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Market Highlights: Nifty ends at 16,624, Sensex jumps 400 pts, closes just shy of 56,000; Bajaj Finserv up 7% – The Financial Express

India VIX ended the day’s trade in red,

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 closed the day with gains amid positive global cues. S&P BSE Sensex ended the day 403 points or 0.73% higher at 55,958 points while the NSE Nifty zoomed 0.78% to close at 16,624. Bank Nifty marched higher today, gaining 1.67% to end at 35,712 points. The overall market momentum was positive with broader markets participating in the up-move after days of underperformance. India VIX closed with losses. Bajaj Finserv was the top Sensex gainer, jumping 7.9%, followed by Tata Steel, Tech Mahindra, and Bajaj Finance. Nestle India was down 1.34%, as the only Sensex stock to fall over 1% on Tuesday. This was followed by Infosys, HDFC, and HCL Technologies.

Bulls propelled domestic markets higher on Tuesday, helped by positive global cues. S&P BSE Sensex ended the day 403 points or 0.73% higher at 55,958 points while the NSE Nifty zoomed 0.78% to close at 16,624. Bank Nifty marched upwards, gaining 1.67% to end at 35,712 points. Bajaj Finserv was the top Sensex gainer, jumping 7.9%, followed by Tata Steel, Tech Mahindra, and Bajaj Finance. On the other side, Nestle India was down 1.34%, as the only Sensex stock to fall over 1% on Tuesday, followed by Infosys, HDFC, and HCL Technologies. The overall market momentum was positive with broader markets participating in the up-move after days of underperformance. India VIX closed with losses. 

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BSE Sensex and Nifty 50 closed the day with gains as bulls took over Dalal Street. Broader markets outperformed. Bank Nifty closed 1.67% higher at 35,712. 

Wall Street equity index S&P 500 currently sits at its all-time highs of 4,479, gaining more than 21% this year already. However, the rally may not be over as analysts UBS Wealth Management expect the index to scale 5,000 by the end of next year, gaining another 12% from current levels. “Our read is that growth will stay strong for at least the next four quarters,” said Mark Haefele, Global Chief Investment Officer, UBS Wealth Management. Meanwhile, the global brokerage firm reiterated its Nifty 50 target of 15,500 in June this year, seeing a small downside to the target. After the covid induced scare in March 2020, S&P 500 has nearly doubled, jumping 94% to date.

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Infosys share price hit a fresh record high of Rs 1,755.60 apiece on BSE, taking the total market capitalisation to $100 billion. Infosys is the second IT firm, after Tata Consultancy Services (TCS), which has touched the mark of Rs 7.43 lakh crore. Infosys shares jumped nearly one per cent to Rs 17,55.60, however, the share price fell to day’s low of Rs 1,712.50 in the afternoon deals. Recent efforts on refreshed offerings and vast product portfolio have helped Infosys to expand its client outreach. Additionally, the best-in-class show on the ESG front with carbon neutrality, diversity, and stronger governance standards bodes well for long-term value creation, said an analyst.

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The dominant trend in the market in August so far has been the weakness in the broader market and a flight to the safety of large-caps, particularly IT and defensives like FMCG stocks. In August, till now, the midcap index is down 8% and the small-cap index is down 10%. This is a sharp correction which was expected and therefore warning about this development was given in time. The outperformance of the IT Index (12% rise in August so far) is a flight to quality triggered by concerns of high valuations. The preference for defensives such as HUL, Nestle, Britannia and Godrej Consumer also reflects growing concerns about the high valuations and the possibility of a sharp correction. Nifty is likely to face resistance at higher levels since FIIs are in sell mode. FIIs sold for the fifth consecutive day with Rs 1363 cr selling in equity yesterday. The risk-reward ratio now is not favourable to the buyers. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

BSE Sensex surged 400 points or 0.7 per cent to 55,944, while the NSE Nifty 50 crossed 16,600 level.

Gujarat Gas has taken a price hike for the industrial segment and for CNG as international gas prices have increased significantly in the last 2 months. Currently, international gas (Henry Hub) is $3.94 per MMBTU  up by 18% in the last 2 months as we have seen a strong recovery in the international market after the hit in 2020 due to the covid pandemic. Gujarat gas has increased price by Rs4 per SCM for the Industrial segment and Rs 2 per Kg for commercial and CGDs. Yash Gupta, Equity Research Analyst, Angel Broking

Financial markets are going to get jittery in September amid concerns over the Delta variant, China’s regulatory attacks and shifting monetary policies, warns the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisation. Against this backdrop, says Nigel Green of deVere Group, investors should review and potentially rebalance their portfolios sooner rather than later. He comments: “History teaches us that October is tricky for stock markets having been the month in which some of the biggest market routs have begun.“But this year, I believe the autumnal volatility is going to be seen earlier, with markets getting jittery in September.” There are, says the deVere CEO, three main triggers for the expected market rout. “First, markets are likely to pull-back due to expected slower economic growth, which is being driven by serious worries over the Delta variant of Covid and how it could force further restrictions, impacting many sectors,” he notes. 

