KEY HIGHLIGHTS
Rupee Ends Flat Against US Dollar
Rupee closed flat at 83.87 against the US dollar.
It closed at 83.87 on Thursday.
Source: Bloomberg
Nifty Records Best Winning Streak Since Launch As ICICI Bank, Airtel Lead: Closing Bell
The Nifty extended gains in the twelfth consecutive session marking the best rally since its launch in 1996 and Sensex rose for a ninth consecutive session. Both the indices closed at their lifetime highs.
Intraday, the Nifty rose as much as 0.44% to hit a new record high 25,263.20 and the Sensex rose as much as 0.61% to hit its highest level of 82,637.03.
The Nifty ended 0.40% or 100.55 points higher at 25252.50 and the Sensex closed 0.28% or 231.16 points higher at 82365.77.
"Despite the index gapping up nearly 95 points, it traded in a tight range of 69 points. It showed mild volatility in the final thirty minutes and marked fresh highs at 25268," said Avdhut Bagkar, technical and derivatives analyst, StoxBox. "However, the index closed near the day’s opening price and closed on an indecision note. "
Shares of Bharti Airtel Ltd., Tata Consultancy Services Ltd., Mahindra & Mahindra Ltd., Infosys Ltd., and ICICI Bank Ltd. contributed the most to the gains of Nifty.
While those of HDFC Bank Ltd., Reliance Industries Ltd., Coal India Ltd., ITC Ltd., and Tech Mahindra Ltd. dragged the Nifty.
Market breadth was skewed in favour of buyers. Around 2,179 stocks rose, 1,751 stocks declined, and 114 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.50% and 0.74%, higher respectively.
On BSE, 19 sectors out of 20 ended higher with the BSE Realty leading the gains. The BSE Energy ended flat to become the worst performing sector.
Weekly Performance
On a weekly basis, both Nifty and Sensex extended gains to third week with both of them adding around 1.6%.
Most sectoral indices ended higher with Nifty IT rising the most. Nifty PSU Bank and Nifty FMCG were the only indices that fell.
Markets At Close
Nifty ends higher in the twelfth consecutive session, its best winning streak since its launch in 1996
Sensex ends higher for ninth consecutive session
Both indices record highest close
Nifty ends 0.40% or 100.55 points higher at 25252.50
Sensex ends 0.28% or 231.16 points higher at 82365.77
Intraday,Nifty rose as much as 0.44% to hit a new record high 25,263.20 and Sensex rose as much as 0.61% to hit its highest level of 82,637.03.
Broader indices outperformed; Nifty Midcap 100 ended 0.68% up and Nifty Smallcap 250 rose 0.52%
Most sectoral indices ended higher; Nifty Realty was the top gainer and Nifty Media fell the most
Cipla and Bajaj Finance were top Nifty gainers
Tata Motors and RIL were top losers among Nifty stocks
Adani Ports Acquires 80% Stake In Astro For $185 Million
Adani ports acquires 80% stake in global offshore vessels operator Astro for $185 million
Astro acquisition to add 26 offshore support vessels to company's fleet of 142 tugs and dredgers
Astro acquisition to be value accretive from first year itself
Astro acquisition implies an enterprise value of $235 million
Astro operates OSVs in Middle East, India, Far East Asia & Africa
HAL Selects SAFHAL Helicopter For Aravalli Engines
Selects SAFHAL Helicopter Engines to develop Aravalli engines for helicopters
Sources: Exchange filing
Paytm Hits Seven-Month High
The shares of One97 Communications Ltd. rose over 12% on Friday continuing its upward trend. The shares on Thursday rose after the company received the government's approval for downstream investment in wholly-owned subsidiary Paytm Payments Services Ltd.
Alcohol Stocks Rise
How To Trade MSCI Rejig
The anticipated MSCI rejig has started impacting certain stocks. According to Kush Bohra, founder of Kushbohra.com, technically, these can be looked at as two broad categories based on weekly charts-- momentum and consolidating stocks.
For the MSCI India Index, momentum stocks include Dixon Technologies and Oil India and consolidating stocks are Zydus Lifesciences, Vodafone Idea, RVNL, Prestige Estates, and Oracle Financial Services Software, he said.
