Lord Jagannath’s ‘Rath Yatra’: Thousands of devotees congregate in Puri; President Droupadi Murmu offers prayers – SEE PHOTOS

1/9

In Puri, thousands of devotees have congregated for Lord Jagannath’s annual ‘Ratha Jatra’ on Tuesday. The Odisha government has made elaborate arrangements.Shree Jagannath Temple Administration (SJTA) chief administrator Ranjan Kumar Das on Tuesday said that a congregation of around 10 lakh people in Puri is expected. Here the chariots of Lord Balabhadra, Devi Subhadra, and Lord Jagannath will be pulled to the Shree Gundicha temple today.Meanwhile, in Delhi, President Droupadi Murmu on Tuesday offered prayers at the Jagannath Mandir in Hauz Khas.The Ratha Yatra of Puri is considered not only the oldest but also the largest Hindu chariot festival celebrated annually. It is observed on the bright half of the lunar month of Ashadh (June-July).In the year 2024, Jagannath Puri Rath Yatra will take place on the 7th of July. Here are some photos. Have a look:

2/9

Puri: Devotees attend the Rath Yatra (chariot procession) of Lord Jagannath, his brother Balbhadra and sister Subhadra, in Puri. (PTI Photo)

3/9

New Delhi: President Droupadi Murmu pays obeisance at Lord Jagannath Mandir on the occasion of Rath Yatra, at Hauz Khas in New Delhi. (PTI Photo)

4/9

Puri: Rangoli decoration at grand road ahead of the Rath Yatra festival, in Puri. (PTI Photo)

5/9

Puri: Sand artist Sudarshan Pattanaik creates a sand sculpture with installation of more than 200 coconuts on Jagannath Rath Yatra, at Puri beach. (PTI Photo)

6/9

A mahout paints his elephant outside the Jagannath temple in Ahmedabad, India. REUTERS

7/9

Hindu devotees perform a tribal dance outside the Jagannath temple in Ahmedabad. REUTERS

8/9

Hindu devotees perform a tribal dance outside the Jagannath temple in Ahmedabad. REUTERS

9/9

Puri: Devotees perform ‘Pahandi’ ritual during the Rath Yatra festival, in Puri. (PTI Photo)

Closing Bell: Nifty closes above 19400, Sensex gains 200 pts; Adani Enterprises drags metals, Bank Nifty up 1%

Market Closing Bell: Domestic indices NSE Nifty and BSE Sensex closed in the green after a day of volatile trade. The blue-chip Nifty 50 index settled above 19,400, breaching a key resistance level while Sensex added 200 points after erasing losses from the morning trade. The broader markets closed primarily in the green, as fear gauge India VIX sank 0.45%. Nifty Smallcap 100 and Nifty Midcap 100 outperformed, while sectorally, Bank Nifty added over 1.1%, as PSU banking stocks soared. Despite surging over 1% intraday on Hindalco’s investment plans, Nifty Metal closed in the red, dragged by Adani Enterprises. Jio Financial Services closed 5% lower for the third consecutive session.

Technical Outlook

“The Nifty continues to trade within the broader range of 19,300 and 19,500. On the daily timeframe, the headline Nifty index has been fluctuating between the boundaries set by the 21-day Exponential Moving Average (EMA) at 19,471 and the 50-day EMA at 19,281. Looking ahead, the Nifty is likely to maintain this range bound movement as long as it remains within these established thresholds. A significant breakthrough above the 19,500 mark could potentially trigger a rally towards higher levels,” Rupak De, Senior Technical analyst at LKP Securities said.

OMCs to register weak Q2 on fall in marketing margins

State-run oil marketing companies (OMCs) – IOC, BPCL and HPCL– are seen to have posted weaker earnings in the second quarter of the current financial year, due to a sharp fall in the marketing margins of petrol and diesel, after the rise in benchmark crude oil prices. However, analysts believe that a sequential improvement in the refining margins can provide some cushion for these downstream oil companies in the July-September quarter.

Although the OMCs may still have partly recouped the losses reported in the last financial year in the first half of FY24, the prospects are not bright for the second half of the current year.

