Share Market LIVE: Sensex claims 58,000, at all-time high, Nifty hits 17,300; RIL, Kotak Bank top gainers – The Financial Express

The Indian Rupee is expected to open on a flat note and is likely to trade in the range of 72.90-73.30 zone for the day. Over last four trading sessions, IPO, corporate borrowing and MSCI month-end rebalancing flows were continuously supporting the Rupee against dollar. To name a few, *Adani green raised $750 mln, Axis bank raised $600 mln and SBI raised $550 mln via overseas AT1 bond sale.  However, the difference between the last two trading sessions of August month and the first two trading sessions of the current month is the central bank’s intervention. It seems that RBI has absorbed & supported the 72.90 levels and will not tolerate any further gains beyond the same levels. On the data front, rising India’s trade deficit and weakness in manufacturing PMI despite lower cases in India doesn’t support the Rupee’s rally and odds of depreciation increases from the current level. Amit Pabari, CR Forex Advisors

Except for Nifty FMCG, Nifty IT and Nifty Pharma, all the sectoral indices were trading in the green. Bank Nifty gained 0.61 per cent to cross 37,000 levels

HCL Tech, Tata Consultancy Services (TCS), Maruti Suzuki, Nestle India, Hindustan Unilever Ltd (HUL), Tech Mahindra were among Sensex laggards

Kotak Mahindra Bank, Reliance Industries Ltd (RIL), Titan Company, IndusInd Bank, Tata Steel, ICICI Bank, Axis Bank, State Bank of India (SBI) were top Sensex gainers

BSE Sensex gained 236 points to cross the crucial 58,000-mark, while the Nifty 50 index jumped 74 points to claim 17,300

Acquisition of 100% of the share capital of  Exide  Life  Insurance  Company for a  total consideration of  Rs  6,687  crore, of which  Rs  725 crore will be payable in cash and the balance by way of issue  8.70 crore equity shares of  face value of  Rs  10 of the company issued at a price of Rs 685 per share to Exide Industries. (BSE filing)

COMEX gold trades marginally higher near $1815/oz after a 0.2% decline yesterday. Gold trades higher supported by weaker US dollar and safe haven buying amid mixed economic data, slowdown in China, persisting virus risks and rising inflationary pressure. However, weighing on price is weaker investor interest as is evident from continuing ETF outflows. Firmness in equities has also reduced gold’s appeal as an alternative asset. Gold may remain choppy amid Fed uncertainty but increasing risks to global economic recovery may keep prices supported. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

On the technical front, 17300 may act as immediate resistance for Nifty 50 followed by 17,400 while 16,900 remains crucial support for Nifty 50. Mohit Nigam, Head – PMS, Hem Securities

We know from experience that markets can surprise – both on the upside and downside. Greed and fear can cause overreaction on the upside and downside. From the valuation perspective, now we are in the over-valued zone; but excesses can sustain in a ferocious bull market like the present one. So the only option before long-term investors is to remain invested and occasionally book some profits and move money to safe fixed-income assets. It is possible that by the end of this financial year Nifty may be around the present level or lower than that. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

BSE Sensex gained 300 points to cross the crucial 58,000-mark, while the Nifty 50 index was trading flat in pre-open

The short term trend of Nifty is in a strong mode and the broad market indices were also in the driver’s seat. One may expect further upside in the next 1-2 sessions, before showing another round of consolidation or minor profit booking from the new highs. The next upside levels to be watched around 17500 and immediate support is placed at 17150. Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

State-run oil marketing companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have been given the mandate to set up around 12 ethanol manufacturing plants as part of a road map to meet the 20% ethanol blending target by 2025.

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The IPO should have anchor investors (with 10% reservation) as they provide a significant comfort on pricing. The allotment to them should be at their final bid price. Increase the retail bucket from 35% to 60%. Within this, 15% should be reserved for the LIC family: 29 crore policy holders, 1.15 lakh employees and 15.50 lakh agents. Earmark 20% for first-time investors (new demat accounts); LIC can be an excellent vehicle to get new investors into the equity market. The balance 25% can go to the general retail investors.

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Nifty is expected to open around 17260, up by 30 points. Nifty is in a strong uptrend and is now headed for 17275 and 17310 in the coming few trading sessions.17150 and 17060 will act as strong support levels for Nifty. Traders can consider buying on every correction with strict stop-loss as long as Nifty is trading above 16900 levels. Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty futures turned positive and were trading 26.50 points up at 17,286 on Singaporean Exchange, indicating a gap-up start for BSE Sensex and Nifty 50. Benchmark indices are likely to hit fresh record highs in today’s session. Investors would react to the Services PMI data for August, due to be announced today.

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Nifty has been enjoying a strong Bull run since the last 16 – 17 months and in the last few weeks also, it gave some mesmerizing moves. Although the recent momentum has been extremely strong, we can see some extreme levels in the benchmark index now. If we take a broader view, we can see the Nifty reaching the 200% ‘Fibonacci Retracement’ of last year’s massive decline from Jan’20 high to March’20 low. Also timewise, Nifty has entered 7th zone as per ‘Fibonacci Time Series’ on the monthly time frame chart.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol and diesel were left unchanged for the second day straight on Friday by oil marketing companies. Today, petrol in the national capital costs Rs 101.34 per litre, while diesel in the capital city is retailing at Rs 88.77 per litre. The previous cut in Petrol and diesel prices came on September 1. 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, the S&P 500 and Nasdaq eked out record finishes. The Dow Jones Industrial also gained modestly. The Dow Jones Industrial Average rose 0.37 per cent, the S&P 500 gained 0.28 per cent, and the Nasdaq Composite added 0.14 per cent.

Asian stock markets were trading higher in early trade on Friday, with Japan’s Nikkei rising 0.32 per cent while the Topix index gained half a per cent. South Korea’s Kospi climbed 0.3 per cent.

In early trade, Nifty futures were trading 11 points down to 17,248.50 on Singaporean Exchange.

Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it has acquired sole control of 25-year-old search and discovery firm Just Dial. Further to that announcement, “RRVL has now taken sole control of Just Dial Ltd in accordance with the SEBI Takeover Regulations with effect from September 1, 2021.”

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