"In the current market landscape, investors are advised to capitalize on momentum stocks during corrections and explore entry points in consolidating stocks," he said. However, he noted that it is crucial to conduct comprehensive research and consult a SEBI-registered investment advisor for tailored recommendations.
Prestige Estates Jumps Nearly 7% After Launching QIP
Prestige Estates Projects Ltd.'s shares jumped nearly 7% on Friday after it launched qualified institutional placement. The floor price of issue is set at Rs 1,755.09 per equity share, it said in an exchange filing on Thursday.
Thyrocare Tech In Pact To Acquire Vimta Labs Business
Signs pact to acquire diagnostic & pathological services business of Vimta Labs
Source: Exchange Filing
RVNL Gets Order Worth Rs 203 Crore; Shares Rise
Gets order worth Rs 203 crore for traction substation from South Eastern Railway Headquarters
Source: Exchange Filing
Mahindra Group In Pact With Sentrycs
Mahindra Group & Sentrycs in pact to develop & provide anti-drone solutions in India
Source: Exchange Filing
Patel Engineering Shares Advance After Tie-Up With RVNL For Hydro, Infra Projects
Patel Engineering Ltd. shares advanced over 5% in early trade on Friday after the company tied-up with Rail Vikas Nigam Ltd. for jointly executing hydro and other infrastructure projects both within India and internationally.
Piramal Pharma To Subscribe Piramal Dutch Holdings Preference Issue
Approves subscription to preference shares worth Rs 1,306.6 crore in unit Piramal Dutch Holdings
Source: Exchange Filing
Bharti Hexacom Gains After Citi Initiates Coverage
Shares of Bharti Hexacom Ltd. gained over % in early trade on Friday after Citi initiated coverage with a 'buy' call and placed a target price of Rs 1,405 apiece, implying a potential upside of 20% over the previous close.
SpiceJet Falls After Suspending Crew Members
The stock fell 5% on Friday after the troubled airline issued a temporary leave of absence to 150 cabin crew members amid an ongoing financial crisis.
Garden Reach In MoU With NHIDCL
Signs MoU with National Highway Infrastructure Development Corporation for supply of double lane modular bridges
Source: Exchange Filing
Nifty 50 Stocks That Hit Record High
Sugar Stocks Advance As Govt Eases Rules
Shares of sugar companies rallied on Friday, led by Dalmia Bharat Sugar and Industries Ltd. and Bajaj Hindustan Sugar Ltd, after the government lifted a ban on the use of sugarcane juice and sugar syrup for ethanol production in the 2024-25 supply year and allowed sale of up to 23 lakh tonnes of rice from Food Corporation of India stocks to grain-based ethanol distilleries'.
Nifty, Sensex Open At New Record Highs As HDFC Bank, RIL Lead Gains: Opening Bell
Benchmark equity indices continued their record rally in another session as shares of heavyweights led the gains.
The Nifty rose as much as 0.42% during opening to hit a new record high 25,257.65 and the Sensex rose as much as 0.61% to hit its highest level of 82,637.03.
At pre-open, the Nifty was at 25261.15, up 0.43% or 109.20 points and the Sensex was at 82648.29, up 0.63% or 513.68 points.
“There are some negative divergences visible on the hourly technical indicators like RSI which can result into a minor degree correction if the 25000 is broken on a closing basis," said Vikram Kasat, head of advisory, PL Capital at Prabhudas Lilladher. "However, the short-term trend will remain bullish as long as the Nifty index trades above 24970."
Shares of HDFC Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., and Infosys Ltd. contributed the most to the gains.
While those of Tata Motors Ltd., Tata Consultancy Services Ltd., Bajaj Auto Ltd., HDFC Life Insurance Co. Ltd., and Sun Pharmaceutical Industries Ltd. weighed on the Nifty.
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty was at 25261.15, up 0.43% or 109.20 points and the Sensex was at 82648.29, up 0.63% or 513.68 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.87%.
It closed at 6.86% on Thursday.
Source: Bloomberg
Rupee Strengthens Against US Dollar
Rupee strengthened by 3 paise to open 83.84 against the US dollar.
