Stock Market Today: Nifty Posts Best Winning Streak In Nearly 17 Years; RIL, ITC Lead Gains

• The local currency settled 8 paise higher at 83.87 against the US Dollar on Thursday.

• It closed at 83.95 a dollar on Wednesday.

Source: Cogencis

Indian benchmarks ended at a record high with the NSE Nifty 50 recording the best winning streak in nearly 17 years, tracking gains in shares of 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 349.05 points or 0.43% higher at 82,134.61.

The Nifty 50 rose for 11 consecutive session and logged best winning streak since October 3, 2007. The Sensex ended higher for eight day and posted the best winning streak since Sept 15, 2023.

During the last leg of the trade, the Nifty 50 rose 0.56% to a fresh high of 25,192.90, and the Sensex rose 0.61% to a fresh high of 82,285.83. 

"The Nifty 50 traded in thin range prior to reliance limited annual general meeting. Announcement of Bonus shares and listing of its subsidiaries volatility peaked up. Nifty registered a fresh all time high of 25,192. Metal index witnessed profit booking as the dollar index showed some recovery. Whereas Bajaj twins enjoyed good recovery," said Hashim Yacoobali, director, South Gujarat Shares And Sharebrokers Ltd.

Reliance Industries Ltd., ITC Ltd., Tata Motors Ltd., Bajaj Finance Ltd., and HCL Technologies Ltd. added to the benchmark index.

Mahindra & Mahindra Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., Grasim Industries Ltd., and Sun Pharmaceutical Industries Ltd. weighed on the index.

On NSE, seven sectors ended higher, four declined, and one ended flat out of 12. The NSE Nifty Oil & Gas rose the most, and the NSE Metal declined the most.

Broader indices underperformed. BSE Midcap closed 0.27% lower and BSE Small cap ended 0.72% down.

Of the 20 sectoral indices on the BSE, 10 ended lower and 10 ended with gains. BSE Capital Goods was the top loser and BSE Energy gained the most.

Market breadth was skewed in the favour of sellers. As many as 2,510 stocks fell, 1,435 rose, and 102 remained unchanged on the BSE.

• The NSE Nifty 50 rose for 11 consecutive sessions and logged best winning streak since October 3, 2007.

• The BSE Sensex ended higher for eight day and posted the best winning streak since Sept 15, 2023.

• The Nifty 50 rose 0.54% to a fresh high of 25,188.30.  

• The Sensex rose 0.60% to a fresh high of 82,272.80. 

• The NSE Nifty Pharma rose 0.53% to a life high of 23,111.50. 

• The NSE Nifty IT hit a fresh high of 42,790.30 in late hour of the trade on Thursday.

• The NSE Nifty Oil & Gas rose to a fresh high of 13,435.10.

• Reliance Industries Ltd., ITC Ltd. were the top winner in the Nifty 50 index.

• Mahindra & Mahindra Ltd., and Infosys Ltd. are the top losers in the Nifty 50 index. 

• Moody's raised India's 2024 real GDP growth view to 7.2% from 6.8% earlier

• It raised 2025 real GDP growth view to 6.6% from 6.4% earlier

• The rating agency cut 2024 CPI inflation forecast to 5.0% from 5.2%

• Moody's retained 2025 CPI inflation forecast at 4.8%

• LT Foods will acquire 17.5% stake in Nature Bio-Foods for Rs 110 crore.

Source: Exchange filing

The NSE Nifty Bank was trading 0.19% lower at 51,048.10, tracking losses in shares of Kotak Mahindra Bank Ltd., and HDFC Bank Ltd.

• JioFibre: Challenging ourselves to add a million homes every 30 days

• Jio Fibre: Targeting over 20 million small and medium businesses

• AI to benefit sectors of agriculture, education, healthcare

• AI has become integral to everything we do

• Jio Brain developing suite of tools, platforms that span the entire AI lifecycle

• Jio to partner with Jio Institute to create an AI program

• The company announces Jio AI Cloud Welcome Offer

• Jio users to get upto 100 GB of free cloud storage

• To start Jio AI Cloud Welcome Offer in Diwali 2024

Source: Chairman & Managing Director Mukesh Ambani is speaking at the annual general meeting.

