Share Market Highlights 04 Sep 2023: Sensex gains 240 pts, Nifty settles above 19,500

The Indian rupee closed slightly weaker on Monday but managed to outperform its Asian peers which dipped after the 10-year US treasury yield rose on Friday and the dollar showed resilience despite some softening in US economic data over last week, per a Reuters report.

The rupee closed at 82.7475, little changed from 82.7150 in the previous session. Its Asian peers weakened against the US dollar, with the Thai baht and Malaysian ringgit leading the losses.

Routine inflows helped the rupee amid thin trading on a US holiday, a foreign exchange trader at a state-run bank said. Click here to read complete report.

The stock gained 0.46% to close at ₹1,924 on NSE.

In August 2023, the company estimates the overall disbursement at ₹4,400 crore delivering a 15% Y-o-Y growth. The YTD August 2023 disbursements at ₹20,950 crore registered a growth of 22% Y-o-Y.

Indian shares rose on Monday, led by metals on fresh stimulus support by China for its property sector and information technology (IT) stocks on rising expectations that the US Federal Reserve will pause its monetary tightening cycle, per a Reuters report.

The Nifty 50 index rose 0.48 per cent to 19,528.80, while the S&P BSE Sensex settled 0.37 per cent higher at 65,628.14.

Twelve of the 13 major sectoral indexes logged gains. The metal index rose 2.28 per cent and hit a record high on further policy measures by China to support its property sector.

China is the top producer and consumer of metals. Click here to read the complete report.

The stock trades at ₹323.85, up by 0.12% on the NSE.

The stock trades at ₹1,798.05, up by 1.07% on the NSE.

Bharat Heavy Electricals Ltd (BHEL) has won an order for the Electro-Mechanical (E&M) works of the 2,880 MW Dibang Multipurpose Project in Arunachal Pradesh. The BHEL stock was trading at ₹138.25, up by 1.54% on the NSE.

Major gainers: Coal India (4.66%); Wipro (4.28%); HCL Tech (4.06%); Ultratech Cement (3.81%); Tata Steel (3.70%)

Major losers: M&M (-0.89%); Axis Bank (-0.88%); Bajaj Auto (-0.85%); Asian Paints (-0.81%); Nestle India (-0.79%)

At 3:05 pm 2,329 stocks had advanced on the BSE, against 1,398 stocks that had declined. Total stocks traded were 3,921, with 394 recording . The number of stocks that recorded a 52-week high was 394, and those that hit a 52-week low was 28.

KPI Green has received a new order for executing a solar power project of 9 MW capacity from Gujarat Polyfilms Pvt. Ltd. under the ‘Captive Power Producer (CPP)’ segment. The stock trades at ₹879, up by 0.64 per cent on the NSE.

One97 Communications Ltd (OCL) has launched the Card Soundbox, which will enable merchants to accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks.

The stock trades at ₹853.60, down by 0.44 per cent on the NSE.

Syschem (India) has received sales order for ₹28.02 lakh from its customers towards supply of products manufactured by the company. The stock trades at ₹53.04, up by 1.49 per cent on the BSE.

MICL Group has bagged three awards cementing its position as a sterling Real Estate Player.

i. The Hurun India Industry Achievement Award 2022 in Civil Construction

ii. The Extraordinaire - Icons of Trust award under the Hall of Fame category by Brand Vision

iii. Hurun India Stars of Mumbai Award 2023 for Outstanding Contribution towards the Economy of Mumbai.

The stock trades at ₹153.15, up by 0.43% on the NSE.

GATI has tied up with Tech Mahindra to build a software application - Gati Enterprise Management System (GEMS) 2.0. The GATI stock trades at ₹150.75, higher by 2.52% on the NSE.

Intellect Global Central and Consumer Banking (iGCB), the central and consumer banking arm of Intellect Design Arena Ltd, has launched iQuantum Treasury 23, the solution enables real-time risk and operational management of the financial portfolio. The stock trades at ₹728.80, down by 0.58% on the NSE.

IIFL Finance, a retail-focused non-banking finance company, today said that it has launched Golden ESOP scheme worth Rs 180 crore for 4,000 frontline employees across 25 states and 5 union territories.

This is the largest such ESOP scheme for frontline employees across any industry in India and the first in BFSI sector, the company said. The frontline staff includes call center executive, gold loan appraisers, branch manager and other zonal sales staff.

IIFL Finance will issue shares to 4,000 employees at more than 98% percent discount to the company’s current share price. The shares will be given to employees at a minimal price of Rs 10 at a time when the share is trading around Rs 600.

ESOPs will be given to employees with at least two-years of experience at the company and meeting highest performance ratings.

Kings Infra Ventures has signed the MoU to export Vannamei shrimps to the US market with JH & Company representing Ocean World Ventures. The stock trades at ₹138.80, higher by 4.99% on the BSE.

GATI has partnered with Tech Mahindra to build future-ready software application - Gati Enterprise Management System (GEMS) 2.0. GATI stock trades at ₹150.75, higher by 2.52% on the NSE. The stock trades at ₹1,251.85 on the NSE, higher by 1.94%.

Intellect Global Central and Consumer Banking (iGCB), the central and consumer banking arm of Intellect Design Arena Limited, has announced the launch of iQuantum Treasury 23, the solution enables real-time risk and operational management of the financial portfolio. The stock trades at ₹728.80, down by 0.58% on the NSE.

Bharti Airtel will purchase 23,000 MWh of renewable energy by Q4 FY23-24 for its data center company, Nxtra. As part of its commitment to reducing its carbon footprint, Airtel will acquire stakes in the renewable energy project companies established by Continuum Green India Pvt. Ltd. and Vibrant Energy Holdings Pte. Ltd. to power six of Nxtra’s Edge data center facilities.

