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."
Shares of Infosys Ltd., Bharti Airtel Ltd., LTIMindtree Ltd., Wipro Ltd., and Sun Pharmaceutical Industries Ltd. contributed the most to the gains in Nifty.
While those of State Bank Of India, Axis Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Ltd., and Maruti Suzuki Ltd. limited the upside.
Most sectoral indices ended lower; Nifty IT was the top gainer and Nifty Media fell the most.
Market breadth was skewed in favour of sellers. Around 2,129 stocks declined, 1,837 stocks rose, and 90 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The BSE Midcap ended 0.04% higher and Smallcap indices ended 0.12% lower.
On BSE, 15 sectors declined, and five advanced out of 20. The BSE Teck rose the most, and the BSE Utilities declined the most.
Markets At Close
Nifty ends higher in the tenth consecutive session to record highest close
Nifty's best winning streak since 10 sessions ended Oct 14, 2020.
Sensex ends higher for seventh consecutive session
Nifty also recorded its fresh intraday high of 25,129.60
Nifty ends 0.14% or 34.6 points higher at 25052.35
Sensex ends 0.09% or 73.80 points higher at 81785.56
Broader indices underperformed; Nifty Midcap 100 ended 0.12% down and Nifty Smallcap 250 fell 0.22
Most sectoral indices ended lower; Nifty IT was the top gainer and Nifty Media fell the most
LTIMindtree and Wipro were top Nifty gainers
Adani Enterprises and Asian Paints were top losers among Nifty stocks
Cabinet Approves 12 Industrial Smart Cities
Approved smart cities worth Rs 28,602 crore
Projects to have investment potential of Rs 1.52 lakh crore
Projects to be spread across 10 states and six corridors
Approved:
Five Projects in Amritsar Kolkata Industrial Corridor
Two Projects in Delhi Mumbai Industrial Corridor
One Project each in:
Vizag Chennai Industrial Corridor
Hyderabad Bengaluru Industrial Corridor
Hyderabad Nagpur Industrial Corridor
Chennai Bengaluru Industrial Corridor
Source: Ashwini Vaishnav at cabinet briefing
DEE Development In Pact To Lease Pipe Automation Equipment
Signs term sheet to lease to DEE the pipe automation equipment for the performance of automated pipework fabrication along with a non-exclusive license to utilize.
Source: Exchange Filing
Ahluwalia Contracts Gets Order From Bharat Aluminium
Gets Rs 350 crore order from Bharat Aluminium for building housing complex in Chhattisgarh
Source: Exchange filing
CS Setty Starts As SBI Chairman
CS Setty assumed charge as State Bank of India chairman.
Source: Exchange filing
IPO Update – Zapperfresh
Zapperfresh filed draft papers for IPO having fresh issue of 59.06 lakh shares.
Source: DRHP
Titan's Tanishq Ties Up With De Beers To Promote Natural Diamonds
Titan Co. Ltd.'s Tanishq partners with De Beers to promote natural diamonds across India
Tanishq is to educate Indian customers about natural diamonds at retail stores
Tanishq-De Beers collaboration is to increase emotional significance of natural diamonds among consumers amid growing demand for lab-grown diamonds.
Source: Press release shared by Tanishq
LIC Clarifies News Of Seeking Changes To Surrender Value Norms
Life Insurance Corp of India submitted views to IRDAI regarding implementation of its insurance products regulations
Alert: The company clarified on media reports of it seeking changes to surrender value norms.
Source: Exchange filing
Most European Markets Rise
JBM Auto Arm In Pact With LeafyBus
Arm JBM Electric Vehicles in pact with LeafyBus to supply 200 electric buses
Source: Exchange Filing
GRM Overseas Acquires Rage Coffee
Acquires single largest stake in Virat Kohli-backed digital first brand 'Rage Coffee'
Source: Exchange Filing
Texmaco Rail Shares Gain On High Export Growth Guidance
Shares of Texmaco Rail & Engineering Ltd. gained over 3% on Wednesday after the company, in its investor presentation, said it expects about three to five times growth in exports of components and railway castings over the next two to three years.