• First passenger flight from Noida International Airport will take off at the end of April 2025.

• Under phase 1, the northern runway is scheduled to get completed by Sept -Oct.

• Test flights will start validating procedures from December this year.

• NIAL will apply for aerodrome license in December.

Source: CEO, Christoph Schnellmann

Share indices in Europe gained on Thursday as investors await preliminary inflation figures for August from Germany and Spain. Further, officials from the European Central Bank will be speaking at some panel discussion, which investors will closely monitor for clues on policy outlook.

• Indian Renewable Energy Development Ltd. approved raising up to Rs 4,500 crore via QIP, follow on public offer or other means.

Source: Exchange filing

• Reliance Industries Ltd.'s board is likely to consider 1:1 bonus issue on September 5.

Source: Exchange filing

India's benchmark indices erased loss to hit fresh all time highs by midday on Thursday, led by gains in the IT, finance and fast moving consumer goods sectors.

As of 12:29 p.m., the NSE Nifty 50 was 0.18%, or 46.05 points higher at 25,098.40, while the S&P BSE Sensex was up 0.40%, or 328.72 points at 82.114.28.

"The day began with a mild positive start in the Nifty, and after a brief dip in the first few minutes, prices climbed to a new all-time high, surpassing the 25,100 mark," said Sameet Chavan, head of research, technical and derivative, Angel One Ltd.

Nifty extended its winning streak to 10 consecutive sessions, but the formation of consecutive uncertain candlestick patterns on the daily chart raises concerns about the sustainability of the uptrend, said Chavan.

Shares of Reliance Industries Ltd., Bajaj Finance Ltd., ITC Ltd. and ICICI Bank Ltd. positively contributed to changes in the Nifty.

While those of Mahindra & Mahindra Ltd., HDFC Bank Ltd., Hindalco Industries Ltd., Tata Motors Ltd. and Grasim Industries Ltd. weighed the index.

On NSE, eight out of 12 sectors declined, with Nifty Metal and Auto falling the most during the session. The IT index saw the most gains.

Broader markets were trading in the red. The BSE Midcap and Smallcap indices were trading 0.68% and 0.92% higher, respectively.

On BSE, 15 out of 20 sectors declined, with the BSE Services falling the most. BSE FMCG was the top gainer in trade.

Market breadth was skewed in the favour of sellers. Around 1,256 stocks rose, 2,540 stocks declined, and 127 stocks remained unchanged on BSE.

• Financial troubles deepen at budget-carrier SpiceJet

• SpiceJet passengers were denied boarding at the Dubai airport

• SpiceJet passengers denied boarding over the issue of airline dues

• Salaries of employees have also been delayed

• Some employees got the salaries of July in the month of August

• An official response to NDTV Profit's query is awaited from the company

• NBCC (India) Ltd. sold commercial inventory worth Rs 1,342 crore in Delhi.

Source: Exchange filing

Sonata Software Ltd.'s shares surged nearly 9% on Thursday after a US-based premier healthcare and wellness company selected it as an outsourcing partner.

• Intellect Design Arena Ltd. is in pact with Wipro Ltd. is to transform banking technology services with eMACH.ai platform

Source: Exchange filing

• Tata Consultancy Services Ltd. extended pact with Primark to help transform technology operations.

Source: Exchange filing

• Adani Enterprises Ltd. is a leading incubator of infrastructure assets

• Infratructure and utility forms core of group operations

• Aluminium business is primarily focused on power sector

• Around 99% of our business is in energy, logistics & areas adjacent to these segments

• Basic business model remains the same with higher focus on renewable power

• Believe the advent of sustainable energy will the industry to compete globally

• Looking at integrated manufacturing for generating low cost green hydrogen

• Believe the wealth and benefits of wealth creation should go to Indian citizens

• India is already paying $400 billion in logistics inefficiencies

Source: Jogeshinder Singh, Adani Group CFO at a press conference

• Small and midcap valuations are at a 40-50% premium to their long term averages

• Banking sector is the only one trading below pre-Covid valuations

• For most investors, mutual funds are the best way to take an exposure to Indian equities

• Ebitda, PAT growth has been very tepid during the last quarter

• The market undertone remains bullish, looking where earnings growth will be the largest

