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Long Buildup and Short Buildup Data:
Buzzing:
Bandhan Bank share price tumbled more than 8 percent on August 3 after a CNBC-TV18 report said that the promoter may sell 20.9 percent equity via a block deal on August 3.
The size for the block deal is Rs 10,500 crore, and the floor price has been set at Rs 311.10, the news channel reported.
Large trade was visible in Bandhan Bank with 33 crore shares (20.6 percent equity) worth Rs 10,482 crore being traded in multiple blocks on BSE and NSE. Around 20.6 percent equity changed hands at an average price of Rs 314 per share.
The move is a part of the bank’s effort to bring down promoter shareholding in the lender to meet the Reserve Bank of India’s regulatory norms.
Rupee Opens: Indian rupee opened lower at 74.90 per dollar on against previous close of 74.81, amid selling seen in the domestic equity market.
Sriram Iyer, Senior Research Analyst at Reliance Securities:
International gold prices settled sharply higher on July 31, shaking off their first losing day in 10 sessions a day earlier as investors, wary of growing economic troubles around the globe, sought exposure to the perceived safe-haven asset. Silver also ended with modest gains on July 31.
Technically, the MCX October gold contract had a volatile session, where it traded in the 53,000-53,700 range as corrected after hitting an all-time high. It ended above 53,300, indicating that volatility will continue in the coming sessions. Resistance holds at 53,750-54,050 level and support is at 53,100-52,850 levels.
MCX September silver contract traded in the 63,344-65,679 range with more than 3 percent gains. Prices are likely to trade on high volatility and may move in the 63,000-65,500 range in the coming session.
Nifty Auto Index rose 1 percent supported by the Tata Motors, Amara Raja, Ashok Leyland:
Market Updates: Benchmark indices extended the early losses and trading at day’s low level.
At 09:48 IST, the Sensex was down 350.26 points or 0.93% at 37256.63, and the Nifty was down 95.70 points or 0.86% at 10977.80.
Open Interest Data:
Buzzing:
State Bank of India (SBI) share price traded higher by a percent on August 3 after it reported a standalone profit of Rs 4,189.34 crore for the quarter ended June 2020, a growth of 81.2 percent over a year-ago period driven by stake sale in life insurance business.
Net interest income, the difference between interest earned and interest expended, increased 16.1 percent to Rs 26,641.56 crore in June quarter compared to Rs 22,938.8 crore in year-ago period.
ICICIdirect:
As the Dollar index fell to two-year low and moved towards May 2018 low, we feel the rupee will appreciate and is likely to move towards 74.50 levels. The dollar-rupee contract on the NSE was at 75.00 in the last session. The open interest increased 1.14% in the last session.