The latter half of the second quarter saw a great volatility in the oil market owing to the production cuts by Saudi Arabia and Russia, in addition to those already in place by the Organization of Petroleum Exporting Countries. Crude prices, as a result, touched their highest level of $97/bbl since November 2022. Added to the concern was the outbreak of Israel-Hamas war.

Elara Securities, however, see a rise in the average crude inventory to $5.8/bbl in Q2FY24 compared to nil in Q2FY23.

OMCs diesel retail gross margin should post Rs 15.6/litre YoY gain but fall Rs 7.6/liter QoQ to Rs 2.1/litre,” Elara Securities said. It also expects gasoline margin to fall Rs 2.8/litre on quarter to Rs 7.9/liter but increase Rs 7.3/liter on a yearly basis.

Even though brokerage firms expects refining margins of the OMCs to go up, they remain cautious on the retail pricing of petrol and diesel which will primarily determine the earnings of these companies in the quarter that just ended.

Analysts at Prabhudas Lilladher expects that recovery in refining margins will take Q2 PAT (Profit After Tax) of the downstream companies to Rs 19,700 crore, 25.2% down from Rs 30,500 crore in Q1FY24.

The brokerage firm also sees OMCs EBITDA declining to Rs 34,000 crore, down 28.3% from the previous quarter. The adjusted PAT is seen declining 35.3% to Rs 197 billion.

Nuvama Institutional Equities foresees a decline of 51.8% in the EBITDA of OMCs from Q1FY24. The average refinery utilization of OMCs is estimated at 107.1% compared with 110.6 in the first quarter. The refinery utilization is however estimated up from 97.3% in Q2FY23.

However, even on the rise in Brent crude prices, the reported GRMs (gross refining margins) of OMCs is likely to rise sharply by $14-19 per barrel in the September quarter”, according to the brokerage.

Analysts at Motilal Oswal expects blended marketing margins for OMCs at Rs 5/5.4/5.1 per liter in Q2FY24 due to an increase in the Brent crude prices and stable retail fuel prices during the period.

The brokerage firm has further estimated Brent prices by Q4FY24 to be at $90/bbl and to remain at this level throughout FY25 as the International Energy Agency expects oil markets to tighten in the second half of the calendar year 2023. If crude prices surge even beyond, OMCs may find themselves in a more upsetting situation.

Over the past two quarters, OMCs have been posting profits until late September when crude prices rose significantly and these companies had to suffer under-recoveries to the tune of Rs 7/litre on sale of petrol and diesel.

gIOC (Indian Oil Corporation Ltd) is likely to report weak operating profit due to decline in marketing margins (Rs 4.4/ltr vs Rs 8.7/ltr in Q1),” Prabhudas Lilladher said in its preview. The firm also expects the company’s gross refining margin to be at $12.4/bbl.

While analysts see earnings of the OMCs taking a hit in Q2FY24, upstream companies, on the other hand, might seem to have benefited from high crude oil prices realizations due to lagged impact of windfall tax and also QoQ higher product sales.

Upstream companies ONGC and OIL are, however, likely to improve their Q2 PAT to Rs 12,200 crore compared with Rs 11,300 crore in Q4FY23, with steady net crude price realization post windfall taxes and capped domestic gas prices at $6.5/mmBtu, analysts at Prabhudas Lilladher noted.

Elara Securities also expect PAT for upstream companies to increase in the range of 13-22% on year. “ONGC oil & gas production fell 1% YoY but rose 1% QoQ while Oil India oil & gas production is likely to improve 1% YoY and 4% QoQ,” the firm said in its report.

Vishnu Prakash IPO subscribed 87.81 times on last day of offer

The Initial Public Offering (IPO) of Vishnu Prakash R Punglia Ltd was subscribed 87.81 times on the last day of bidding on Monday, helped by strong engagement from institutional buyers.The company is into Engineering, Procurement, and Construction (EPC) works.

The Rs 308.88 crore-public issue received bids for 1,92,56,17,350 shares against 2,19,30,000 shares on offer, according to NSE data.The category for Qualified Institutional Buyers (QIBs) received 171.69 times subscription while the quota for non-institutional investors got subscribed 111.02 times.