Source: Harsha Upadhyaya, CIO- Equity, president, Kotak Mahindra AMC Zoom

• Sensitivity of food prices across each category to temperatures has risen sharply

• Temperatures have become far more useful than rains in forecasting food inflation

• Headline, core and food inflation are all likely to converge towards the 4% target by end- 2024

• Over time, with average temperatures rising, inflation management could get harder

Source: Pranjul Bhandari, chief India economist, HSBC

Shares of Paytm operator One97 Communications Ltd. surged nearly 5% on Thursday as it initiated moves to resubmit its payment aggregator licence after receiving a nod from the Government of India.

• Every aspect of business, compliance has to be made easy and strong

• Regulations, compliance foster trust in the system

• Saw positive response from Real Estate Investment Trust industry after SEBI’s framework

• SEBI is working on standardising to bring down the cost.

• Any fintech is coming to register will see that speed of approval is there by SEBI

Source: SEBI Chairperson Madhabi Puri Buch at Global Fintech Festival 2024 in Mumbai

• Resource Automobile Ltd. listed flat at Rs 117 despite receiving huge investor interest in IPO

Source: BSE

Shares of Procter & Gamble Hygiene and Health Care Ltd fell to its lowest in two months after the company reported a 43.6% year-on-year fall in its net profit for the June quarter, which came at Rs 31 crore.

• KEC International Ltd. is expecting 15% growth in revenue in financial year 2024-25.

• The company is expecting Ebitda Margin at 7.5% for the financial year 2024-25.

• The company has Order Pipeline of 10,000 crore as of today.

• KEC International should have order book of Rs 25,000 crore by end of the current financial year.

• Supply chain challenges are slowly easing. The company is seeing more business coming from UAE.

• The company has around Rs 40,000 crore tenders in international market with 20% success rate.

Source: Vimal Kejriwal, managing director and chief executive officer,KEC International Ltd. to NDTV Profit

Shares of InterGlobe Aviation Ltd. fell as the company's promoters Rakesh Gangwal and Chinkerpoo Family Trust plan to sell up to 2.25 crore shares in the company in an upsized block trade, Bloomberg reported citing terms of the deal

Indian benchmark indices opened lower with the NSE Nifty 50 losing its best winning streak in nearly three years as shares of ICICI Bank Ltd., and Tata Consultancy Services Ltd. fell.

As of 09:17 a.m., the Nifty 50 was trading 24.05 points or 0.1% lower at 25,028.30, and the BSE Sensex was trading 67.95 points or 0.1% lower at 81,717.61.

Thursday, which was likely to be weighed down by global cues. Investors here would also have their attention on the Mukesh Ambani-led Reliance Industries Ltd's annual general meeting, scheduled later today. Investors also await the release of the Federal Reserve's preferred inflation gauge on Friday for signals on US interest-rate reductions, said Avdhut Bagkar technical and derivatives Analyst, StoxBox.

The index needs to sustain over 25,200 to enter the next leg of breakout. When that happens, a move towards 25,700 cannot be ruled out. A breakdown beneath 24,700 could see index retesting the support of 24,000 mark, Bagkar added.

Bharti Airtel Ltd., Reliance Industries Ltd., ITC Ltd., Larsen & Toubro Ltd., and Wipro Ltd. added to the index.

ICICI Bank Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., Tata Consultancy Services Ltd. pressured the index.

On NSE, seven sectors opened lower, three advanced, two were little changed out of 12. The NSE Nifty Metal declined the most, and the NSE Nifty Media rose the most.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.28% and 0.20% higher, respectively.

On BSE, 11 sectors advanced, eight declined, and one remained flat out of 20. The BSE Healthcare rose the most, and the BSE Metal declined the most.

Market breadth was skewed in favour of buyers. Around 1,752 stocks advanced, 1,121 stocks declined, and 151 stocks remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was trading 0.07% lower at 25,035.30, and the BSE Sensex was trading 0.05% higher at 81,822.56.

• The yield on the 10-year bond opened flat at 6.86%.

• It closed at 6.86% on Wednesday.

