Buzzing Stocks: McDowell Holdings, Olectra Greentech, Stove Kraft, and other stocks in news today
Market at open: Sensex is up 9.12 points or 0.02% at 58288.60, and the Nifty shed 13.10 points or 0.08% at 17349.
Mohit Nigam, Head – PMS, Hem Securities: Benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty. US stock indices mostly closed lower yesterday with solid gains seen in Apple, Facebook and other tech heavyweights’ companies. Asian markets off to a mixed start with Tokyo stock trading lower as investors sought to lock in profit after the recent rallies seen in the market.
We can see some movement in EID Parry today as the company board has approved the setting up of a 120 KLPD Grain/Sugar Syrup/Molasses-based Distillery at the Company’s Sankili unit in Andhra Pradesh. Overall Indian indices look on a positive territory with regular foreign capital inflows, strong domestic data.
On the technical front, 17450 may act as immediate resistance for Nifty 50 followed by 17,500 while 17,100 remains a crucial support for Nifty50.
Sansera Engineering IPO to open on September 14, price band fixed at Rs 734-744: Bengaluru-based auto-component maker Sansera Engineering will launch its initial public offering on September 14. The issue will close on September 16. The company, after consultation with merchant bankers, has fixed a price band at Rs 734-744 per equity share.
The initial public offer of 1,72,44,328 equity shares is a complete offer for sale by existing selling shareholders. The offer for sale comprises a selling of equity shares and 48,36,723 equity shares by investors Client Ebene and CVCIGP II Employee Ebene, respectively.
ICICI Direct on Indian stock market: Nifty witnessed a volatile day but closed almost flat. Sectorial buying was seen in FMCG stocks while realty and PSU banks witnessed selling pressure. As per option data, aggressive Call writing was seen at 17400 and 17500 levels, which should continue to act as resistance zone and limit upside gains. Nifty futures ended at a premium of 14 points while IV was down by 1.34%. The major Put base is at 17300 strike with 37 lakh shares while the major Call base is at the 17500 strike with 53 lakh shares.
Bank Nifty witnessed selling pressure but manage to rebound from lower levels. In banking stocks, PSU banks were under selling pressure. According to options data, 36500 and 36600 Call option witnessed significant OI addition, which should act as immediate resistance. If it sustains above that it would lead to a fresh up move.
SEBI introduces T+1 settlement cycle for stocks on optional basis
The Securities and Exchange Board of India (SEBI) on September 7 introduced T+1 (Trade plus 1 day) rolling settlement cycle for stocks on an optional basis. The new rule will come into force on January 1, 2022. The regulatory change has been adopted after the market regulator received requests from various stakeholders to further shorten the settlement cycle.
“Based on discussions with Market Infrastructure Institutions (Stock Exchanges, Clearing Corporations and Depositories), it has been decided to provide flexibility to Stock Exchanges to offer either T+1 or T+2 settlement cycle,” SEBI in its circular said.
Japan upgrades Q2 GDP on stronger business spending
Japan’s economy grew faster than the initially estimated in the April-June quarter, helped by solid capital expenditure, although a resurgence in COVID-19 is undermining service-sector consumption and clouding the outlook.
Revised gross domestic product (GDP) data by the Cabinet Office released on Wednesday showed the economy grew an annualised 1.9% in April-June, beating economists’ median forecast for a 1.6% gain and the initial estimate of a 1.3% expansion.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the index in India with a 55-points gain. The Nifty futures were trading at 17,434 on the Singaporean Exchange
Asian Markets: Shares in Asia-Pacific fell in Wednesday morning trade, with Japan revising upward its estimates for second-quarter growth. In Japan, the Nikkei 225 dipped 0.12% while the Topix index declined fractionally.
US Markets: The Dow Jones and S&P 500 fell on Tuesday, as worries over the slowing pace of economic recovery overshadowed hopes that the Federal Reserve would maintain its accommodative stance a little longer after a soft U.S. payrolls report.
The Dow Jones Industrial Average was down 274.89 points, or 0.78%, at 35,094.20, the S&P 500 was down 17.94 points, or 0.40%, at 4,517.49, and the Nasdaq Composite was up 4.98 points, or 0.03%, at 15,368.50.