Proceeds from the fresh issuance will be utilised for purchasing capital equipment, funding the working capital requirements of the company, and the balance for general corporate purposes.

The Jodhpur-based company has experience in the design and construction of major infrastructure projects for the central and state governments, with ongoing projects in nine states.Choice Capital Advisors and Pantomath Capital Advisors were the managers to the offer.The equity shares are proposed to be listed on the BSE and the NSE.

RBI slaps penalties on ICICI Bank, KMB for violating norms

The Reserve Bank on Tuesday imposed monetary penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for violating various norms.

The central bank said it conduced statutory inspection of ICICI Bank in 2020 and 2021 which revealed that the lender had sanctioned or committed loans to companies in which two of its directors were also directors.

Also Read0IDFC gets approval from CCI for merger with IDFC First Bank

“Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the provisions of the BR Act,” the Reserve Bank said, adding that basis the responses received from the bank, the imposition of penalty was warranted.

The action on ICICI Bank, however, is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.

Kotak Mahindra Bank, meanwhile, was penalised for failing to carry out annual review or due diligence of its service provider. Separately, it also failed to ensure that its customers are not contacted after 7 pm and before 7 am, in contravention of the appointment and ethics of RBI’s recovery agents norm.

The RBI found that Kotak Mahindra Bank levied interest from disbursement due date instead of the actual date of disbursement, contrary to the terms and conditions of sanction. The lender also levied foreclosure charges despite there being no clause in the loan agreement for levy of prepayment penalty on loans recalled by the bank.

Share Market Highlights: Nifty closes just over 19300, Sensex under 65k; RIL AGM today, JFS ends 2% lower, RIL sheds 1.3%

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity indices NSE Nifty 50 and BSE Sensex closed in the green on Monday, as traders celebrated the US Federal Reserve Chairman’s less hawkish stance and new measures by the Chinese authorities to support the markets. Nifty 50 closed at 19,306.05, while Sensex closed the trading session at 64,996.60, giving up the 65,000 level. The broader markets settled largely in the green, with Nifty Midcap 100 and Nifty Smallcap 100 adding 0.5% and 0.74%. Sectorally, all indices save for Nifty FMCG, Nifty IT and Nifty Oil & Gas gained. Bank Nifty rose 0.6%, while Nifty Pharma, Nifty Realty and Nifty PSU Bank clocked the highest gains.

Live Updates

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates on 28 August

15:59 (IST) 28 Aug 2023 Markets at close

Nifty 50 closed at 19,306.05, while Sensex closed the trading session at 64,996.60, giving up the 65,000 level.

13:18 (IST) 28 Aug 2023 NBFC-MFIs outlook

ICRA predicts that non-banking financial companies-microfinance institutions (NBFC-MFIs)’ profitability will improve to 2.7-3.0% in FY2024 and 3.2-3.5% in FY2025, from 2.1% in FY2023.

12:07 (IST) 28 Aug 2023 Upcoming week data-heavy

“At the Jackson Hole symposium, Fed Chair Jerome Powell recognised the progress made in controlling inflation from last year’s peak. However, he warned that inflation was still at levels considered “too high” implying that interest rates could stay elevated. Powell emphasized that policy would continue to be restrictive until inflation steadily declined toward its 2% target. This week the market will get direction from forthcoming US reports on ADP non-farm employment, the PCE price index, personal income and spending data, JOLTS job openings, ISM Manufacturing PMI.”

– Chintan Mehta, CEO, Abans Holdings

11:13 (IST) 28 Aug 2023 RIL AGM expectations

“All eyes would be on RIL AGM and its announcement focusing on Jio Financial future outlook post demerger. RIL has a lot of plans on cards for value unlocking which started from Jio Financials but first initial reactions post listing was not as street expectations. I believe Mukesh Ambani would be focusing more on the Jio Financial plan of action in coming days, which would give a road clear for further value unlocking of retail and Jio telecom ventures.”

– Prashanth Tapse, Senior VP (Research), Mehta Equities.  