Nifty Hits Record To Notch Best Rally In Nearly Four Years: Midday Market Update
India's benchmark indices extended gains by midday on Tuesday, buoyed by information technology stocks post the US Federal Reserve Chair's dovish tilt last week. The Nifty 50 index hit a fresh record high near midday at 25,099.95, and was up 0.32% or 80.75 points 25,098.50 as of 11:53 a.m. The BSE Sensex was up 269 points, or 0.33%, at 81,981.
The rally was led by IT stocks as Nifty IT too touched a fresh life high of 42,712.50, before cooling off to 42,623.20 at 12:19 p.m. The information technology gauge rose for the third consecutive day after Jerome Powell said "time has come" for September rate cuts, boosting business prospects for domestic firms.
"We expect the volatility to increase with respect to rollover movement in individual sectors and stocks with respect to the monthly expiry. RSI is overbought on hourly charts and reversing downwards, and we could witness some minor pullback and retracement over the next few days," said Vikas Jain, head of research at Reliance Securities.
Shares of Infosys Ltd., Tata Consultancy Services Ltd. and Bharti Airtel Ltd. positively contributed to changes in the index.
While those of ICICI Bank Ltd., Axis Bank Ltd. and Asian Paints Ltd. weighed the index.
On NSE, half the sectors advanced with Nifty IT and Pharma rising during the session. The Realty index fell the most.
Broader markets were trading in the green. The BSE Midcap and Smallcap indices were trading 0.12% and 0.40% higher, respectively.
On BSE, 14 out of 20 sectors advanced, with the BSE Information Technology rising the most. BSE Realty and FMCG were the top losers in trade.
Market breadth was skewed in the favour of buyers. Around 2,149 stocks rose, 1,617 stocks declined, and 131 stocks remained unchanged on BSE.
Also Read: Stock Market Today: Nifty Clocks Longest Gaining Streak In Nearly Four Years To End At Record High
Ashok Leyland UK Arm Liquidated
UK-based step-down subsidiary Ohm International Mobility voluntarily liquidated
Source: Exchange Filing
Shoppers Stop In Pact With Max Factor
Max Factor in pact with company to build brick & mortar presence in India
Max Factor to be at 70 outlets of company by year-end
Source: Exchange Filing
Advait Infratech Gets Order Worth Rs 296 Crore
Gets order worth Rs 296 crore for manufacturing alkaline electrolysers with 200 MW capacity
Source: Exchange Filing
Indian Oil In Pact With Rashtriya Ispat Nigam
Rashtriya Ispat Nigam, Indian Oil in accord for supply of hydraulic & lubricating oils
Indian Oil to supply hydraulic & lubricating oils to RINL for 5 years
Source: PIB
Ecos Mobility IPO Fully Subscribed On Day One
Institutional buyers: nil.
Non-institutional investors: 1.59 times.
Retail investors: 1.39 times.
Total: 1.02 times
ICRA: Challenges in Compressed Bio- Gas Plants
Only 150-160 of govt outlined 5000 CBG plants by FY24 have started production
Challenges include hinterland pipeline connectivity, raw material availability
Farming community acceptance of disposable of waste has been limited
Viability gap funding met with limited success
Current internal rate of return of CBG plants at only 7-9%
Special allocation in 2024 budget, mandatory blending expected to give some impetus to sector
Source: Prashant Vasisht, VP & Co-Head, Corporate Ratings, ICRA Gas Utilities Webinar
ICRA Research On Gas Utilities
Outlook remains stable amid rising gas production
Natural gas supply expected to increase from domestic fields
Long term contracts to provide stable LNG supplies
Gas consumption to grow 6-8% in FY25 supported by benign prices, healthy offtake by city gas distributors
Expect FY25 capex outlay of Rs 20000 crore in next 3 years
Source: Prashant Vasisht, VP & Co-Head, Corporate Ratings, ICRA Gas Utilities Webinar
Aditya Birla Money CFO Resigns
Pradeep Sharma resigns from the post of CFO effective October 30
Source: Exchange Filing
DCX Systems Gets International Order
Gets international order worth Rs 187 crore for supply of electronic kits
Source: Exchange Filing
Nifty Hits New Record High
The index rose in the tenth consecutive session today to refresh its record high to 25,099.95 due to gains in the shares of IT companies.
