Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan, said the index oscillated around the key hourly moving averages and the 20-DMA. “Ultimately, it formed an Inside Bar pattern on the daily chart. The overall structure shows that the index is in short-term consolidation since the last couple of weeks and that is likely to continue going ahead,” he said.
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Adani Enterprises to be included in Nifty50 from September 30
India’s largest bourse the National Stock Exchange of India (NSE) today announced that Adani Enterprises would be included in the headline index Nifty50 in place of Shree Cement.The decision was taken after a semi-annual review of broad market indices by the exchange. Shares of Adani Enterprises have rallied over 88 per cent year-to-date in 2022, taking its market cap to Rs 3.68 lakh crore.After Adani Ports, this would be the second stock from the stable of billionaire Gautam Adani to be included in the Nifty
Wall St opens lower as slowdown worries mount
The Dow Jones Industrial Average fell 55.85 points, or 0.18%, at the open to 31,454.58.The S&P 500 opened lower by 18.27 points, or 0.46%, at 3,936.73, while the Nasdaq Composite dropped 108.76 points, or 0.92%, to 11,707.44 at the opening bell.
ArcelorMittal, Brookfield, Canada pension fund among bidders for stake in NTPC Green Energy
ArcelorMittal, Brookfield and Canada Pension Plan Investment Board are among over a dozen entities that have evinced interest in buying stake in NTPC Green Energy Ltd, according to sources. NTPC Green Energy Ltd (NGEL) is a wholly-owned subsidiary of state-owned power giant NTPC Ltd. The expression of interest (EoI) for stake sale of 5 to 10 per cent in NGEL was invited in June this year.
Tech view: A Nifty50 fall below 17,350 can give bears the upper hand
After a gap-down start, the Nifty50 on Thursday ended up forming a small bullish candle on the daily scale, but with a long upper wick, suggesting intraday recovery was sold into. Analysts said the ongoing consolidation in the 17,350-17,750 range to continue going ahead.Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan, said the index oscillated around the key hourly moving averages and the 20-DMA. “Ultimately, it formed an Inside Bar pattern on the daily chart. The overall structure shows that the index is in short-term consolidation since the last couple of weeks and that is likely to continue going ahead,” he said.For the day, the index closed at 17,542.80, down 216.50 points or 1.22 per cent.
Gold declines Rs 195; silver drops Rs 863
Gold price in the national capital declined by Rs 195 to Rs 50,723 per 10 grams on Thursday amid a fall in international precious metal prices, according to HDFC Securities. In the previous trade, the yellow metal had settled at Rs 50,918 per 10 grams.Silver also tumbled by Rs 863 to Rs 52,819 per kg from Rs 53,682 in the previous session.In the international market, gold was quoting lower at USD 1,703 per ounce while silver was flat at USD 17.73 per ounce.”Gold prices extended decline on stronger dollar and speculation over US non-farm payroll data,” said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.
The Bank Nifty index witnessed volatility throughout the day and ended negatively. After a gap-down opening, the index managed to hold the support of 38,800-38,500 on the downside, indicating the bias remains on the positive side. The immediate hurdle on the upside is placed at 39,500 and once taken out will see a sharp move on the upside towards 41,000 levels.
– Kunal Shah, Senior Technical Analyst at LKP Securities
Domestic markets started the new month on a volatile note. Weak global cues and rise in China-Taiwan tensions led to softening of global economic markets. Indian equities have been witnessing wild swings for the last few days. However Strong macro data, along with positive institutional flows have helped provided support at lower levels. Also action continues in mid and small caps with niche sectors doing well. Auto, Cap Goods, Defence, consumption, real estate, healthcare stocks are in string momentum which is likely to continue.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Investment Idea
Technology stocks are still giving a good exit as markets overall are holding up IT to Capital Goods/Engineering sh… https://t.co/cJWYRFhX82
— sandip sabharwal (@sandipsabharwal) 1662010344000
Domestic indices moved in line with peers while prospects of higher rate hikes, elevated inflation and a slowing economy put pressure on stock markets around the world. Although India’s Q1 GDP was reported below the RBI’s estimate of 16.2%, the strong growth seen in manufacturing activity during Q2 so far indicates a strong recovery in the domestic market. Additionally, ongoing support from FIIs will obscure the weakness, helping domestic indices to stay resilient
– Vinod Nair, Head of Research at Geojit Financial Services
Rupee avoids sell-off, closes flat on oil price drop
The Indian rupee held its ground on Thursday, as weakening oil prices and exporters selling dollars shielded it from a selloff in global risk assets. The partially convertible rupee eased 0.1% to 79.5550 per U.S. dollar, having firmed up to a more than two-week high of 79.31 during the session. The currency closed at 79.45 on Tuesday, India’s financial markets were shut on Wednesday for a holiday.