10:59 (IST) 28 Aug 2023 BHEL gains 3%

BHEL bags order worth Rs 22.4 billion from NHPCL. The share price rose over 3% to Rs 109.25 apiece.

09:50 (IST) 28 Aug 2023 August weak for equities

“August has been weak for global equity markets. In the mother market of the US, S&P 500 is down by 4% so far in August. This weakness has impacted all other markets including the Indian market where Nifty is down by around 2% so far in August. The global economic scenario and the growth, inflation and interest rate trends in the US will continue to determine stock market trends globally.”

– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:22 (IST) 28 Aug 2023 Gold outlook

“Gold has support at $1904-1892 while resistance is at $1928-1940. Silver has support at $24.00-23.88, while resistance is at $24.35-24.48 In INR terms, gold has support at Rs 58,480, 58,310. while resistance is at Rs 58,865, 59,040. Silver has support at Rs 72,710-72,150, while resistance is at Rs 74,240–75,040.”

– Rahul Kalantri, VP Commodities, Mehta Equities

09:19 (IST) 28 Aug 2023 Markets at open

While Nifty 50 opened at 19,298.35, the NSE index reclaimed the 19,300 level while Sensex began the trading session at 64,908.08, however, it topped the 65,000 level shortly after opening.

09:14 (IST) 28 Aug 2023 Markets at pre-open

Domestic indices NSE Nifty 50 and BSE Sensex end the pre-open session flat. Sensex added 0.03% while Nifty 50 gained 0.17% early Monday morning.

08:51 (IST) 28 Aug 2023 Global cues to drive markets

“Local markets are likely to join the positive global trend following a dovish Federal Reserve Chair Jerome Powell’s speech at the central bank’s annual economic symposium in Jackson Hole on Friday. Markets have been lingering in the negative territory in the past few weeks due to weak global cues and FII selling, and hence recovery is anticipated owing to India’s underlying economic strength compared to other global economies.”

– Prashanth Tapse, Senior VP (Research), Mehta Equities

08:23 (IST) 28 Aug 2023 Fed Chair Powell reaffirms inflation fight

Federal Reserve Chair Jerome Powell on Friday did little to dissuade markets from the “higher for longer” mantra for rates that has driven up Treasury yields in recent weeks, leaving some investors looking for more cautious bets in case the economy is unable to escape a downturn next year.

Speaking at the Kansas City Fed’s annual gathering in Jackson Hole, Wyoming, Powell left open the possibility of further rate increases and stressed the U.S. economy’s surprising strength, though he acknowledged declines in the pace of inflation over the past year.

07:52 (IST) 28 Aug 2023 RIL AGM eyed

Key index heavyweight Reliance Industries is gearing up for its 46th annual general meeting (AGM), which will drive domestic cues for the forthcoming week. The AGM, to be held today, follows closely on the heels of Jio Financial Services making its market debut and the Qatar Investment Authority’s purchase of a stake in Reliance Retail Ventures (RRVL).

07:47 (IST) 28 Aug 2023 Wall Street

U.S. stocks ended a volatile session higher on Friday as investors digested comments from Federal Reserve Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained, according to Reuters. The Dow Jones Industrial Average experienced an increase of 0.7%, the S&P 500 gained 0.7%, and the Nasdaq Composite rose by 0.9% on Friday.

07:40 (IST) 28 Aug 2023 F&O ban

The National Stock Exchange has Escorts Kubota, SUN TV, GMR Airports Infrastructure, RBL Bank, Hindustan Copper, Manappuram Finance, India Cements and BHEL securities on its F&O ban list for 28 August.

07:38 (IST) 28 Aug 2023 FII, DII data

Foreign institutional investors (FII) sold shares worth net Rs 4,638.21 crore, while domestic institutional investors (DII) bought shares worth net Rs 1,414.35 crore on 25 August.

07:33 (IST) 28 Aug 2023 Crude oil

Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.

07:33 (IST) 28 Aug 2023 Asian shares in focus

Stock markets across the Asia-Pacific region surged in trade on Monday as China announced new measures to support its ailing markets, though the mood was cautious ahead of readings on U.S. jobs and inflation could decide whether interest rates have to rise again.