The last it had hit its lifetime high was on August 1. It rose in the tenth consecutive session today, recording its best winning streak since 10 sessions ended Oct 14, 2020.
GQG Raises Stake In GMR Airports
GQG increases stake in company to 5.17% vs 4.74% earlier
Source: Exchange Filing
GRM Overseas Board Approves Swmabhan Commerce
Board approves investment in Swmabhan Commerce
To acquire 44% stake in Swmabhan Commerce via primary infusion & secondary buyouts
Source: Exchange Filing
Bharti Airtel Hits Two-Month High
The stock rose after Indus Tower Ltd., India's largest mobile tower installation company, is now its subsidiary following the recent buyback of shares.
MICL Estates LLP Ceases To Be Man Infra Arm
MICL Estates LLP ceases to be subsidiary of company on account of disposal of entire partnership interest.
Source: Exchange filing
Tata Investment Hits Five-Month High
Shares of Tata Investment Ltd. jumped 9.33% to Rs 8,074.25, the highest level since March 14. The stock as much has jumped 30% in the last three sessions, 82% on a year to date basis, and 219.6% in the last 12 months.
Awfis Surges After Workspace Deal In Pune
Awfis Space Solutions Ltd. gained nearly 8% after market open on Wednesday after it partnered with Nyati Group for an additional 3 lakh square feet of Grade-A workspace in Pune.
NBCC Surges As Board To Consider Bonus Issue
Shares of NBCC India Ltd. surged over 8% on Wednesday after it said it would consider issuing bonus shares in its upcoming board meeting on Aug. 31.
Adding to this, about 97.3 lakh shares changed hands in multiple large trades during the market opening, according to Bloomberg.
Orient Tech Lists at 40.8% Premium To Issue Price On BSE
Lists at Rs 290 on BSE vs issue price of Rs 206
Lists at a premium of 40.8% on BSE
Lists at Rs 288 on NSE vs issue price of Rs 206
Lists at a premium of 39.8% on NSE
Source: Exchanges
Stocks Trading Ex-Dividend
Hindustan Zinc, down over 3.8%
Asahi India Glass, down over 1%
Bajaj Steel Industries, up over 1.5%
Force Motors, down 1%
GE T&D India, up 1.2%
Sigachi Industries, up 1%
Large Deals
GMR Airports 14.14 lakh shares changed hands at Rs 95.04
Zee Entertainment 12.93 lakh shares changed hands at Rs 152.89
Reliance Power 36.87 lakh shares changed hands in ten large trades at Rs 30.55- Rs 32.01
Source: Cogencis
KPI Green Energy Turns Zero Net Debt
Turns zero net debt on standalone basis
Standalone net debt as of FY24: Rs Rs 762.22 crore
FY24 Standalone finance cost: Rs 76.39
Consolidated net debt as of FY24: Rs 777.47 crore
FY24 Consolidated finance cost: Rs 86.06
Nifty IT, Nifty Pharma Hit Lifetime High
Nifty IT and Nifty Pharma hit their respective lifetime highs of 41,938.25 and 22,822.60.
Zee Entertainment Extends Gains To Second Session
Brokerages said that now the focus will be on its business fundamentals to trigger major re-rating from analyst after the company resolved dispute with the Culver Max Entertainment Pvt. Ltd.