It closed at 83.87 on Thursday.
Source: Bloomberg
Nirmal Bang Downgrades Gillette
Downgrades to “accumulate” with a target of Rs 9,390 with 5% upside
Results of GILL were well ahead of expectations on EBITDA and PAT fronts
Some disappointment on topline growth, which came in at 4.2% YoY
Grooming sales (~81% of total sales) grew by 7.1% YoY
Ad-spends intensity was ramped up extremely sharply in the first quarter
Valuation is no longer cheap at 55 times FY26E EPS
Hindustan Oil Activates Block B-80 Wells
Activates Block B-80 wells for production
Source: Exchange Filing
Torrent Pharma Gujarat Unit Gets Voluntary Action Indicated
US FDA issues inspection report with 'Voluntary Action Indicated' classification for Gujarat manufacturing facility
US FDA inspected Gujarat manufacturing facility from June 3-24
Source: Exchange Filing
Bermstein On Telecom
Retains outperform with target implying 11% upside at Rs 1,740 vs 1600 earlier
Retains Outperform on Reliance; target Rs 3,440, implying 13% upside
Expects the market to consolidate further with RJio having 50cr subscribers, 50% share
Expects ARPU to increase to 270-280 levels by FY26
Expects mobile services revenue growth at ~10% CAGR from FY24-27
Expects EBITDA CAGR to be strong led by Jio at 21% CAGR from FY24-27
Value India mobile services business at 11.5x EV/EBITDA vs 10.5 times earlier
Value Bharti based on SOTP and roll forward estimates
Nirmal Bang On HUDCO
Maintains 'buy' with target price of Rs 375, implying 28% upside
NBFC-Infra Finance status will be beneficial for HUDCO
Makes it the only multi sector infrastructure lending NBFC
Enhances single/group borrower exposure limits upwards
Expect HUDCO’s earnings to clock a CAGR of 22.7%
Valued HUDCO at 3.6 times June’26E ABV
Nomura On Lupin
Retains 'buy'; raises target price to Rs 2,427 from Rs 1,952 earlier, implying 10% upside
US generics present strong support to near-term earnings
Expects improvement in other markets/segments as well
Revise our FY25F/26F EPS upwards by 28%/54%
Raise smultiple to 30x FY26-27F average ex gTolvaptan
Prestige Estates Approves QIP Floor Price
Approves floor price of QIP at Rs 1,755.09/share
Source: Exchange Filing
Max Estates Approves QIP Floor Price
Approves floor price of QIP at Rs 628.74/share
Source: Exchange Filing
Patel Engineering In MoU With RVNL
Signs MoU with RVNL for hydro & other infra projects in India, overseas
Source: Exchange Filing
Brokerages On RIL
Emkay
Maintains 'add' on Reliance Industries at Rs 3,335 target, implying 10% upside
2024 AGM highlighted its makeover into a deep tech and new-age manufacturing entity
Key notable: new energy becoming as big and profitable as O2C over next 5-7 years
No update on retail or Jio monetization was a dampener
Execution key for new energy segment
Expects new energy segment earnings to contribute meaningfully FY28 onward
Motilal Oswal
Maintains 'buy on Reliance Industries at Rs 3,435 target with 13% upside
Believes Q2FY25 will benefit from higher refining margin, telecom tariff hikes
AI/Data centers and new energy key drivers for next five years
Expects Reliance Jio/ Retail to see Ebitda CAGR of 25%/19% over FY24-26
Future growth driven by footprint additions, new retail categories, subscriber growth, tariff hikes
Expects Refining and petchem segments to pick up from current levels
Nuvama
Maintains 'buy' on Reliance Industries at Rs 3786 target with 24% upside
RIL’s overall business could double by FY30
Jio, Retail business to likely double in 3-4 years
New Energy business earning capacity to match O2C segment's in 5-7 years
New Energy to add 2/5th Ebitda, 50%-plus to attributable net profit by 2030
Strong guidance for Digital, Retail, and huge petchem capacity adds to drive fresh growth
Citi Initiates Coverage On Bharti Hexacom
Initiates coverage with a buy; target Rs 1,405, implying 20% upside
Regional player with scope for better growth and subscriber mix
Net debt to EBITDA at 2.2 times, ROCE 14% given lower capex needs
Forecast 3 year EBITDA CAGR of 26%
Value at 12 times Sept 26E EV to EBITDA
Global Cues
U.S. Dollar Index at 101.41
U.S. 10-year bond yield at 3.86%
Brent crude 0.18% higher at $80.08 per barrel
Nymex crude 0.09% higher at $75.98 per barrel
GIFT Nifty up 0.1% at 25,277.00 as of 07:45 a.m.