Dish TV shares surge as chairman set to exit after Yes Bank tussle
Price as on 01 Sep, 2022 03:39 PM, Click on company names for their live prices.
Defensives lead sectoral losers in trade today
CLOSING BELL: Heavyweights drag Sensex 770 pts lower; Nifty below 17,550; Dish TV rallies 18%, MMTC cracks 6%
The weak global sentiment was accompanied on the domestic front by tepid GDP growth numbers. Predictably the major sector which has led on the way down is the IT sector which is directly affected by the weakening business sentiment in the US. The US Fed has made it absolutely clear that they will raise rates and keep them higher for longer; and removed any ambiguity that was helping keep the market afloat. We continue to advocate a SIP investment strategy and avoid timing entry/exit in the market.
– Vineet Bagri, Managing Partner, TrustPlutus Wealth
Management Talk | Inox Leisure
#ETNOWExclusive | Kailash Gupta of @INOXMovies says -Things are not going as per expectations; seeing pressure on… https://t.co/jia0bMXFSS
— ET NOW (@ETNOWlive) 1662024793000
Top gainers from tourism & hospitality sector
Price as on 01 Sep, 2022 02:46 PM, Click on company names for their live prices.
NCC has received one new order for Rs 292 crore (exclusive of GST) in the month of August, 2022. This pertains to Water & Environment Division and is received from State Government agencies and does not include any internal order.
Price as on 01 Sep, 2022 02:16 PM, Click on company names for their live prices.
TATA MOTORS AUG SALES
Ashok Leyland rallies 5% to hit 52-week high on August sales, UAE deal
As the commercial vehicles manufacturer Ashok Leyland reported a 51 per cent year-on-year (YoY) jump in August sales, the stock rallied 5 per cent on Thursday to hit a 52-week high of Rs 161.75 on the BSE.The flagship brand of Hinduja Group on Thursday reported that its total domestic and export sales for the month of August went up 51 per cent YoY to 14,121 units. The total domestic sales, including trucks, buses and LCVs in the month stood at 13,301 units, up 58 per cent YoY.
5 Nifty stocks hit 52-week highs in a falling market
How auto stocks are faring amid Aug sales data
Price as on 01 Sep, 2022 01:33 PM, Click on company names for their live prices.
Global market check
- The Stoxx Europe 600 fell 0.3% as of 8 a.m. London time
- Futures on the S&P 500 fell 0.6%
- Futures on the Nasdaq 100 fell 1.1%
- Futures on the Dow Jones Industrial Average fell 0.4%
- The MSCI Asia Pacific Index rose 0.2%
- The MSCI Emerging Markets Index rose 0.1%
Sensex at day’s low, down 750 points
Coal India production rises 8.5% in Aug
Smallcap zooms over 14% after Ashish Kacholia picks stake
Shares of Best Agrolife rallied up to 14.5 per cent on Thursday after ace investor Ashish Kacholia picked 13.8 lakh shares of the smallcap company. The stock rallied to the day’s high of Rs 1,266.50. Kacholia, known for picking multibagger stocks in the midcap and smallcap space, bought the stock of the pesticides and agrochemicals company at Rs 940.88 per share on Tuesday.
August gross GST revenue collection at Rs 1.44 lk cr
#BREAKING | August gross GST revenue collection at Rs 1.44 lk cr #GST #GSTCollections @GST_Council @FinMinIndia https://t.co/mlYcznptlB
— ET NOW (@ETNOWlive) 1662014109000
Alka Mittal steps down as chairperson of Mangalore Refinery & Petrochemicals
Price as on 01 Sep, 2022 12:18 PM, Click on company names for their live prices.
Bajaj Auto total vehicle sales grew 8 per cent on an annual basis to 4,01,595 units in August, the company said on Thursday. The Pune-based automaker had sold a total of 3,73,270 vehicles in August 2021.
Price as on 01 Sep, 2022 11:53 AM, Click on company names for their live prices.
Planemaker Boeing Co expects Indian airlines to boost their capacity by at least 25% over the next year as demand rebounds quickly in the world’s fastest-growing major market, an executive said on Thursday.
Price as on 01 Sep, 2022 11:48 AM, Click on company names for their live prices.
Jefferies on Piramal Enterprises: Buy| Target Rs 1250
Jefferies maintained its buy rating on Piramal Enterprises with a…
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