The stock trades at ₹862.85, down by 0.36% on the NSE.

During Monday afternoon trade, the equity benchmark indices traded within a range. The 30-share BSE Sensex increased by 176.16 points to reach 65,563.32 at 1.57 pm, while the NSE Nifty saw a gain of 73 points, reaching 19,508.30.

Among the gainers in the Sensex pack were Coal India, Tata Steel, Jio Financial, Hindalco, and Wipro. Meanwhile, Asian Paints, Nestle, Titan, Cipla, and Bajaj Auto were among the laggards.

The Nifty Metal stocks led the sectoral indices with a gain of 2.54%, led by SAIL and NMDC, which registered gains of over 6% each.

Dilip Buuildcon Ltd has informed the exchange about excecution of an agreement with the Water Resources Deparment Madhya Pradesh, Bhopal for construction of Malhargarh Pressurized Micro Lift Major Irrigation Project on turnkey basis valued at ₹699.03 crore.

DBL stock trades at ₹317.50, down by 1.34% on the NSE.

The Central government has decided to take up 30 railway projects including 15 new railway lines in Telangana with a total outlay of ₹83,543 crore, Union Tourism and Culture Minister G Kishan Reddy said on Sunday.

Garnet Construction Ltd’s shares rose after the company reported a 128 per cent increase in profit for the quarter ended June 30, 2023, at Rs 66.70 lakh, compared to Rs 29.16 lakh in the corresponding quarter last year.

State Bank of India (SBI) has introduced UPI interoperability in its Digital Rupee (e rupee), also known as the Central Bank Digital Currency (CBDC). This feature is accessible through the ‘e rupee by SBI’ application and allows SBI CBDC users to scan merchant UPI QR codes for transactions.

NBCC India has received work order for structural and non-structural repairs at Mint, Mumbai factory premises along with renovation works & structural and non-structural repairs of residential quarters at Mint Premises; and for construction of transit camp at Mint Colony, Parel, Mumbai. The order value is worth ₹20 crore.

The stock trades at ₹55.20, higher by 4.64% on the NSE.

​​​Delta Corp​​​ has 25 lakh shares changed hands in a large trade. The stock trades at ₹186.70, higher by 2.19% on the NSE.

The board of InterGlobe Aviation Ltd has approved incorporation of a wholly owned subsidiary; an investment up to ₹30 crore in one or more tranches and issuing corporate guarantees of up to $996 million to secure the payment obligations of aforesaid wholly owned subsidiary. The stock trades at ₹2,449.80, up by 0.45% on the NSE.

​Anupam Rasayan Ltd​ has allotted 66385 fully paid-up equity shares of face value of ₹10 each, under Anupam Employees Stock Option Plan 2020. The stock trades at ₹1,001 on the NSE, down by 0.41%.

Caplin Steriles Ltd., a subsidiary of Caplin Point Laboratories Ltd., has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (US FDA) for its injectable and ophthalmic manufacturing unit near Chennai.

The inspection took place from May 22nd to May 31st, and the inspection classification by the agency was determined as Voluntary Action Indicated (VAI).

IRFC stock jumps 20% on the NSE, trading at ₹66.90. The company’s 20.2 lakh shares changed hands in a large trade.

Julius Baer has embarked on a five-year transformation journey in India and aims to double the number of relationship managers and clients, triple its assets and extend its reach to new cities.

“India is one of Julius Baer’s core growth markets,” Rahul Malhotra, the firm’s head of private banking for global India & developed markets, said in a note put up on its website on Monday. “Our strategy is to have an efficient hub and spoke model – a strong network of relationship managers spread across the country with a deep understanding of the local culture and environment with subject experts in the hub.”

Julius Baer currently employs more than 200 people in India. The five-year business transformation will invest across the board in people, products, operations, technology, branding, and infrastructure. The firm is currently present in seven cities and plans to spread to more than 10 cities. In July 2023, the bank moved to a new office in New Delhi.

Julius Baer has applied for an AIF license and expects to launch an equity AIF fund by end of 2023.

The new wealth being created in India will be spread across almost 100 towns and cities with representation from ultra high net worth individuals. “Currently, 50 per cent of India’s resident wealth is concentrated in five cities. A further 10-15 per cent in the next five and another 15-20 per cent in the next 20 cities. The newly created wealth is expected to grow particularly in the small centers rebalancing the overall distribution,” said Umang Papneja, chief executive officer for Julius Baer’s activities in India.

Subros Ltd has developed its electric air-conditioning system with an integrated battery management system for Hyderogen Cell Bus application. The stock trades at ₹438.70, higher by 6.65% on the NSE.

Caplin Point Laboratories’ subsidiary company Caplin Steriles Ltd has received Establishment Inspection Report (EIR) from USFDA for its injectable and ophthalmic manufacturing unit located at Gummidipoondi, Chennai. The stock trades at ₹1,079.05, down by 1.55% on the BSE.

Major gainers on the NSE at 12 pm:

Jio Financial (6.81%); Coal India (4.69%); Tata Steel (4.05%); Ultratech Cement (3.18%); Hindalco (3.06%)

Major losers: M&M (-1.49%); Nestle India (-1.17%); Asian Paints (-1.04%); SBI Life Insurance (-0.95%); HDFC Life Insurance (-0.85%)

Stocks advanced on BSE at 12 noon on September 4 were 2,331 against 1,257 stocks that declined. Total stocks traded were 3,789. The number of stocks that recorded a 52-week high was 342, and those that hit a 52-week low was 24.

Indian equities made gains during noon trade on Monday, primarily driven by the metals sector, which received a boost from China’s continued support for its property sector and growing anticipation of a U.S. Federal Reserve interest rate pause later this month. The Nifty 50 index was up by 0.10%, reaching 19,452, while the S&P BSE Sensex saw a 0.07% increase, reaching 65,432.50.

