Market LIVE: Nifty ends flat with positive bias at 16,637, Sensex closes at 55,949; RIL gains 1%, Airtel tanks – The Financial Express

BSE Sensex and Nifty 50 closed the August series F&O expiry session flat. Bank Nifty ended with marginal gains. Broader markets, except Nifty Midcap 50, outperformed the benchmarks for the second day straight. 

Sensex and Nifty were moving between marginal gains and losses just ahead of the closing bell, looking posed to end the day flat. 

Minutes ahead of the closing bell, Sensex and Nifty were trading flat with positive bias. Nifty was just shy of 16,650 while Sensex was nearing 56,000

Bank Nifty was trading 0.09% higher on Thursday at 35,617 points. Nifty and Sensex were dancing between gains and losses.

Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India’s biggest privatisation showed. Billionaire Anil Agarwal’s Vedanta group as well as two US funds — Apollo Global and I Squared Capital – had last year submitted initial bids to buyout the government’s entire 52.98 per cent stake in India’s third-biggest oil refiner and second-largest fuel retailer.

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Oil marketing companies (OMCs) have started cutting petrol and diesel prices as global crude oil rates softened. So far this month, petrol prices have been cut twice while diesel rates have been slashed on five instances. Last month, petrol prices were increased on nine occasions, while diesel rates were hiked 5 times. In June and May, fuel prices were raised 16 times each month. In the past month, the cumulative cut in petrol and diesel prices stood at Rs 0.4 and Rs1.0 per litre, respectively, with crude prices hovering around USD70/bbl.

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View: Moderately Bullish.Rationale: Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 35,900 strike CALL Option and simultaneously selling one lot of 36,400 strike CALL Option. (Axis Securities)

Ami Organics, specialty chemicals maker, IPO will open for subscription next week on 1 September and close on 3 September. The issue comprises a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of up to 60.59 lakh equity shares, constituting up to 7 lakh shares by Parul Chetankumar Vaghasia, up to 15 lakh equity shares by Girishkumar Limbabhai Chovatia, up to 30.50 lakh shares by Kiranben Girishbhai Chovatia, up to 1.74 lakh shares by Arun Jayantkumar Panya, among others.

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Chinese technology stocks listed on Wall Street are now attempting a comeback after witnessing a free-fall for more than a month. Big names Alibaba, Pinduoduo, JD.Com, Baidu, and DiDi Global have all surged sharply so far this week, jumping more than 10% each. The up-ward march in Chinese stocks, listed in the US, comes as investors jumped in to buy shares after the sharp correction. The up-move was also aided by strong quarterly earnings reported by these firms. On Wednesday Chinese companies did see some corrections but still remain positive on a weekly basis. 

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Key level for Nifty August contract – Rs 16,654Buy Zone Above – Rs 16,654 for the target of Rs 16,692 – Rs 16,749Sell Zone Below – Rs 16,654 for the target of Rs 16,597 – Rs 16,559

Key level for Bank Nifty August contract – Rs 35,665Buy Zone Above – Rs 35,665 for the target of Rs 35,831 – Rs 36,076Sell Zone Below – Rs 35,665 for the target of Rs 35,420 – Rs 35,254 (Sandeep Matta, Founder-TRADEIT, Investment Advisor) 

“The central government’s decision to hike the minimum price that mills pay to farmers by Rs 5 a quintal is marginally positive for farmers and farmworkers. But since the government has refused a rise in the price at which mills can sell is a dampener. Sugar companies make profits only when sugar prices rise. This happens when production/ supply is low and demand is strong and stable. When prices rise producers produce more since they are assured of MSP. Higher produce brings prices down. This cyclicality makes sugar stocks inconsistent performers. The best time to buy sugar stocks is when prices are low and companies make losses resulting in low stock prices. Sugar stocks give short-term trading opportunities but are not great investment buys,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Barclays Bank has announced an investment of over Rs 3,000 crore in the bank’s India unit by its Head Office to accelerate its growth ambitions in the country. With this infusion, the Bank’s total invested capital in the country will increase to over Rs 8,300 crore. The expansion in Tier 1 capital reinforces Barclays’ commitment to India, and will enable further growth of the Bank’s Corporate & Investment Banking and Private Clients businesses.

The central government’s decision to hike the minimum price that mills pay to farmers by Rs 5 a quintal is marginally positive for farmers and farm workers. But since the government has refused a rise in the price at which mills can sell is a dampener. From the market perspective, sugar stocks undergo cyclical ups and downs. But they were never consistent compounders or long-term wealth creators. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Vijaya Diagnostic Centre Rs 1,895-crore IPO will open for subscription on 1 September, at a price band of Rs 522-531 per share of the face value of Re 1, each. So far this tear, Vijaya Diagnostic Centre IPO is the 39th issue. In the primary market, Vijaya Diagnostic Centre was seen quoting at a premium of Rs 40, over the issue price. On Wednesday, Vijaya Diagnostic Centre shares were trading at Rs 571, a premium of 7.5 per cent over the IPO price, in the grey market, according to the people who deal in the unlisted shares of the company.

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NSE Nifty 50 may scale 17,745 in the next one year — an upside of 6% from current highs — according to domestic brokerage and research firm Prabhudas Lilladher. “Equities remain an attractive asset class given ample liquidity, low-interest rates and recovery hopes, the brokerage firm said in a report. However, rising volatility and inflow of significant retail money remains a key monitorable, the report added. Benchmark indices have remained resilient since April 2020, recovering from the covid-19 induced sell-off smartly. Now Sensex and Nifty are sitting well above pre-covid levels, near all-time highs of 56,198 and 16,712.