Weak demand expectations from China due to production cuts, a rise in delta variant viruses, and worries that US FED reserve to start tapering later this year led to a fall in iron ore prices. While the domestic steel demand is likely to be strong on account of the Government’s thrust over infra spending. The companies are in a better position supported by a substantial improvement in margins and profitability over the last several quarters. A near-term consolidation is likely in the sector while the long term outlook remains strong. Vinod Nair, Head of Research at Geojit Financial Services

The COVID19 pandemic, the gloom around life and economy aside, has been a time when many young people realized their home-owning dreams.  The prolonged lockdowns and restrictions and resultant work-from-home reality opened floodgates of investments into property, especially in small towns.

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Nifty IT, Nifty FMCG, and Nifty Consumer Durables are the only sectoral gauges trading with losses on NSE on Tuesday. Bank Nifty was up 1.51%, sitting above 35,650.

In December 2020, SEBI started implementing peak margin reporting in the equity cash and F&O, currency F&O, and commodity F&O segments. The move has been carried out in four phases of quarterly, 25 percent increment, reaching 100 percent by September 2021. This would mean that effective September 1, 100 percent of the total margin would be required for initiating even intraday positions. While this would have no impact on positional traders, intraday traders would have to pay a much higher margin. But it is not all gloom here as there exist several hedge strategies with which one can avail margin benefits.

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Zomato shares fell 5 per cent to Rs 120.60 apiece on BSE in intraday on Tuesday, following a 9 per cent crash in the previous session. The stock has been reeling under pressure as the lock-in period for anchor investors has ended. Analysts say that the end of the one-month lock-in period for anchor investors along with problems in the US operations have led to a meaningful correction in Zomato shares.

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Domestic benchmark indices corrected nearly 2% from their all-time highs last week when global markets witnessed a sell-off. The extraordinary resilience of the Indian stock market has been driven by growing retail investor activity and easy liquidity, according to Chris Wood, global head (equity strategy), Jefferies, who has increased India weightage in his Asia Pacific portfolio this week. Sensex and Nifty recorded a marginal fall last week even though other emerging market peers such as South Korea, Brazil and even Hong Kong corrected more than 8% each and Morgan Stanley’s EM Index tanked 15%.

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The index is once again struggling around the 16600 level. It seems nervous and hence is retracing every time it gets closer to this zone. If we are successful in crossing it, we should head to 16800-16850. We have a good support at 16400 and as long as that holds, the overall momentum is strong and bullish. Traders should utilize these days to accumulate long positions for higher targets. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold Rate Today, Gold Price Today in India: Gold prices in India fell on Tuesday, mirroring the global trends. On Multi Commodity Exchange, gold October futures were trading Rs 100 or 0.21 per cent down at Rs 47,485 per 10 gram, as against the previous close of Rs 47,584. Silver September futures fell Rs 147 or 0.23 per cent to Rs 62,780 per kg. In the previous session, silver futures closed at Rs 62,927 per kg. Globally, spot gold eased 0.2% to $1,801.78 per ounce, having jumped about 1.4 per cent in the previous session. US gold futures were little changed at $1,804.90.

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Chemplast Sanmar shares made a weak debut on stock exchanges on Tuesday, 24 August 2021, even as BSE Sensex and Nifty 50 were firm. Chemplast Sanmar shares began trading at Rs 525 apiece today, down nearly 3 per cent from the upper end of the IPO price band of Rs 541 per share. Following this Chemplast Sanmar becomes the third recent listing to trade at discount on listing day, after CarTrade Tech and Nuvoco Vistas. Chemplast Sanmar IPO was open during August 10-12.

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Aptus Value Housing Finance shares made a muted listing on the stock exchanges today, continuing the recent trend of discounted listing on Dalal Street. Shares of Aptus Value opened for trade at Rs 329.95 per share down 6.53% or Rs 23 apiece from the upper end of the IPO price band of Rs 353 per share. The stock opened with losses despite the positive momentum seen in domestic benchmark indices. The retail-focused housing finance company had entered primary markets to raise Rs 2,780 crore through the IPO earlier this month. Of the total issue size, Rs 500 crore was a fresh issue of equity shares while the remaining was an OFS by existing investors. Aptus Value Housing serves low and middle income self-employed rural and semi-urban customers. The company had a market capitalization of Rs 16,351 crore on listing.