Among the major sectoral indexes, eight out of thirteen registered gains, with the metals sector experiencing a notable 2.3% rise due to China’s fresh measures to bolster its property sector. China, being the largest producer and consumer of metals, had a positive impact on stocks like NMDC and National Aluminium, which saw increases of over 8% and 6%, respectively.

In terms of individual stocks on the NSE, Jio Financial, CIL, Tata Steel, UltraTech Cement, and Hindalco performed well, while M&M, Nestle, Asian Paints, SBI Life, and HDFC Life were among the laggards.

Meanwhile, MMTC stock surged by 20% on the NSE, trading at ₹52.50.

Stocks that hit 52-week low: Atal Realtech (-12.97%); Allcargo Terminals (-3.30%); Pyramid Technoplast (-2.48%)

The spices market exhibited a mixed trend on Monday. Dhaniya (coriander) October futures declined by ₹14 to ₹7,254 a quintal. Jeera (cumin) futures surged, hitting the 4% upper band at the start of the trade. At 11.45 hours IST, jeera October futures were up by ₹2,515 at ₹61,795 a quintal. Turmeric December futures dropped by ₹256 to ₹15,660 a quintal.

Gold ruled above $1,940 an ounce in Asian trade as US economy showed signs of recovery as non-farm workers’ payrolls increased. China’s PMI data too showed the country is on a recovery path. These are seen as signals that the US Fed may not hike rates further. At 11.45 a.m. IST, gold was quoted at $1,945.41 an ounce. Silver ruled at $24.17 an ounce.

Bank Nifty, after 0.5 per cent last week, began today’s session with a gap-up at 44,647.65 versus Friday’s close of 44,436.10. However, immediately after the open, the index fell and is now hovering around 44,420, erasing all the gains.

​NTPC ​stock rises by 1.41% on the NSE, trading at ₹233.95.

The company had accorded investment approval for Lara Super Thermal Power Project, Stage-II (2x800 MW) at estimated cost of ₹15,529.99 crore.

According to reports, UK Govt will support upto GBP 500 million pounds towards Tata Steel UK plant while Tata Steel will invest GBP 700 million in renewing the plant. The steel plant will move to a greener method of production utilising electric arc method replacing its coal fired plant.

Infosys Foundation, the CSR arm, has announced that it will construct a 100-bed maternity and child care hospital in Kunigal Taluk, Tumakuru district of Karnataka, in collaboration with the Directorate of Health and Family Welfare Services, Karnataka. It will provide a grant of ₹55 crore to support the building of this hospital within the premises of the Taluk General Hospital.

The stock trades at ₹1,444.35, up by 0.03% on the NSE.

Shakti Pumps has received patent for high starting torque direct line operated energy efficient motor (Shakti Slip Star Synchronous Run Motor - S4RM). The stock trades at ₹907.10, higher by 5.80% on the NSE.

Emmessar Biotech & Nutrition Ltd informed the exchange that Mathurakavi Srinivasa Raghavan Ayyangar, Chief Promoter, had acquired 5026 equity shares of the company. The stock trades at ₹26.99 on the BSE, higher by 3.17%.

TCS digital commerce platform helps banner solutions reimagine customer experience, the company informed the exchange. The stock trades at ₹3,381.50, up by 0.07% on the NSE.

Sundaram Home Finance has announced its foray into the affordable home finance segment and will be looking at disbursing home loans of up to Rs.35 lakh. It plans to open about 10 branches in Tier 2 & 3 towns in Tamil Nadu and Andhra Pradesh and to hire 50-75 people exclusively for the affordable housing segment in the first phase, by March 2024.

In a recent trend, pulp and paper stocks are witnessing a steady rise as prices in the sector stabilize. Companies like JK Paper, ITC, West Coast Paper Mills, TNPL, and Seshasayee Papers & Boards are gaining traction in the market.

Nifty 50 and Sensex have begun the week on a positive note. Sensex is trading at 65,440, up 0.1 per cent and Nifty 50 at 19,465, up 0.15 per cent. The sharp bounce from the low on Friday is a positive for the indices. However, it is important for them to get a strong follow-through rise from here to mark the end of the correction and to turn bullish convincingly.

While preferential allotment will lead to an equity dilution of 2.1%, Nazara operates in a hyper growth gaming industry where scalability is of prime importance which may lead to dilution at frequent intervals at least in the initial stages.

We believe the funds might be deployed to expand presence in either Freemium or Gamified Early Learning segment as Real Money Gaming is facing regulatory hurdles post levy of 28% GST on full bet value whereas ESports business is well funded post recent fund raise of Rs2bn. - Jinesh Joshi, Research Analyst, Prabhudas Lilladher

Indian shares advanced on Monday, led by metals on further support for property sector by China and on rising expectations of a U.S. Federal Reserve rate pause later this month.

The Nifty 50 index was up 0.10% at 19,452 as of 10:21 a.m. , while the S&P BSE Sensex rose 0.07% to 65,432.50.

Eight of the 13 major sectoral indexes logged gains. Metals rose 2.5% on fresh measures by China to support its property sector. China is the top producer and consumer of metals. Tata Steel and Hindalco added more than 3% each, topping the Nifty 50.

The more domestically-focussed small-caps and mid-caps advanced 1% and 0.6%, respectively, sustaining outperformance over the blue-chips.

The small-caps and mid-caps have gained over 28% and 26%, respectively, so far this year, more than thrice as much as a 7.5% rise in benchmark Nifty 50 index, on sustained retail inflows.