Source: Bloomberg

• JSW Energy Ltd.'s arm received the letter of award for additional 400 megawatt hybrid power project under MSEDCL–Phase III

• Cumulative capacity allotted to arm by MSEDCL stands at 600 MW

Alert: MSEDCL stands for Maharashtra State Electricity Distribution Company

Source: Exchange filing

• Rupee strengthened by 4 paise to open 83.92 against the US dollar.

• It closed at 83.96 on Wednesday.

Source: Bloomberg

• U.S. Dollar Index at 100.97

• U.S. 10-year bond yield at 3.84%

• Brent crude rose 0.15% at $78.77 per barrel

• Bitcoin was down 0.36% at $59,133.16

• InterGlobe Aviation Ltd.'s promoter Rakesh Gangwal upsized block deal to Rs 10,300 crore from Rs 6,750 crore.

• IndiGo promoter Gangwal offers 2.25 crore shares of company in block trade.

Source: Bloomberg

• Biocon Biologics gets market entry for generic of Stelara in Europe, UK, Canada and Japan

Source: Exchange filing

• Emkay Global Research retained a 'Buy' with a target price Rs 1,850, which implied 7% upside.

• Industry is at a major inflection point, with rising adoption of AI

• Data and AI, SAP cloud services market, cyber security, cloud migration, etc to create opportunities for double-digit growth in medium term

• Demand setting is a tad more optimistic vs a few months ago, esp. BFSI

• TMT to continue seeing faster growth than peers

• Emkay Global Research hiked target multiple to 25 times from 23 times and rolls forward estimates

The Indian rupee closed weaker against the US dollar on Wednesday due to month-end dollar demand from importers. However, easing oil prices and continued intervention by the Reserve Bank of India limited the loss.

The local currency depreciated by 4 paise to close at Rs 83.96 and opened at Rs 83.95, according to Bloomberg data. It had closed at Rs 83.92 on Tuesday.

• Nifty August futures up by 0.14% to 25,048, at a discount of 4 points.

• Nifty August futures open interest down by 27.3%.

• Nifty Bank September futures down by 0.25% to 51,406 at a premium of 262.15 points.

• Nifty Bank September futures open interest up by 64.8%.

• Nifty Options Aug. 29 Expiry: Maximum call open interest at 25,500 and maximum put open interest at 24,800. 

• Bank Nifty Options Sept. 4 Expiry: Maximum call open interest at 52,000 and maximum put open interest at 52,000.

• Securities in ban period: Bandhan Bank, Granules India, Hindustan Copper, India Cements.

• ION Exchange (INDIA): Promoter Mahabir Prasad Patni sold 94,000 shares between Aug. 14 and Aug. 23.

• Paisalo Digital: Promoter Equilibrated Venture Cflow bought 15.58 lakh shares on Aug. 28.

• Usha Martin: Promoter Peterhouse Investments India sold 6 lakh shares on Aug. 26.

• Ex/record AGM: Dynamatic Technologies.

• Moved in short term ASM Framework: GMR Power and Urban Infra, Stove Kraft Ltd., Tata Elxsi.

• Moved out of short term ASM Framework: GRM Overseas, Jeena Sikho Lifecare, UFLEX Ltd., Uflex.

• Premier Energies: The public issue was subscribed to 6.61 times on day 2. The bids were led by non-institutional investors (18.83 times), a portion reserved for employees (6.62 times), retail investors (4.21 times), and qualified institutional investors (1.4 times).

• ECOS (India) Mobility & Hospitality: The public issue was subscribed to 3.36 times on day 1. The bids were led by non-institutional investors (6.65 times), retail investors (3.85 times), and qualified institutional investors (0.04 times).

• GMM Pfaudler: Atreides Investments B.V. sold 4.12 lakh shares (0.92%) and Geranium Investments Ltd. sold 37.09 lakh shares (8.25%) at Rs 1,352 apiece. Infinity Partners bought 41.21 lakh shares (9.17%) at Rs 1,352 per share.

• Krishna Institute of Medical Sciences: Emerald Investments Ltd. sold 15.7 lakh shares (1.96%) at Rs 2,497 apiece. Infinity Partners bought 15.7 lakh shares (1.96%) at Rs 2,497 apiece.