Bitcoin was down 0.5% at $59,232.55
Trading Tweaks
Price band change from no band to 20%: The India Cements.
Ex/record dividend: Vijaya Diagnostic Centre, Shyam Metallics and Energy, JTL Industries, Salzer Electronics, Ganesh Housing, MOIL, Oil India, NCC, Cantabil Retail India, PFC, ITD Cementation India, Sarda Energy, Jindal Stainless.
Ex/record AGM: Salzer Electronics, Shyam Metallics and Energy, EPACK Durable.
Moved in short term ASM Framework: Supriya Lifescience,
Moved out of short term ASM Framework: Angel One, GMR Power and Urban Infra, Goldiam International, Neuland Laboratories, RPSG Ventures.
F&O Cues
Nifty September futures up by 0.43% to 25,270 at a premium of 118 points.
Nifty September futures open interest up by 56%.
Nifty Bank September futures up by 0.14% to 51,500 at a premium of 348 points.
Nifty Bank September futures open interest up 10.6%.
IPO Offering
Premier Energies: The public issue was subscribed to 74.38 times on day 3. The bids were led by qualified institutional investors (216.67 times), non-institutional investors (50.04 times), portions reserved for employees (11.43 times) and retail investors (7.69 times).
ECOS (India) Mobility & Hospitality: The public issue was subscribed to 9.56 times on day 2. The bids were led by non-institutional investors (23.47 times), retail investors (8.99 times) and qualified institutional investors (0.10 times).
Baazar Style Retail: The company will offer its shares for bidding on Friday. The price band is set from Rs 370 to Rs 389 per share. The Rs 834.68 crore. The IPO issue is a combination offer for sale for Rs 686.68 crore and the rest is a fresh issue. The company raised 250 crores from anchor investors.
Block Deals
PB Fintech: Tencent Cloud Europe BV sold 97 lakh shares (2.13%) at Rs 1,719.75 apiece. Europacific Growth Fund bought 25 lakh shares (0.55%), SBI Mutual Fund bought 25.52 lakh shares (0.55%) and Goldman Sachs (Singapore) PTE.- ODI bought 12.14 lakh shares (0.26%) at Rs 1719.75 apiece. Marshall Wace Investment Strategies Eureka Fund, Copthall Mauritius Investment ODI and Societe Generale Owere among the other buyers.
Welspun Living: Welspun Group Master Trust sold 3.81 crore (3.92%) at Rs 205.21 apiece. On the other hand, Copthall Mauritius Investment Ltd. bought 1.09 crore shares (1.12%), SBI Life Insurance Company bought 97 lakh shares (1%) and Authum Investment & Infrastructure Ltd. bought 55 lakh shares (0.57%) at Rs 205.21 apiece. Aditya Birla Sun Life Mutual Fund and Indus India Fund Mauritius Ltd were among the other buyers.
Bulk Deals
Interglobe Aviation: The Chinkerpoo Family Trust sold 2.02 crore shares (5.25%) at Rs 4,715.89 apiece and Morgan Stanley Asia (Singapore) Pte. Ltd. bought 28.54 lakh shares (0.74%) at Rs 4,714.9 apiece.
Amber Enterprises: Small Cap World Fund Inc. bought 1.85 lakh shares (0.55%) at Rs 4522.45 apiece.
TCNS Clothing: Rajasthan Global Securities sold 3.26 lakh shares (0.51%) at Rs 570.38 apiece.