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat on Thursday following global rates as investors turned cautious ahead of US Federal Reserve Chair Jerome Powell’s speech this week. On Multi Commodity Exchange, gold October futures were trading Rs 17 down at Rs 47,162 per 10 gram, as against the previous close of Rs 47,179. Silver September futures were ruling at Rs 63,201 per kg, down Rs 71. In the previous session, silver futures ended at Rs 63,272 per kg. Globally, Spot gold was flat at $1,790.63 per ounce. Prices fell 0.7% in the previous session, its biggest one-day decline in more than two weeks, according to Reuters. US gold futures rose 0.1% to $1,793.00.

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We are successfully trading above 16600 which is an indication of strength. 16800-16850 is a potential target and a resistance zone too! Traders should look at this level to take profits from their positions and update stops. Intra day falls can be used to accumulate long positions. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Bharti Airtel, Maruti Suzuki, Power Grid Corporation of India, Titan Company, Axis Bank were top index losers

Reliance Industries Ltd (RIL), HCL tech, Asian Paints, Bajaj Auto were top BSE Sensex gainers

The sentiment for the USDINR pair remains mixed until any major triggers help it to break the narrow range of 74-74.50. The chances of odds are dominating for higher side breakout as RBI remained intolerant for the appreciating side. Further, importers could also rush to cover their short-term dollars payable ahead of big events and recovery in the crude oil prices. On the contrary side, the Bank of India’s QIP worth Rs. 3000 crore could attract dollar flows and could restrict the gains in the pair. At last, the tussle is likely to continue between IPO/QIP flows and RBI/importers. Overall, the short-term range is likely to be from 74 to 74.40 and the medium-term to be 74-75.50 with an upside bias. Amit Pabari, MD, CR Forex Advisors

BSE Sensex fell 67 points or 0.12 per cent to 55,877.77, while the Nifty 50 index gave up 16,650 on F&O expiry day

Indian equity markets appear to have a subdued session today as SGX Nifty indicates a flat opening. Asian stocks showed mixed performance this morning as traders await more clarity on the regulatory outlook in China as well as the Fed’s approach to paring stimulus. South Korean market pared gains as Bank of Korea makes the first ever post pandemic move to hike interest rate of 7-day repurchase rate from 0.5% to 0.75%. Jerome Powell’s speech on Friday at Jackson Hole will provide a clearer guide on when and how the Fed will scale back its emergency support, keeping markets standby. Global markets will also keep a watch on US GDP and initial jobless claims data which is to be announced today. Mohit Nigam, Head – PMS, Hem Securities

Sensex gains 200 poinst to 56,100 and Nifty 50 index was seen trading at 16,680 in the pre open on Thursday

Nifty futures were trading 22.50 points or 0.14 per cent down at 16,604 on Singaporean Exchange, indicating a gap-down start for BSE Sensex and Nifty 50 on F&O expiry day. Analysts expect volatility in stock markets today on the back of monthly expiry of August contracts. Technical charts suggest that post the strong pullback rally, the index has formed a double top kind of reversal formation near the 16700 resistance level, which is broadly negative for the market. “However, the larger texture of the market is still bullish, but for day traders the 16700 level would act as a major hurdle. Above the same, the uptrend could continue up to 16750-16790 levels. On the flip side, a strong possibility of quick intraday correction up to 16580-16550 levels is not ruled out if the Nifty succeeds to trade below 16620,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, said.

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Nifty moved up further on Wednesday to touch a new life high. Though selling pressure emerged in the afternoon session and pulled the index lower, the short term trend of the Nifty remains up and traders will need to watch if the Nifty can hold above the immediate support of 16608 for a retest of the life highs; else we could see a short term correction towards the next support of 16592.

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In the Nifty current series, there has been a Short Covering witnessed with an increase in the price of 5.23% and decrease in OI by 47% as of today wherein there was the unwinding of 41.26 lakh shares in OI, decreasing from 88.24 lakh to 46.98 lakh shares, while OI in September series is 95.35 lakh shares with the addition of 36.88 lakh shares on Wednesday. The major unwinding in the current series is due to the monthly expiry scheduled for Thursday. Nifty August rollover stands at 68.16% as of Wednesday.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of petrol and diesel were left unchanged by oil market companies on Thursday. Today, petrol in the national capital costs Rs 101.49 per litre, while Diesel in the capital city is retailing at Rs 88.92 per litre. So far this week prices have been cut twice. 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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In overnight trade on Wall Street, S&P 500 and Nasdaq Composite notched all-time closing highs ahead of Jackson Hole Symposium. The Dow Jones Industrial Average rose 0.11 per cent, the S&P 500 gained 0.22 per cent, and the Nasdaq Composite 0.15 per cent.

Asian stock markets were trading with losses in early trade on Thursday, even as US stocks ended at record high levels. Japan’s Nikkei 225 rose marginally, while the Topix traded below the flatline. Australia’s S&P/ASX 200 fell 0.4 per cent. 

State-run banks will undertake a nation-wide loan outreach programme around October, finance minister Nirmala Sitharaman said on Wednesday, as the government seeks to stir economic growth through sustained credit push, especially to Covid-hit small and medium businesses, retail and farm sectors, amid fears that bankers have turned risk-averse.

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