Chinese indices Shanghai Composite and Shenzhen Component jumped 5% and 5.63% respectively. Japan’s Nikkei-225 added 1.5%, while Hong Kong’s Hang Seng index surged 3.16%. South Korea’s KOSPI added 0.85% while the Taiwan index rose by 0.34%.

Global trends, macroeconomic data, trading activity of foreign investors to drive market trends: Analysts

Macroeconomic data announcements, global trends and trading activity of foreign investors would guide momentum in the equity market this week, analysts said. Markets ended a five-week losing streak and gained nearly a per cent last week, helped by a sharp rebound on Friday.

Last week, the BSE benchmark jumped 500.65 points or 0.77 per cent and the Nifty gained 169.5 points or 0.87 per cent.

The domestic PMI (Purchasing Managers’ Index) data for the services sector will be announced on Tuesday.

“On the macro front, some of the key factors that will be in focus in the coming days are India’s S&P global services PMI, Euro zone S&P global composite PMI, UK services PMI, Euro Zone Q2 GDP, US factory orders, S&P Global US services PMI, crude oil prices, initial jobless claims, FII (Foreign Institutional Investors) and DII (Domestic Institutional Investors) activities will drive the market,” Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd, said.

In the absence of any major triggers from the domestic market, sentiments will be driven by global cues, including the release of US payroll and PMI data, said Vinod Nair, Head of Research at Geojit Financial Services.

Besides, movement of crude oil and trend in rupee against the US dollar will also influence trading patterns in the market.

“After a sluggish to negative sentiment last month, foreign investors could be looking at Indian markets with fresh optimism once again, as the nation continues to overcome global economic challenges and perform well on most economic parameters.

“While foreign investors have already been net buyers of local shares in the past five sessions, the recent macroeconomic numbers like strong Q1 GDP growth, robust August GST collections, and upbeat PMI data for last month should bolster their confidence in local markets,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

Manufacturing activities in India gained momentum in August as new orders and output increased at the quickest rates in nearly three years, according to a survey released on Friday. GST collections grew by 11 per cent to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season.

Nifty’s attempt to surpass 20000-20200 may attract profit booking; BHEL, Hero Motocorp among stocks to buy

By Ajit Mishra

Markets have been moving from strength to strength after reclaiming the record high, with a noticeable rise in the positive momentum. Apart from the rotational buying across sectors, a steady recovery in the global counterparts, especially the US, is further supporting the sentiment. In line with the benchmark index, the broader indices are also seeing a stable rise. While the midcap index is already at a record high, the smallcap index has recovered strongly in the last four months and is trading just 4% from that mark.

On the benchmark front, we recommend planning fresh positional trades on dips around the key support zone. At the same time, trends could be mixed on the sectoral front wherein we are eyeing consolidation in the IT after the recent slide while auto and FMCG may see some profit taking too. At the same time, we feel banking, financials, pharma and metal would continue their northward bias so plan your stock-specific positions accordingly.

Nifty (CMP: 19,672.35)

Nifty has almost tested the new milestone i.e. 20,000 and gained over 7% in the last four weeks, which has pushed the oscillators into the overbought zone. It would be healthy if we see some consolidation now, before making further progress. In case of any dip, we believe Nifty would respect the 19,300-19500 zone i.e. the previous consolidation area while any attempt to surpass the 20,000-20,200 zone may attract profit booking.

Bank Nifty (CMP: 45,923.05)

The banking index has regained momentum of late and is likely to inch gradually upward toward the 49000+ zone. We are seeing participation across the pack but we reiterate our preference for the private banking majors citing less volatility and their overall positioning.

Stocks to Watch

Bullish –BHEL, Canbk, Colpal, Gail, Heromotoco, IDFC First Bank, Marico, ONGC, Tatacomm

Bearish – IEX, Jublfood, UPL, Voltas

(Ajit Mishra, SVP- Technical Research, Religare Broking. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Wall Street set to open higher with focus on Nvidia’s high-stakes results

Wall Street was set to open higher on Wednesday, with the spotlight firmly on Nvidia as investors wait to see if its results could reignite an artificial intelligence-powered rally in megacap growth stocks.Rising bets that Nvidia’s revenue target will once again surpass Wall Street estimates pushed the chipmaker’s stock to a record high on Tuesday, but analysts also fear that a failure to match investor expectations could trigger a wider selloff.Its shares were up 0.8% in premarket trading.