“The small-cap and mid-cap space will continue to do well because of hopes of healthy returns, which have attracted interest from investors with a short-term time horizon,” said Siddharth Bhamre, research head at Religare Broking.

There are pockets in broader markets with valuation comfort, Bhamre added.

Rising unemployment in the U.S., which heightened hopes of a Fed rate pause later this month as well as strong domestic macroeconomic data, including gross domestic product(GDP) and expansion in factory activity bolstered sentiment in the markets, two analysts said.

Among individual stocks, Coal India climbed 3% after production in August rose 13.2% year-on-year.

Maharashtra Seamless climbed 4% on bagging orders of 1.57 billion rupees from Oil India and Indian Oil Corporation.Moil rose 2% after reporting a 53% year-on-year jump in production in August. - Reuters

Shares of luxury hotels operator, EIH Ltd are down 5%. The stock had run up quite a bit last week and was up 25% for the month, on expectations that a board meeting to be held on Friday may witness strategic moves.

However, the Oberoi hotels company announced the board reviewed the post Covid state of the Indian hospitality industry segments relevant to the company, and their market potential.

Ever since Reliance & Oberoi announced plans to co-manage two hotels in India and one in the UK, there has been speculation that RIL may look at entering the hotel business. RIL holds 18.53% stake in EIH.

Mishra Dhatu Nigam Ltd’s (MIDHANI) shares were up by 3.29 per cent after the company announced it was a key supplier of specialised metals and alloys for the Indian Space Research Organization (ISRO)‘s Aditya-L1 mission.

Top Nifty Auto stocks:

• Eicher Motors (1.67%);
• Bharat Forge (1.49%);
• Maruti (0.80%);
• MFR (0.78%)

Nazara Technologies Limited’s shares were up by 4.70 per cent after the company announced the approval of a preferential allotment of equity shares with the aim of raising up to Rs 100 crore. Nazara intends to issue 14,00,560 equity shares with a face value of Rs 4 each at a price of Rs 714 per equity share, aggregating to Rs 100 crore. These shares will be proportionately allotted to M/s Kamath Associates and M/s NKSquared. These equity shares will be locked in for a period of six months from the date of issue.

HRC Infra Projects stock rises by 4.03% on the NSE, trading at ₹46.50. The company had received work order from Gujarat Energy Transmission Corporation Limited (GETCO).

Axis Securities Top picks for September: ICICI Bank, Maruti Suzuki India, State Bank of India, Lupin ltd, Federal Bank, Varun Beverages, Ashok Leyland, PNC infra, ITC, Relaxo, CIE Automotive India, Praj Industries, CCL Products (India), CreditAccessGrameen, JTL Industries and Kirloskar Brothers ltd

We believe that global monetary tightening is on its last legs and central banks globally will be on a long pause. RBI will also be on a long pause with government taking fiscal steps to manage inflation. We think that the broad range of the benchmark 10yr bond yield will be between 7.10% to 7.35% over the next one month. Given the recent rise in yields which has pushed back the expectations of rate cuts, yields are entering attractive territory and investors can look to increase allocation to Fixed Income as growth is expected to slow down towards the end of the year.

Investors with medium to long term investment horizon can look at funds having duration of 3-4yrs with predominant sovereign holdings as they offer a better risk reward currently. Investors having an investment horizon of 6-12 months can look at money market funds as yields are attractive in the 1yr segment of the curve. - Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund

MOIL stock rises by 1.63% on the NSE, trading at ₹246.55. The company’s August production sruged 53% y-o-y.

The Competition Commission of Indiais likely to issue draft proposals this month on the calculation of deal value threshold (DVT) and what constitutes significant business operations (SBO) in India, said market watchers.

Diversified group ITC on Sunday said it will invest around Rs. 1,500 crore to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore in Madhya Pradesh.

Rail Vikas Nigam stock rises by 8.21% on the NSE, trading at ₹149.65. The company had received LOA from Madhya Gujarat Vij Company Limited (MGVCL) for full turnkey contract (Design, Supply and Installation) for the development of distribution infrastructure work for loss reduction at Dist. Vadodara; worth ₹322 crore.

Mindspace Business Parks REIT (MINDSPACE) Ltd.’s shares were up by 0.76 per cent after the company concluded an acquisition of approximately 0.24 million square feet (MSF) at Commerzone Porur, Chennai, for Rs 181.6 crore, including transaction costs. This acquisition enables Mindspace REIT to attain 100 per cent ownership of the asset.

Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities said WTI Crude oil futures surged more than 7% during the previous week and closed at $85.55 per bbl, as signs of tightening physical markets and continued efforts by Chinese authorities lifted the sentiments. Saudi Arabia is expected to extend the voluntary oil production cut of 1 mbpd well into October, while Russia has also agreed with its OPEC+ partners on further cuts to its crude exports. Unexpected expansion in China Caixin Manufacturing PMI coupled with Beijing slashing the reserve requirement ratio further aided prices as the support measures starts to gain traction. Prospects of Fed pivot might also underpin the demand outlook and keep the prices buoyed

Gold and silver were highly volatile last week and closed on a negative note on Friday, after a sharp jump in the dollar index and bond yields erased the precious metals’ earlier gains. The dollar index gained strength after a better than expected U.S. nonfarm payroll data and pushed gold and silver lower. An upbeat job data increased fears of U.S. Fed rate hike in the upcoming policy meeting and supported the dollar index. However, strength in crude oil prices and downbeat EU and UK manufacturing PMI supported precious metals. Rebound in the Japanese Yen and Chinese Yuan also supported precious metals. We expect gold and silver to remain volatile this week amid volatility in the dollar index. Gold has support at $1928-1918 while resistance is at $1952-1964. Silver has support at $24.00-23.88, while resistance is at $24.40-24.54. In INR terms the gold has support at Rs59,170, 58,910. while resistance is at Rs59,620, 59,780. Silver has support at Rs73,010-72,550, while resistance is at Rs74,140–74,740. - Rahul Kalantri, VP Commodities, Mehta Equities

Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities Ltd

“COMEX Gold prices witnessed the second consecutive weekly gain after a slew of data releases during the previous week improved the conviction that the Fed is nearing the end of tightening cycle. The US Labour report showed modest jobs growth, gentle wage pressures and an unexpected jump in the unemployment rate in August, amid signs of softening in the Jobs market. However, gold prices pared some early gains after better than expected ISM Manufacturing PMI. This week is going to be light on the data front, with US ISM Services PMI, central bank meeting of Canada and Australia coupled with a slew of Fed official’s speeches to be in focus. “

Mishra Dhatu Nigam Limited’s (MIDHANI) shares were up by 3.29 per cent after the company announced its role as a key supplier of specialized metals and alloys, which played a crucial role in the successful launch of India’s Aditya-L1 mission by the Indian Space Research Organization (ISRO) on September 2, 2023.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“The economic data from the US confirms the soft landing narrative that has been driving equity markets globally. August unemployment in the US has risen to 3.8% and there is a softening trend in average hourly wages. This data suggests that the Fed is likely to hold rates in the September meeting. This is a favourable indication for global equity markets.

In India a large number of small caps, particularly the micro caps, are rising, mainly driven by market momentum. Many newbie investors are chasing such stocks for quick gains. Many of these stocks don’t have strong fundamentals and investment in these stocks can be very risky. At this juncture, long-term investors should prefer the safety of high quality large-caps.”

GMR Power and Urban Infra Ltd stock surges by 17.93% on the NSE, trading at ₹33.55. GMR Smart Electricity Distribution, a subsidiary of the company, received Letter of Award (LoA) worth ₹5,123.4 crore from Purvanchal Vidyut Vitran Nigam in Uttar Pradesh.

Anand James, Chief Market Strategist at Geojit Financial Services.

The 82.8-82.5 band has continued to restrain USDINR from directional move. Within this construct, a positive bias looks to be emerging, as the lower highs with flat lows resemble a bullish continuation patteern. Upsides may be limited to 82.93 though, with major support below 82.5 seen at 82.2

The proximity of congestion resistance at 19480-500 raises fears of rejection trades again. However, the steepness of the Friday’s rise, as well as the decline in VIX to levels last seen when Nifty was at 19600, encourages us to persist with upsides, with the near term objective extended to 19790. Downside markers are at 19385 or 19361. Inability to float above the same, will again rekindle fears of 18800 or 18300, but the prospects of an outright collapse look limited. - Anand James, Chief Market Strategist at Geojit Financial Services.

BSE has revised the circuit limit of Jio Financial Services to 20 per cent from the existing 5 per cent. The new limits will be effective from Monday, September 4, according to a notification issued by BSE

Major gainers on the NSE at 9:30 am: Hindalco (3.65%); Tata Steel (3.58%); Jio Financial (3.34%); Ultratech Cement (2.03%); Coal India (1.96%)

Major losers: Nestle India (-0.57%); Asian Paints (-0.51%) Britannia (-0.40%); ICICI Bank (-0.29%); Bajaj Auto (-0.29%)

Crude oil futures traded higher on Monday morning following the reports of an expansion in the Chinese manufacturing activity and the signs of further production output cuts by the major oil producing nations in the world.

At 9.30 am on Monday, November Brent oil futures were at $88.58, up by 0.03 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $85.66, up by 0.13 per cent. September crude oil futures were trading at ₹7088 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹7064, up by 0.34 per cent; and October futures were trading at ₹7027 as against the previous close of ₹7002, up by 0.36 per cent.

IDBI Bank: Bids invited to appoint an asset valuer for strategic divestment of IDBI Bank. (Positive)

Biocon: Company acquires Eywa Pharma’s oral solid dosage manufacturing facility, located in New Jersey, US for $7.7 million. (Positive)

Hindalco: Company enters into a Shareholder’s Agreement & Power Purchase Agreement with Seven Renewable Power Private Limited for acquisition of 26% stake in SRPPL. (Positive)

Lemon Tree Hotels: Signs a license agreement for an 80 room property in Dehradun, Uttarakhand. (Positive)

Hero Motocorp: Total sales at 4.89 lk vs 4.63 lk, up 5.6% (YoY). (Positive)

Eicher Motors: Total sales at 77,583 units Vs Nomura’s estimate of 75,000 units (YoY). (Positive)

VST Tillers: August sales up 12% at 4,037 units vs 3,602 units (YoY) (Positive)

Coal India: August production up 13.2% at 52.3 MT Vs 46.2 MT (YoY) while offtake up 15.3% at 59 MT vs 51.2 MT. (Positive)

NMDC: August production up 37.5% at 3.41 mt vs 2.48 mt (YoY), sales up 25% at 3.54 mt vs 2.83 mt (YoY). (Positive)

ICICI Lombard: IRDAI Approves ICICI Bank To Increase Shareholding In ICICI Lombard In Multiple Tranches Up To 4.0% (Positive)

MOIL: Delivers best August production since inception, registering a growth of 53% YoY (Positive)

Bajaj Auto: RBI grants certificate of registration to unit Bajaj Auto Consumer Finance: Agencies. (Positive)

Reliance Ind: Reliance Retail in talks with global investors to raise $2.5 bn by Sept 30: Agencies. (Positive)

Nazara tech: To Consider fund raising via issue of equity shares/ securities on Preferential Basis (Positive)

Firstsource Solutions: Company announces Ritesh Mohan Idnani as MD & CEO (Positive)