Electronics Mart: Motilal Oswal Mutual Fund sold 73.99 lakh shares (1.92%) at Rs 217.04 apiece, and Sbi Mutual Fund bought 57.45 lakh shares (1.49%) at Rs 217 apiece.
Stocks to Watch
Infosys: The company expands collaboration with Nvidia to introduce high-performance generative AI-powered telco solutions based on Nvidia NIMs.
Great Eastern Shipping: The company has contracted to sell its 2011-built Supramax dry bulk carrier, Jag Rani to an unaffiliated third party. The vessel will be delivered to the new buyer by the third quarter of the financial year 2025.
NLC India: The company to enter a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam for setting up of lignite-based thermal power station in Rajasthan. The JV is for developing renewable power projects of capacity up to 2,000 MW.
Sammaan Capital: The Board approved raising up to Rs 30,000 crore via NCDs.
Life Insurance Corporation of India: The company received GST demand and penalty orders worth Rs 606 crore from the Mumbai tax authority.
Poonawalla Fincorp: The company approved the appointment of Bhaskar Pandey as Chief Risk Officer for five years.
Lemon Tree Hotels: The company signed a license agreement for a 72-room hotel in Ayodhya.
GE Power India: The company appointed Puneet Bhatla as MD effective September 1.
Steel Strips Wheels: The company has called off discussions for establishing a JV in India with Israel's Redler Technologies due to the ongoing Israel war, which has raised uncertainties.
NTPC: The company’s unit commenced commercial operations for 160 MW capacity out of the 320 MW Jaisalmer solar project.
Rallis India: Bhaskar Bhat ceased to be Chairman effective Aug. 30 as per the retirement age policy.
Technocraft Industries (India): Buyback to open on Sept. 2, and close on Sept. 6.
Shipping Corporation of India: The company received a GST demand and penalty order worth Rs 160 crore from the Mumbai tax authority.
3M India: NCLT approved the merger of Co. with 3M Electro & Communication.
Jai Corporation: The company approved the buyback of a 1.65% stake at Rs 400 per share. The record date for the buyback is set as Sept. 10.
GIFT Nifty Trades Near 25,300
Gift Nifty was up 0.2%, or 47 points at 25,287.50 as on 07:10 a.m.
Benchmarks in Asia-Pacific rose on Friday after stronger than expected economic data from the US alleviated recession fears among investors. Data showed US GDP grew 3% on the year during April–June, compared to 1.4% growth noticed in the first quarter.
As of 06:20 a.m. Nikkei 225 was trading 0.13% higher at 38,410.67 as data showed Tokyo's inflation rose 2.6%, touching the highest level since March.
The S&P ASX 200 and Kospi were trading 0.43% and 0.36% higher, respectively as of 06:21 a.m.
Despite the decline in Nvidia Corp.’s shares, the equity market continued to climb. Driven by economic data highlighting consumer resilience, the Nasdaq 100 increased by 1.2%. These developments are gaining significance, as investors await the Fed's preferred inflation gauge, due to be published later today.
The S&P 500 ended flat, and Nasdaq Composite settled 0.23% lower. The Dow Jones Industrial Average ended 0.59% higher on Thursday.
Brent crude was trading 1.64% higher at $79.94 a barrel as of 06:27 a.m. Gold was trading 0.15% lower at $2,517.60 an ounce.
India's benchmark stock indices ended at a fresh record high on Thursday, with the NSE Nifty 50 posting the best winning streak in nearly 17 years, tracking gains in Reliance Industries Ltd. and Tata Motors Ltd.
The NSE Nifty 50 settled 99.60 points, or 0.40% higher at 25,151.95, and the BSE Sensex ended up 349.05 points, or 0.43% at 82,134.61. Intraday, Nifty hit a fresh high of 25,192.90, and Sensex rose to a lifetime high of 82,285.83.
Overseas investors turned net buyers of Indian equities on Thursday after a day. Foreign portfolio investors bought stocks worth Rs 3,259.6 crore, while domestic investors remained net buyers and bought equities worth Rs 2,690.9 crore, according to provisional data from the National Stock Exchange.
The Indian currency settled 8 paise higher at 83.87 against the US Dollar on Thursday.
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