A blowout forecast from the company last quarter has been one of the biggest catalysts for the S&P 500’s 14% gain so far this year.”When the market takes a focus on one stock, any disappointment could have a reverberation in the market,” said Andre Bakhos, managing member at Ingenium Analytics LLC.

Tesla fell 2.1% after a report that the company lowered the production target of its German plant.Supporting equities on Wednesday, the yield on the 10-year U.S. Treasury note slipped from near 16-year highs hit in the previous session.Data showedthe interest rate on the U.S. 30-year fixed-rate mortgage last week shot to the highest since December 2000.S&P Global’s flash U.S. Composite PMI index for August, due at 9:45 am ET, could provide additional clues on the path for interest rates ahead of a speech by Fed Chair Jerome Powell at Jackson Hole on Friday.

Traders’ bet of a rate hike pause by the Fed next month stands at 86.5%, according to CME Group’s FedWatch tool. A slew of downbeat earnings reports also kept a lid on market sentiment. Sport retailers Nike and Under Armour fell 3.6% and 1.5% , respectively, after a downbeat profit forecast from Foot Locker, whose shares slumped 30.8%.Shares of U.S. analog chipmakers NXP Semiconductors , Texas Instruments and ON Semiconductor slipped between 2% and 3% after Analog Devices reported lower quarterly revenue.

At 8:24 a.m. ET, Dow e-minis were up 34 points, or 0.1%, S&P 500 e-minis were up 6.5 points, or 0.15%, and Nasdaq 100 e-minis were up 25.5 points, or 0.17%.Shares of drugmakers Gilead Sciences and Merck & Co advanced about 3% each after Swiss rival Roche inadvertently published positive lung cancer drug trial data.Peloton Interactive shares plunged 27.8% after the fitness equipment maker pushed back its cash-flow positive target to 2024.

Share Market Highlights: Nifty settles under 19400, Sensex ends flat; Adani Ent jumps 2%, metal stocks shine

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices NSE Nifty 50 and BSE Sensex gave up their earlier gains. Nifty concluded just below 19,400, landing at 19,396.45 with a marginal 0.01% gain, while Sensex wrapped up with a slight increase of 4 points, standing at 65,220.03. Nifty Midcap 100 rose over 1.1%, while the smallcap index added around 0.8%. Fear gauge India VIX settled lower, around 11.75. In the broader markets, Bank Nifty settled marginally lower, falling for eight of the nine sessions. Nifty PSU Bank shares dragged the index, while metal, media and FMCG stocks outperformed. Jio Financial Services close 5% lower for the second consecutive session.

Live Updates

Share Market Today LIVE | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates 22 August 2023

15:40 (IST) 22 Aug 2023 Global uncertainties weigh

“Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited resilience and gained traction.”

– Vinod Nair, Head of Research at Geojit Financial Services.

15:34 (IST) 22 Aug 2023 Markets at close

Domestic indices NSE Nifty 50 and BSE Sensex erased their gains towards the end of trade. Nifty settled under 19,400 at 19,396.45, up 0.01%, while Sensex closed 4 points higher at 65,220.03.

14:15 (IST) 22 Aug 2023 Robust sentiment in markets

“The positive market breadth portrays a robust sentiment, with the IT & Metal sector being the primary benefactor to rejuvenated market sentiments. The global bourses are to be watched closely for the immediate trend setup while focusing on selective stock-centric moves for an outperformance. Meanwhile, the Midcap index is keeping up the pace and traders are advised to keep focusing on such thematic movers for the time being.”

– Sneha Seth, Derivatives Research Analyst, Angel One

13:24 (IST) 22 Aug 2023 Nifty Midcap 100 up 1%

Nifty Midcap 100 jumps almost 1% in trade as constituents Tata Teleservices (Maharashtra), Trident and Torrent Power.

