Markets remained under pressure mainly on back of strengthening Japanese yen but managed to defend crucial support of 25,096 in Nifty 50. At present, the Nifty has been oscillating in expanding triangle and this would mean momentum reversal towards 23700 may occur at a faster pace if Nifty is unable to cross beyond 25,500. The global markets are currently discounting 25 bps rate cut in September Fed policy but markets may react negatively if it is a higher than expected cut as it would be marked as a sign of recession in the US markets.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Dreamfolks – Launches its highway dining service for travellers.
- KEC Intl – Bags orders worth Rs. 14.23 bn for transmission lines in Saudi Arabia.
- Adani Group – Maharashtra cabinet nod for investment of Rs. 839.47 bn for tower semiconductor with company.
- NLC India – Coal ministry allocates Machhakata coal mine to company.
- Pidilite – Enters into an exclusive distribution agreement with Colltech Group.
- Mrs Bectors – Launches QIP to raise up to Rs. 4 bn, issue price at Rs. 1,550/sh.
- Ashoka Buildcon – Arm Viva Highways monetises Pune land for Rs. 4.53 bn.
- Camlin Fine – To consider fund raising via rights issue on September 10.
- TV18 Broadcast – Gets NCLT nod for SOA amongst company, E18 & Network18.
- GMDC – Coal ministry allocates Kudanali Lubri coal mine to company.
- Matrimony – Board approves buyback of up to Rs. 720 mn at Rs. 1,025/share.
- Jindal Stainless – Supplied stainless steel for Vande Bharat sleeper coaches.
- Wipro – Gets enlisted by JFK International Air Terminal to meet sustainability targets.
- Honeywell Automation – Commissions Microgrid Battery Storge system in India for Solar Energy Corp.
- Suven Pharma – Approves merger of Casper Pharma with company.
Negative Read through
- Indigo Paints – Peak partners to sell 11 pct stake via block deals, floor price Rs. 1,470/share.
- Venus Pipes – Directorate of Revenue Intelligence conducted search operations at corporate office.
- Bharat Forge – Aug Class 8 truck orders fell 16 pct YoY, below seasonal estimates.
- Angel One – Aug gross client addition plunged 21 pct, average daily orders fell 1.4 pct MoM.
- Finolex Cables – Ratnakar Barve to replace Nikhil Naik as chairman.
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