Rana Sugars Falls To Over Two-Month Low After SEBI Ban
The Securities And Exchange Board Of India barred Rana Sugars Ltd., its promoters and officials from the securities markets for two years on Tuesday and issued fines of Rs 63 crore on charges of diversion of funds.
Nifty, Sensex Flat At Open As RIL Leads Gains But ICICI Bank Weighs: Opening Bell
Benchmark equity indices rose after a flat open with the Nifty 50 extending gains to a tenth consecutive session and the Sensex to seventh session.
At pre-open, the Nifty was at 25030.80, up 0.05% or 13.05 points and the Sensex was at 81780.27, up 0.08% or 68.51 points.
Currently, 24950-24930 will act as an important support for Nifty and till 24930 holds, we can see index move towards 25110-25130, according to a SBI Securities report. It noted that a surge above 25130, index can move towards 25230-25250 zone.
"On breakdown & sustenance below 24930, further correction up to 24840-24820 will be on the cards," the report said.
Shares of Infosys Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd., LTIMindtree Ltd., and Tata Motors Ltd. contributed the most to the gains.
While those of Axis Bank Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., Shriram Finance Ltd., and UltraTech Cement Ltd. weighed on it.
Most sectoral indices were higher with Nifty Media leading while finance related indices fell.
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty was at 25030.80, up 0.05% or 13.05 points and the Sensex was at 81780.27, up 0.08% or 68.51 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.86%.
It closed at 6.86% on Tuesday.
Source: Bloomberg
Rupee weakens Against US Dollar
Rupee weakened by 3 paise to open at 83.95 against the US dollar.
It closed at 83.92 on Tuesday.
Source: Bloomberg
Nirmal Bang On United Spirits
Hikes target to Rs 1725, implying 21% upside and upgrades to buy
Triggers: Excise duty slab cuts in Karnataka, resumption of sales in Andhra, India UK FTA
Demand outlook for alcobev remains strong
Inflationary fears not panning out, outlook better than guidance
Category premiumisation trend playing out well with pricing power
Value the co at 60 times Sept 26E EPS
Brokerages On Zee
Emkay
Maintains 'reduce' on Zee entertainment at Rs 150 target
Zee Entertainment, Sony India to settle merger-related disputes via non cash agreements
Settlement removes key overhang
Expects a meaningful re-rating if a new partner/buyer comes in
Believes company is up against a tough business environment
Current legal risks: unfavorable verdict in cricket rights case with Disney Star, Punit Goenka's ongoing SEBI case
Citi Research
Maintains 'sell', target at Rs 137, downside 8.7%
Remains concerned on the potential impact of the cost saving measures
Management has been implementing strategic initiatives around reducing costs
Has guided to recovering to 18-20% EBITDA margin by FY26E
Elara Securities
Maintains 'buy', target at Rs 210, upside 40%
Expects better growth rates in the festive season
Further profitability too will continue to improve helped by cost cutting initiative
Improved efficiencies, lower losses, will drive valuation re-rating
Motilal Oswal On Blue Dart
Maintains BUY at Rs 9,500 target, implying 15% upside
Expects express logistics segment demand to pick up after slow FY24, Q1FY25
Infra and network expansion to drive growth in surface express
Improves utilization of new aircrafts to boost margins
Higher volumes on new aircrafts, routes and network expansion
Expect revenue/Ebitda/net profit to grow at 17%/32%/36% CAGR over FY24-26
Imagicaaworld Starts Operations At Captive Solar Plant
Commences operations of captive solar power plant established at cost of Rs 41 crore
Source: Exchange Filing
Bharti Airtel Stake In Indus Tower To Rise Post Buyback
Promoter Bharti Airtel's stake in company will increase to 50% post completion of buyback
Source: Exchange Filing
Paytm On Ticketing Business Transfer
Transfer of events ticketing business to arm Wasteland Entertainment completed
Transfer of movies ticketing business to arm Orbgen Technologies completed
Subscription by Zomato in share capital of both subsidiaries of company completed
100% stake of company in subsidiaries transferred to Zomato
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 100.67
U.S. 10-year bond yield at 3.83%
Brent crude 0.29% higher at $79.78 per barrel
Nymex crude 0.28% higher at $75.74 per barrel
GIFT Nifty flat at 24,998.00 as of 7:45 a.m.