12:34 (IST) 22 Aug 2023 Gold outlook

“The strengthening of US Treasury yields poses a risk for gold. Nevertheless, gold has made some gains recently due to renewed safe-haven demand, which has been driven by concerns about the Chinese economy. However, these gains have been relatively modest. The participation in gold continues to decline and remains at a very low level, amid declining prices of gold. We believe this decline has paved the way for a favourable investment opportunity.”

– Abans

12:08 (IST) 22 Aug 2023 Glenmark Pharma down 1.4%

Shares of Glenmark Pharma slip 1.4% in trade as the pharma player was fined $30 million to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015.

11:19 (IST) 22 Aug 2023 Adani Enterprises gains 3%

Shares of Adani Enterprises climbed over 3% on Tuesday after billionaire Gautam Adani-led promoter group increased its stake in the flagship firm.

11:13 (IST) 22 Aug 2023 Aeroflex Industries IPO subscribed

Aeroflex Industries IPO subscribed fully at 10.54 am on Day 1.

Overall 1.00 times

QIB 0.00 timesNII 1.31 times Retail 1.46 times Reservation 0.40 10:07 (IST) 22 Aug 2023 FII positions

FIIs increased their future index long position holdings by 2.47%, increased future index shorts by -0.75% and in index options by 9.35% in Call longs, 14.46% in Call short, 9.51% in Put longs and 23.85% in Put shorts.

09:42 (IST) 22 Aug 2023 Currency outlook

“Momentum went missing yesterday again, but with consolidation failing to breach the 83-82.9 supports. This keeps the 83.7 to 84.5 move intact, with downside marker placed at 82.9.”

– Anand James, Chief Market Strategist at Geojit Financial Services.

09:30 (IST) 22 Aug 2023 FII inflows

“Sustained rise in FII inflows will happen only if the US bond yields decline. Clarity on this will emerge only after trends in US inflation and Fed’s monetary stance indicate softening. Investors should wait for clarity on these macro trends.”

– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:26 (IST) 22 Aug 2023 Markets at open

Benchmarks NSE Nifty 50 and BSE Sensex opened in positive territory on Tuesday. Nifty 50 surpassed the 19,400 mark , and Sensex added about 50 points, roughly flat at 65,272.42.

08:38 (IST) 22 Aug 2023 Bank Nifty outlook

“Bank Nifty has also witnessed a pullback and snapped the seven-day losing streak. It has closed in the green and more importantly, holding on to the support of the 20-week moving average (44,000) which indicates that a pullback is likely in the short term. The pullback can last till the 44,400 – 44,500 zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

08:25 (IST) 22 Aug 2023 OI data

Coming to the OI Data, on the call side, the highest OI observed at 19500 followed by 19600 strike prices while on the put side, the highest OI is at 19300 strike price.

08:20 (IST) 22 Aug 2023 FII, DII data

Foreign institutional investors (FII) sold shares worth net Rs 1,901.10 crore, while domestic institutional investors (DII) bought shares worth net Rs 626.25 crore on 21 August, according to the provisional data available on the NSE.

08:09 (IST) 22 Aug 2023 Crude oil

Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China’s economy limited the upside.

08:09 (IST) 22 Aug 2023 Asian Markets

Shares in the Asia-Pacific region were trading in the green on Tuesday. China’s Shanghai Composite and Shenzhen Component was higher by 0.91% and lower by 0.09% respectively. Japan’s Nikkei 225 traded with gains of 0.56%. South Korea’s Kospi advanced 0.39% while Hong Kong’s Hang Seng gained 0.48%. The Taiwan Weighted index recorded a gain of 0.26%.

08:09 (IST) 22 Aug 2023 Wall Street

 The Nasdaq ended more than 1% higher and the S&P 500 also rose on Monday, with shares of Nvidia jumping as investors were optimistic ahead of its earnings this week, and other technology-related stocks gaining, according to Reuters. The Dow Jones Industrial Average edged down 0.1%, while the S&P 500 advanced 0.7%, and the Nasdaq Composite surged 1.6%.