Tata Power: Company inks a PDA with Chalet Hotels Limited for 6 MW AC Group Captive Project (Positive)

HP Adhesive: To Consider Sub-Division/ Splitting of Equity Shares (Current Face Value of Rs 10) (Positive)

Paras: Patent Office, Government of India has granted 3 individual patents for the design of the products (Positive)

Kopran: MHRA - UK has renewed GMP Compliance Certificate for Company’s two plant. (Positive)

Maha Seamless: Company has received orders with cumulative basic value of Rs. 157 crores approx. from Oil India Ltd. and IOCL (Positive)

GMR Infra: Arm Receives Letter of Award worth Rs 5123.4 Crores from Purvanchal Vidyut Vitran Nigam In UP (Positive)

RVNL: Company bags Letter of Acceptance from Madhya Gujarat Vij Company for order of Rs 282 crore (Positive)

Deepak Fertilizer: Signs Two Gas Purchase Agreement With GAIL (Positive)

Shilpa Med: Gets Marketing Authorization From MHRA, UK, For Betahistine Dihydrochloride Orodispersible Films, 24 mg (Positive)

M&M: IFC to invest Rs 600 crore in tranches in M&M’s subsidiary Mahindra Last Mile Mobility by subscribing to compulsorily convertible preference shares. (Positive)

Infosys: Completes Acquisition of Danske Bank’s IT Centre in India (Neutral)

Maruti: August total production up 3.5% at 1.65 lakh units vs 1.59 lakh units (YoY) (Neutral)

Jet Airways: ED arrests Jet Airways founder Naresh Goyal in Rs 538-cr alleged bank fraud case (Neutral)

ONGC: Company approves capital restructuring of ONGC Petro additions. (Neutral)

ITC: Peter Rajatilakan Chittaranjan has stepped down from board (Neutral)

Ashok Ley: Total sales at 15,576 units Vs estimate of 15,661 units (YoY). (Neutral)

Kotak Bank: Uday Kotak Resigns As Kotak Mahindra Bank MD & CEO, Dipak Gupta takes interim charge (Neutral)

Venus Pipes: Arun Axaykumar Kothari Resigns As CFO Of The Co w.e.f. September 1, 2023. (Neutral)

Oil upstream stocks: Government cuts windfall tax on crude petroleum, SAED on diesel and ATF increased. (Neutral)

MOIL delivers best August production since inception, registering a growth of 53 per cent YoY

BGR Energy has informed exchanges that Premium Transmission Pvt Ltd (an operational creditor) has agreed to withdraw an insolvency petition filed against the company after it repaid ₹4.51 crore in full and final settlement on Saturday. The company has now filed a petition to the NCLT, Amaravati Bench for withdrawal of Insolvency proceedings.

HP Adhesive to consider sub-division/ splitting of Equity Shares from current face value of Rs 10

Nazara Technologies will raise around Rs 100 crore by issuing up to 14 lakh shares on a preferential basis to Kamath Associates and NKSquared at Rs 714 each. Share are up 2.6% at Rs 782 on the NSE.

MHRA - UK has renewed GMP Compliance Certificate for Kopran, an integrated pharmaceutical company’s two plant

IMD says a low pressure area will form over the Bay of Bengal by tomorrow. This will bring heavy rainfall to Telangana and Andhra Pradesh. Key kharif States Maharashtra, Madhya Pradesh are also set to receive isolated heavy rainfall.

Maha Seamless has received orders with cumulative basic value of about Rs 157 crore from Oil India and IOCL

GMR Infra arm receives letter of award worth Rs 5123 crore from Purvanchal Vidyut Vitran Nigam in UP

RVNL bags Letter of Acceptance from Madhya Gujarat Vij Company for order of Rs 282 crore

Shilpa Med gets Marketing Authorization From MHRA, UK, For Betahistine Dihydrochloride Orodispersible Films, 24 mg

IFC to invest Rs 600 crore in tranches in M&M’s subsidiary Mahindra Last Mile Mobility by subscribing to compulsorily convertible preference shares.

Maruti August production up 3.5 per cent at 1.65 lakh units against 1.59 lakh units y-on-y

Indian benchmark indices, Sensex and Nifty opened with a slight uptick, driven by growing optimism about a U.S. Federal Reserve rate pause and robust domestic economic data. The BSE Sensex gained 206.60 points, reaching 65,593.75, while the NSE Nifty rose 75 points to 19,510.30.

Among the stock gainers were Jio Financial, Tata Steel, Eicher Motrs, Hindalco and L&T. Lagging behind were ICICI Bank, Apollo Hospitals, Maruti, Bharti Airtel and Britannia.

Earlier, Indian shares had a weekly gain, buoyed by strong GDP data and factory activity growth. Asian markets also saw modest gains on positive U.S. jobs data, hinting at a potential end to Federal Reserve tightening measures.

Foreign institutional investors purchased shares worth Rs 488 crore, while domestic institutional investors bought shares worth Rs 2,295 crore on Friday.

The Indian government has begun to procure imported red lentils through Nafed and NCCF. These agencies will float two tenders each every week to buy the lentils. This is part of the Centre’s move to cool rising prices of pulses.

After closing higher on Friday, boosted by the country’s GDP data, the Indian equity market will kick off a new week by digesting the U.S. jobs report that was released after the bell. A jump in the unemployment rate cemented expectations of a pause in interest rate hikes this month by the Federal Reserve. In the course of the week, domestic traders will await the country’s S&P Global Services PMI on Tuesday, which is expected to rise to 61 in August.

On the global front, investors will closely monitor the U.S. services data due on Wednesday. China’s inflation and trade data later in the week will also be on the radar.