• Shanti Educational Initiatives: Legends Global Opportunities (Singapore) bought 8.43 lakh shares (0.52%) at Rs 124.9 apiece, while New Leaina Investments sold 8.43 lakh shares (0.52%) at Rs 124.9 apiece.

• Shaily Engineering Plastics: RBA Finance, an investment, sold 5 lakh shares (5.45%) at Rs 940 apiece. Motilal Oswal Mutual Fund bought 5 lakh shares (5.45%) at Rs 940 apiece and 3.11 lakh shares (3.39%) at Rs 923.63 apiece.

• Kesoram Industries: Sg Sundae Holdings LLC sold 28.56 lakh shares (0.91%) at Rs 207.02 apiece.

• One97 Communication: The company received a nod from the Finance Ministry for downstream investment into Paytm Payment Services. Paytm Payment Services will resubmit the payment aggregator licence and will continue to provide online payment aggregation services to existing partners.

• InterGlobe Aviation: Founder Rakesh Gangwal and Chinkerpoo Family Trust seek to sell up to 1.47 crore company shares at a floor price of Rs 4,953 per share, which indicates a 5.5% discount on the current market price.

• PB Fintech: Tencent Cloud looks to sell a 2.1% stake or 97 lakh shares, in the company at Rs 1,660.20 per share, which indicates a 4.5% discount to the current market price.

• Genus Power Infrastructure: The company’s arm received letters of award for three orders worth Rs 4,469 crore for the appointment of advanced metering infrastructure service providers. The company's total order book stood at Rs 32,500 crore.

• KEC International: The company received new orders worth Rs 1,171 crore for its transmission and distribution business in the UAE and Saudi Arabia.

• Tata Steel: The company acquired 178 crore shares for Rs 2,348 crore in Tata Steel Holdings. Tata Steel Holdings will continue to be an arm of the company post-acquisition.

• Sonata Software: The company received a multi-year, multi-million-dollar IT outsourcing contract from a US-based healthcare and wellness company.

• Wipro: The company voluntarily liquidated its China subsidiary.

• MTNL: Union Bank freezes all company accounts, including collection and current accounts, over non-payment of dues.

• NLC India: The company signed a power usage agreement for the supply of 200 MW of green power to Telangana for 25 years.

• VLS Finance: The company’s buyback is to open on Aug. 30 and close on Sept. 5.

• Nalco: The company signed an MoU between JV KABIL and Oil India for collaboration in projects and exploration.

• Reliance Industries: CCI approved the Reliance-Disney merger subject to compliance with voluntary modifications.

Markets in Asia-Pacific dropped in early trade on Thursday, taking cues from overnight losses on Wall Street after Nvidia Corp.'s earnings for second quarter failed to impress investors' expectation. Further, concern about a slow down in China, world's second largest economy, weighed on the Asia-Pacific stocks.

The Nikkei 225 was 102.71 points, or 0.27% lower at 38,269.05, and the S&P ASX 200 was down 43.10 points, or 0.53% at 8,028.30 as of 06:58 a.m.

On Wednesday, the S&P 500 and Nasdaq Composite settled 0.60% and 1.12% lower, respectively. The Dow Jones Industrial Average ended 0.39% down.

Brent crude was trading 0.13% higher at $78.75 a barrel. Gold rose 0.31% to $2,512.35 an ounce.

The GIFT Nifty was trading 23.50 points, or 0.09% higher at 2,512.35 as of 07:01 a.m.

The Indian benchmark equity indices continued their uptrend on Wednesday, with the NSE Nifty 50 recording its best gaining streak since October 2020 to close at its lifetime high and the S&P BSE Sensex extending gains for the seventh consecutive session.

Nifty closed 34.6 points, or 0.14% higher at 25,052.35 and Sensex ended up 73.80 points, or 0.09% at 81,785.56.

Overseas investors turned net sellers of Indian equities on Wednesday after being buyers for four straight sessions. Foreign portfolio investors offloaded stocks worth Rs 1,347.5 crore while domestic investors turned net buyers after selling for a day and bought equities worth Rs 439.4 crore, according to provisional data from the National Stock Exchange.

The Indian currency weakened by 4 paise to close at 83.96 against the US dollar.