Bitcoin was down 4% at $59,397.55
Bulk Deals
Tata Technologies: TPG Rise Climate sold 1.21 crore shares (2.98%) at Rs 1,014 apiece, while Copthall Mauritius Investment bought 40.1 lakh shares (0.98%) and Ghisallo Master Fund bought 31.22 lakh shares (0.76%) at Rs 1,013 apiece.
Aavas Financiers: Amansa Holdings sold 17.5 lakh shares (2.21%) at Rs 1,690 apiece, while Nippon India Mutual Fund A/C - Nippon India Multi Cap Fund bought 10 lakh shares (1.26%) at Rs 1,690 apiece.
Rolex Rings: ICICI Prudential Mutual Fund sold 3.19 lakh shares (1.17%) at Rs 2,425 apiece, Ashokkumar Dayashankar Madeka sold 2.72 lakh shares (0.99%) at Rs 2,419 apiece and Sanjaykumar Bhagvanji Bole sold 1.74 lakh shares (0.64%) at Rs 2419 apiece. On the other hand, SBI Mutual Fund bought 2.8 lakh shares (1.02%) at Rs 2421.66 apiece, India Acorn Icav bought 2.03 lakh shares (0.74%) at Rs 2421.63 apiece and Kotak Mahindra Mutual Fund bought 1.7 lakh shares (0.62%) at Rs 2,425 apiece. Franklin Templeton Mutual Fund also bought 1.56 lakh shares (0.57%) at Rs 2421.08 apiece.
FedBank Financial Services: Anil Kothuri sold 20 lakh shares (0.54%) at Rs 121 apiece.
Trading Tweaks
Price Band change from 20% to 10%: Goldiam International, NIIT.
Ex/record dividend: GE T&D, Hindustan Zinc, Force Motors, Sigachi Industries.
Ex/record AGM: Gandhar Oil Refinery, Force Motors, Sigachi Industries.
Moved in short term ASM Framework: Hinduja Global Solutions, NIIT.
F&O Cues
Nifty August futures down by 0.17% to 25,001 at a discount of 16 points.
Nifty August futures open interest up by 2.3%.
Nifty Bank August futures down by 0.01% to 51,213 at a discount of 65 points.
Nifty Bank August futures open interest down by 6%.
Listing Day
Orient Technologies: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 206 apiece. The Rs 214.76-crore IPO was subscribed 151.71 times on its third and final day. Bids were led by institutional investors (189.9 times), retail investors (66.87 times), and non-institutional investors (300.6 times).
IPO Offering
Premier Energies: The public issue was subscribed to 16.96 times on day one. The bids were led by retail investors (24.49 times), non-institutional investors (20.97 times), and qualified institutional investors (0.16 times).
ECOS (India) Mobility & Hospitality: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 318 to Rs 334 per share. The Rs 601.2-crore IPO issue is entirely an offer for sale. The company raised 180.3 crore from anchor investors.
Block Deals
Trent: Dodona Holdings sold 6.78 lakh shares (0.19%) at Rs 6,925 apiece. On the other hand, Siddhartha Yog bought 6.78 lakh shares (0.19%) at Rs 6925 apiece.
Stocks To Watch
ICICI Prudential Life Insurance Co.: The company received a GST demand and penalty order worth Rs 429 crore from the Maharashtra tax authority.
Godrej Agrovet: The company completed the acquisition of an additional 49% stake in arm Godrej Tyson foods from Tyson India Holdings. Godrej Tyson Foods has become a wholly owned subsidiary of the company effective from Tuesday.