Separately, at least seven Fed officials are due to speak this week ahead of the next policy meeting on September 19-20. Meanwhile, the head of the European Central Bank, Christine Lagarde, is expected to speak later in the day, with the market now leaning against a hike at ECB’s September meeting after a run of soft data. In the last trading session, Indian shares logged a weekly gain, snapping a five-week losing streak.

The rupee ended stronger but was off the day’s high as dollar demand from importers mounted pressure on the local unit, while the benchmark government bond yield ended the week higher. The Indian rupee is likely to see a downward bias this week supported by an upbeat dollar index, while bond yields may move slightly higher tracking U.S. Treasuries.

India is looking to clear the path for signing a long-term contract relating to Chabahar port (in Iran), while plans are afoot to increase investments at the Shahid Beheshti terminal there.

Firstsource has announced the appointment of Ritesh Idnani as the new CEO w.e.f. 1st September. Idnani replaces Vipul Khanna, who has resigned to pursue opportunities outside the firm

Domestic PV and 2W retail volumes continued to witness mid-single-digit growth, whereas CV retail trends remained weak driven by muted demand trends in the LCV segment. Tractor demand was impacted due to a deficient monsoon in August 2023. Export segment recovery remains below expectations, especially in 2W and tractor segments. OEMs continued to build inventory ahead of the festive season, especially in the PV segment.- Kotak Securities

1QFY24 results showed continued demand weakness for (1) automobiles and consumer staples with no visible recovery in rural demand and (2) IT services with revenues lagging even our modest expectations. Investment demand continues to be strong with (1) capital goods companies showing robust growth in both order inflows and revenues and (2) cement companies reporting double-digit volume growth. Profitability increased both qoq and yoy across sectors led by stable-to-higher product prices and stable-to-lower Raw Material Prices- Kotak Securities

Inflows from foreign portfolio investors (FPIs) into the domestic equity markets have slowed sharply in August. Data from NSDL upto 31st August showed that FPI investments was a net inflow of Rs 12,262 crores for the month of August 2023 against an inflow of more than Rs 40,000 crores every month since May 2023. However, SIP flows have remained strong with monthly collection reaching an all-time of Rs 15,245 crores for the month of July 2023. (Versus Rs 14,734 crore in June and Rs 14,749 crore in May). Inflows from FIIs may sustain for EMs like India led by stable government policies, robust macro fundamentals, stable inflation and sustainable growth rates. - Kotak Securities

The Indian market could see consolidation for a while with rich valuations capping upside but other factors likely protecting downside. Rich valuations across sectors largely factor in recovery in both volumes and profitability but do not factor any risks. Q1FY24 results showed

(1) persistent weakness in consumption demand and (2) expected slowdown in outsourcing (IT services) demand but (3) further improvement in profitability. However, reasonable macro-economic outlook, undiminished expectations of recovery in profitability and volumes and strong medium-term narrative about India provide support to markets. We see limited moneymaking opportunities in the market given (1) expensive valuations and (2) potential

disruption risks across sectors, which may result in lower profitability and multiples over time - Kotak Securities

We witnessed a stronger August for PVs, especially the SUV segment. 2Ws were slightly weak domestically, but exports improved sequentially and yoy. Going forward, the impact of currently prevailing El Nino needs to be seen on the rural centric segments like 2Ws and tractors. CVs again have posted a subdued performance post improvement in previous months. The impact of BS VI phase-2 implementation, OBD-2 norms and high base are resulting into this weakness.

We remain positive on the sector. However, our choice is in the following order –PVs, 2Ws and CVs. Stocks specifically, within the 2Ws, we like Bajaj Auto as we expect the exports growth seen in August to continue hereon as things are easing out in Africa. Also the EV strength gaining from Chetak and upcoming launch of e-3W can be additional positives. Domestically on the motorcycles side we expect new launches to assist posting decent numbers.

TVS too looks promising with its dominance in EV scooters and solid performance by its star performers like NTorq, Jupiter, Apache, Raider and the recently launched premium bike Ronnin. While on the PV side, we like M&M because of its strength in the proliferating SUV segment, prudent capital allocation and a robust growth strategy in UVs, EVs and CVs.

We also like MSIL on the PV side because of its wide portfolio of vehicles and inroads into the SUV industry. We like Ashok Leyland within CVs as it has a diversified revenue base deriving from LCVs, Defense, MHCVs, exports and spares. Every dip in the stocks mentioned above, shall provide good opportunities for investors to enter into them from medium to long term perspective. -- LKP Research

Indian benchmark indices gained 0.9 per cent for the week ended September 1, breaking five straight weeks of negative closing. Robust GDP numbers, record auto sales numbers, a strong GST collection and good manufacturing PMI numbers were some of the positives that helped pushed the market in the green

P M Prasad, who took over as Chairman and Managing Director of Public Sector coal miner – Coal India Ltd (CIL) -- is not new to the game. Soon after joining on July 1, he had to explain why the financial results were lower than expectations.

India’s petroleum products (POL) exports are expected to be healthy, with shipments clocking 13 per cent M-o-M growth in the first three weeks of August, aided by weaker domestic demand and strong export demand, particularly from Southeast Asia and Africa.

This follows Sharma’s overseas entity Resilient Asset Management B.V acquiring 10.3% stake in Paytm from Antfin; Post this transaction and few block deals, Antfin shareholding in Paytm has reduced to 9.90% from 23.79%

Airfares are set to rise ahead of the peak travel season as jet fuel prices have surged for the third consecutive month, including a 14.12 per cent increase on September 1. This, combined with the ongoing weakness of the rupee against the dollar, is expected to lead to a five per cent increase in airfares during the upcoming (Q3) traditionally high-demand quarter. Additionally, the grounding of airlines like GoFirst and recurring engine issues may dampen the festive cheer for air travellers.

