Backed by last-hour buying activity, the domestic equity markets managed to extend their winning streak for the fourth consecutive session. The markets remained sluggish during most part of the day, initially impacted by a sudden spike in oil prices due to Saudi Arabia and Russia’s decision to extend production cuts until December. Additionally, there was selling pressure on metal stocks following data indicating that China’s services sector had expanded at its slowest pace in eight months in August.
Positive closing yesterday was despite USDINR trading firmly above 83 and FII continuously remaining net sellers. The outlook for markets still remains cautious due to breakdown in the spread of the Nifty 50-Nifty 500 index and for Nifty, crucial breakdown levels is seen at 19432 for confirmation of the resumption of downtrend. USDINR above 83.30 may suddenly surge towards 88 which may also pose a major risk to Indian financial stocks.
Nifty 50- Nifty 500 spread
Stocks to watch
Positive Read Through
- TCS – The Company has announced an 800 mn pound agreement with JLR’s digital section to promote its ‘ reimagine’ agenda.
- VBL – PepsiCo announces Rs 7,700 mn investment in Assam with new plant.
- Lupin – Announces a collaboration with Mark Cuban Cost Plus Drug Company and COPD foundation.
- Paytm – The company is dropping ambitions to launch an insurance business.
- ONGC – Because of the supply cut crude Continues to rise, Brent at USD 91.
- Shriram Fin – Small cap world Fund sells 4.7 mn shares worth of Rs 8800 mn.
- Biocon – In North America company completes integration of Viatris Biosimilar business.
- Rec – With EXIM Bank company signs an agreement of USD 100 mn foreign currency term loan.
- AU Sfb – Enters into bancassurance tie up with Star Health and Bajaj Allianz.
- JM Fin – Valiant Mauritius sells 7.6 mn shares, Quant mutual fund buys 9.45 mn shares.
- NRB Bearing – Acacia Partners sells 1.96 mn shares worth of Rs. 530 mn.
- Responsive Ind – From Indian Railways company gets order for Garib Rath initiatives.
- Aether Energy – From Hero Motocorp company raises Rs. 9000 mn.
Negative Read Through
- Tata Consumer – Company denies media news of stake buy in Haldiram.
- PG Electro–Barings PE sells 0.195 mn shares worth of Rs. 350 mn.
- GVK Power – Anicattu Issac George resigns as a full-time director & CEO.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