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Domestically, broad weakness in the dollar and positive Indian equities have been in support for the rupee. That apart, news of privatization plans to sell 6 trillion Rupee worth of state-owned assets over the coming four years to boost public finances uplifted the sentiments. Adding to the bucket, three IPOs worth Rs. 10,000 crores by PB Fintech, Star Health, and Medi Assist Healthcare likely to hit the market soon. However, with the BIG BULL-RBI remaining active to increase forex reserves for safety buffer to protect the economy is likely to cap further gains in the rupee. Broadly, the rupee is still struggling to find the direction between the two-edged swords “Flows” and “RBI” and could remain in this consolidated range of 74.00-74.40 levels before the major sword by “FED” cuts through all the odds on news of tapering. Amit Pabari, managing director, CR Forex Advisors

Nifty Bank index was marginally down, trading below 35,100 level. Nifty Auto, Nifty Financial Services were also trading in red. While on the contrary, Nifty FMCG, Nifty IT, Nifty Metal and Nifty Pharma were ruling with gains

Tech Mahindra NTPC, Tata Steel, Power Grid Corporation of India, L&T, Infosys, TCS, IndusInd Bank were among top BSE Sensex gainers

BSE Sensex was trading 100 points or 0.18 per cent higher at 55,654, while the Nifty 50 index crossed 16,550 on Tuesday

Sensex was trading flat with a negative bias, while Nifty 50 index crossed 16,500 in the pre-opening on Tuesday

COMEX gold trades marginally lower near $1805/oz after a 1.3% gain yesterday. Gold steadied as the US dollar index paused after yesterday’s decline. Supporting price is reduced expectations of Fed’s monetary tightening post comments from Dallas Fed President Robert Kaplan, mixed economic data from major economies, tensions relating to Afghanistan and persisting virus concerns. Weighing on price is continuing ETF outflows and recovery in equity markets. Gold’s break above $1800/oz shows positive momentum however gains may be limited if bulls fall in keeping it above $1800/oz. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of petrol and diesel were trimmed by oil market companies again on Tuesday after a brief pause yesterday. With this, the price of petrol and diesel has been reduced for the second day this week. Petrol in the national capital today costs Rs 101.49 per litre, down 14 paise while Diesel in the capital city is retailing at Rs 88.92 per litre, down 15 paise from yesterday. The price of petrol was cut for the first time in 35 days on Sunday. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.

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Nifty is expected to open around 16590 up by 100 points. 16600 to 16620 will act as a resistance zone for Nifty while 16480 to 16450 will act as a support zone. Fresh buying in Nifty should be initiated only on daily close above 16550 with higher than average volumes. Gaurav Udani, Founder & CEO, ThincRedBlu Securities

Bank Nifty is underperforming but respecting 35000 support level on a closing basis while 34500 is a critical support level. On the upside, 35500 is an immediate and critical hurdle; above this, we can expect a short-covering rally towards the 36000-36500 zone. Santosh Meena, Equity Research Head, Swastika Investmart

Nifty is trading volatile where 16350 is acting as immediate support while 16200-16150 is a critical demand zone. On the upside, 16600 is an immediate hurdle while 16700 is the next important hurdle. There is a risk on situation globally today so we can also catch up the momentum therefore traders are advised to use the ‘buy on a dip or consolidation’ approach while global facing sectors like metal, IT, and Oil and Gas may do well. Santosh Meena, Equity Research Head, Swastika Investmart

Nifty futures were trading nearly 100 points or 0.6 per cent higher at 16,592 on the Singaporean Exchange, indicating a positive start for BSE Sensex and Nifty 50 on Tuesday. In the absence of any major domestic triggers, Indian stock markets will be guided by global trends, while bourses may also see some volatility amid the expiry of derivatives contracts. Analysts say that from the long-term perspective, the overall trend of the market remains positive led by the opening up of the economy, improving economic data points and pickup in vaccinations.

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Almost 52 per cent of IPO investors sold shares on the listing day in the first four months of the ongoing fiscal year while another 20 per cent sold the allotted shares within the first week of listing on stock exchanges, an analysis by Motilal Oswal Financial Services showed.

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Domestic benchmark indices started the week on a positive note on Monday while broader markets continued to correct with midcap and smallcap indices closing with losses. Currently, S&P BSE Sensex sits at 55,555 while the NSE Nifty 50 is at 16,496. Bank Nifty sits at 35,124 — gaining 0.26% yesterday. On Tuesday morning, SGX Nifty was up 89 points, hinting at some positive momentum ahead of the day’s opening bell.

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In overnight trade on Wall Street, a stronger-than-expected home sales data and full regulatory approval of Pfizer’s Covid-19 vaccine boosted the sentiment. Dow Jones climbed 0.6 per cent, the S&P 500 rose 0.8 per cent, and the tech-rich Nasdaq Composite jumped 1.6 per cent.

Asian stock markets were trading higher in early trade, after tech-heavy Nasdaq Composite jumped to a record closing high. Japan’s Nikkei 225 gained 1.15 per cent, and the Topix index advanced 1.18 per cent. South Korea’s Kospi jumped 1.55 per cent. 

Nifty futures were trading 95 points or 0.58 per cent higher at 16,590 on Singaporean Exchange.

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