India faces an intricate economic jigsaw, challenging policymakers and investors. Navigating prudently with diversification is the key to enduring this financial storm

Adani Ports and Special Economic Zone reported a 17% YoY increase in cargo volumes in August at 34.2 million ton on the back of solid growth in containers, liquid cargo and gas. Cntainer cargo volume was up 27.6% YoY, while liquid and gas volumes were up 69% in the month.

Biocon: Unit buys Eywa Pharma’s oral solid dosage manufacturing facility in New Jersey for $7.7 million

IDFC First Bank: GQG Partners Emerging Markets Equity Fund, GQG Partners International Opportunities Fund bought 2.6% stake worth Rs 1,527 crore in the lender, through block deals.

Hero Motocorp: Two-wheeler maker dispatches 489,000 units in August; domestic sales up 4.9% YoY

Shares of Kotak Mahindra Bank will be in focus in today’s trade. Uday Kotak, the founder-promoter of Kotak Mahindra Bank, on Saturday announced that he has stepped down as the MD and CEO of the bank with effect from September 1. Kotak will continue to serve as a non-executive director on the bank’s board.

Indian shares are set to open marginally higher on Monday, on hopes of a U.S. Federal Reserve rate pause later this month and strong domestic macroeconomic data.

India’s GIFT Nifty on the NSE International Exchange was up 0.13% at 19,572.50 at 8:11 a.m. IST.

Wall Street equities were mixed on Friday after a U.S. jobs report showed a rise in unemployment, which bolstered expectations of a pause in rate hikes by the Fed in its policy decision later this month. Asian stocks edged higher on Monday.

Indian shares posted a weekly gain on Friday, snapping a five-week losing streak, on strong gross domestic product (GDP) data for the June quarter and expansion in factory activity in August.

Foreign institutional investors bought shares worth Rs 488 crore on a net basis on Friday, while domestic institutional investors bought shares worth Rs 2,295 crore ($277.66 million), according to stock exchange data. - Reuters

After bidding aggressively for mines, Sajjan Jindal-owned JSW Steel is now keen to surrender one of the four mines in Odisha due to delay in getting cost overrun.

Gold outperformed silver over the past week in terms of dollar as well as in the domestic market. Gold and silver ended at $1,939 and $24.2 per ounce respectively in the international market. While the former gained 1.3 per cent, the latter was down 0.2 per cent.

The dollar index began the week on a weak note and fell sharply in the first half of the week. Weak economic data releases dragged the greenback lower.

​Nifty 50 (19,435) snapped the five-week losing streak ​by producing a gain of 0.9 per cent for the week ended September 1. Bank Nifty (44,436), on the other hand, appreciated for the second week in a row and was up 0.5 per cent.

​The stock of SBI Cards and Payment Services ​(₹840.3) is ruling at a crucial level. The stock finds support at ₹808 and ₹744. A close below the latter will turn the outlook negative.

We zoom in on the prospects of Reliance Industries (RIL), as also the prospects of two other stocks — Jain Irrigation Systems and Interglobe Aviation (IndiGo)

Here is what the charts say about the shares of Intellect Design Arena, Mahanagar Gas Ltd and Tata Chemicals

The buyback of IndiaMART InterMESH (Indiamart) which opened on August 31, is open till September 6 – Wednesday. The buyback is via tender offer route, and record date is August 25 – ie investors who had the shares in their demat account by end of August 25 are eligible to participate. Promoters will also be participating in the buyback.

Nifty 50 and Sensex snapped their five-week fall last week. Although the benchmark indices remained under pressure most part of the week, the strong rise on Friday recovering all the loss has given some breather. The price action over the last couple of weeks indicates a strong base formation on the charts.

Jupiter Lifelines Hospital (Jupiter) is a west India-based healthcare service provider with three multi-speciality hospitals. The group, as of March 31, 2023, has 950 operational beds in Thane, Mumbai (commercialised in 2007), Pune (2017) and Indore (2020). The premium hospital, with above-industry ARPOBs (Average revenue per operating bed) and premium service offering, is expected to add close to 50 per cent more capacity in the next three years with a new facility in Dombivli, Mumbai.

The mutual fund distribution channel seems to be as concentrated as the industry itself, with the top-20 distributors accounting for 56 per cent or ₹6,739 crore of the overall commission of ₹12,049 crore in FY23.

Interestingly, the top-10 distributors earned ₹5,734 crore as commission last fiscal. Among the top-10 distributors, six are banks with interest in mutual fund business through their subsidiaries, according to AMFI data.

As the IPO market picks up steam, foreign investors are increasing their focus on India’s primary market. According to the latest data, foreign portfolio investors (FPIs) have pumped in ₹21,350 crore in the primary market from April to August .

The inflows in the first five months of the current fiscal are already about 90 per cent of FPI investment in the primary market in the whole of the previous fiscal. In FY23, FPIs invested ₹24,123 crore in India’s primary market.

Leading stock exchange BSE has revised the circuit limit of Jio Financial Services, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, to 20 per cent from the existing 5 per cent.

The new limits will be effective from Monday, September 4, according to a notification issued by BSE.

The move would ensure stock prices do not fluctuate beyond a prescribed level during a session.

Asian stock markets saw modest gains as investors considered positive US jobs data, which suggests the Federal Reserve may be approaching the conclusion of its tightening measures.

At the opening bell, stocks in South Korea and Australia moved higher, while Japanese equities maintained slight upward momentum.

On Monday, Japanese stocks initiated the trading day on a positive note, with the Nikkei 225 index rising by 0.28%, equivalent to 110.59 points, to reach 32,811.21. Simultaneously, the broader Topix index climbed by 0.49%, or 11.36 points, to stand at 2,361.11.