Gensol Engineering: The company launched US subsidiary Scorpion Trackers and targets a 2,000 MW annual supply by 2028.
PNC Infratech: The company was declared the lowest bidder for a highway project worth Rs 380 crore in Uttar Pradesh and Bihar.
Aditya Birla Capital: The company made an investment of Rs 300 crore via rights in unit Aditya Birla Housing Finance.
Indostar Capital Finance: The company sold a portion of its stressed book to Pridhvi Asset Reconstruction. The sale includes certain Stage 2-tagged accounts with outstanding dues of Rs 357 crore.
SBI, SBI Cards: Dinesh Khara will retire as chairman on Wednesday. Khara resigned as director of SBI Card & Payment Services Ltd.
Awfis Space Solutions: The company signed the largest managed aggregation deal of 3 lakh sq. ft. with Nyati Group.
Skipper: The company approved raising up to Rs 600 crore via equity and debt.
Jio Financial Services: The company subscribed to an additional 6.8 crore shares of Jio Payments Bank for Rs 68 crore. The company's holding in payment bank units increased to 82.17% from 78.95%.
Bank of Baroda: The company announced that it has raised Rs 5,000 crore by issuing long-term infrastructure bonds. The lender said it is a 10-year bond issued at a coupon of 7.30%, as per an official statement.
Yes Bank: Amit Sureka, country head of financial markets, ceased to be part of senior management of the bank.
Medplus Health Services: Warburg Pincus affiliate exited the company by selling an entire 11.35% stake via an open market transaction.
IndiaMART InterMESH: The company incorporated a new unit, IIL Digital for digital marketplaces and software solutions.
UPL: The company arm acquired the remaining 20% stake in PT Excel for $6.9 million.
Infibeam Avenues: The company's artificial intelligence arm introduced a women's safety feature in 'AI Facility Manager' for CCTVs.
NBCC (India): The company is to consider a proposal for the issue of bonus shares on Aug. 31.
Carysil: The company's UK unit will acquire the remaining 30% stake of Yorkshire-based Carysil Brassware for £350,000.
GIFT Nifty Trades Near 25,000
The August futures contract GIFT Nifty traded flat at 25,002.0 as of 07:09 a.m.
Markets in Asia-Pacific logged losses in early trade on Wednesday after an overnight sluggish session on Wall Street, while market participants await Nvdia Corp.'s earnings.
The Nikkei 225 was 0.35% lower at 38,154.53 as of 06:25 a.m. The Kospi was 0.25% lower at 2,683.57.
The S&P ASX 200 was 0.38% lower at 8,040.10 as of 06:26 a.m. before the release of July inflation figure from Australia.
Market participants await Nvidia Corp.'s earning, scheduled to be released later on Wednesday, to check if enthusiasm over artificial intelligence is still going to trigger a bull run.
Both the S&P 500 and Nasdaq Composite ended 0.16% higher, on Tuesday. The Dow Jones Industrial Average settled 0.02% higher.
The October contract of brent crude on Intercontinental Exchange was trading 0.49% higher at $79.94 per barrel as of 06:32 a.m.
The Indian benchmark stock indices ended a lackluster session on Tuesday with little change, as gains in Infosys Ltd., and Larsen & Toubro Ltd. supported the indices, while losses in Reliance Industries Ltd. and Hindustan Unilever Ltd. weighed on the indices.
The NSE Nifty 50 ended 7.15 points, or 0.03% higher at 25,017.75, and the S&P BSE Sensex closed 13.65 points, or 0.02% up at 81,711.76.
Overseas investors stayed net buyers of Indian equities on Tuesday for the fourth consecutive session. Foreign portfolio investors bought stocks worth Rs 1,503.8 crore, while domestic investors turned net sellers after remaining buyers for 16 sessions and offloaded equities worth Rs 604.1 crore, according to provisional data from the National Stock Exchange.
The Indian currency depreciated 2 paise to close at 83.92 against the US dollar.
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