Banks lead the rally. ICICI Bank gains over 2.4 percent, SBI up 1.1 percent
Market At 10 AMSensex is up 528.75 points or 0.90 percent at 59,557.66. Nifty has added 142.40 points or 0.81 percent at 17,766.80
Prabhudas Lilladher’s Medium Term Technical Pick
BUY Oberoi Realty | Target: Rs 1125 | Stop Loss: Rs 990
The stock is in strong up trend and has recently given correction. The correction landed on the channel support and turned up
All sectoral indices trading in the green. Take a look
IndiGo Large Trade | 1.4 cr shares (3.6% equity) worth Rs 2,704.5 cr change hands at an average of Rs 1,900 per shareOn Wednesday, Indigo said in a release that Rakesh Gangwal, co-founder, and his family are looking to sell a 2.8 percent stake in the firm through a block deal.
Sensex opens higher 455.92 points or 0.77 percent at 59,484.83. Nifty gains 134.40 points or 0.76 percent at 17,758.80
Auto stocks in focus
Total vehicle retail for the month of August 2022 saw a growth of 8 percent YoY. 2-wheeler sales up by 8.5 percent at 10,74,266. 3-wheeler sales jump 83 percent YoY to 56,313, as per data released by FADA (Federation of Automobile Dealers Association)
CreditSights finds calculation errors in making debt report for two Adani firms
After calling the $200 bn Adani Group “deeply overleveraged”, Fitch Group’s debt research unit CreditSights said it had made calculation errors in a recent debt report on two Adani companies, following a conversation with the management. “As part of this discussion, we discovered errors we had made in two of the Adani Group companies, Adani Transmission,” CreditSights said in a report dated September 7.
Rupee Check | Rupee opens at 79.68/$ versus Wednesday’s close of 79.90/$
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
There is a clear message from the market now. Despite high valuation, global headwinds from elevated inflation, slowing global economy and an ultra-hawkish Fed, the domestic market has been surprisingly resilient. The tape is signalling momentum and bullishness. Investors should not ‘fight the tape’ and take a contrarian view, at least in the near-term.
The ‘buy on dips’ strategy has worked very well in this rally and it makes sense to continue with the strategy. Domestic economy-facing segments such as banks, autos, capital goods, telecom and FMCG will continue to do well. If the rally is to sustain from the current levels, it will need support from the beaten down IT segment, which looks good from the valuation perspective.
Dr. Reddy’s launches Lenalidomide capsules in the US
In an exchnage filing, the company announced the launch of Lenalidomide capsules in the US with two of six strengths eligible for first-to-market, 180-day exclusivity. Capsules are available in strengths of 2.5 mg, 5 mg, and 10 mg, each in a bottle-count size of 28, as well as 15 mg, 20 mg, and 25 mg strengths, each in a bottle-count size of 21, the company said.
Alert list: RBI says 34 entities can’t deal in forex, operate trading platforms
The central bank has been cautioning the public not to undertake forex transactions on unauthorised ETPs or remit/deposit money for unauthorised forex transactions