Markets activity remained restricted in a narrow range with Nifty ending above 25,000 on back of positive global cues after scaling to new all-time high. Bank Nifty has been showing underperformance and often provides early divergence before reversal or a major change. For Nifty, crucial support seen at 24665 below which, we can expect larger degree of correction to get activated.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Vedanta – To consider 3rd interim dividend for FY25 on September 2.
- Reliance – Gets CCI nod for USD 8.5 bn mega merger with Disney’s Indian Media Assets.
- Lemon Tree – Signs an agreement for a 72- room property in Ujjain, MP.
- KEC Intl – Bags orders worth Rs. 11.71 bn for its T&D business in Middle East.
- TV18 – Gets CCI nod for USD 8.5 bn mega merger with Disney’s Indian Media Assets.
- HCLTech – Expect double-digit growth in medium term, demand outlook optimistic.
- Welspun Living – Promoter to sell up to 4.6 pct stake via block deals, floor price Rs. 197/sh.
- NLC – 25-year power usage agreement with Telangana for 200 mw
- Nalco – JV company Kabil signs MoU with oil for mineral exploration
- PB Fin – Tencent cloud to sell 2.1 pct stake via blocks, floor price Rs. 1,660.2/sh
- Paytm – Paytm Payment Services Limited gets FDI approval.
- Transformers & Rectifiers – Gets Export Order of USD 14 mn from Linxon Global Sweden
- L&T – Company’s semiconductor subsidiary signs accord with C-DAC.
- Mirc Electronics – Board Meeting on Sept 2 to Consider Fund Raise via Rights Issue.
- DCX Systems – Secures a purchase order of USD 22 mn
- Genus Power – Wins orders worth Rs. 44.69 bn.
Negative Read through
- SBI Cards – July average ticket size declined 6 pct YoY, market share slipped.
- Indigo – Rakesh Gangwal to sell up to 3.8 pct stake via blocks, at Rs. 4,539/share, as per reports.
- RR Kabel – Temporarily shut operations for a day at Waghodia plant due to heavy rainfall.
- MTNL – Union Bank freezes MTNL’s accounts over non-payment of dues.
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