Share Market Highlights: Nifty closes over 19430, Sensex above 65k; NTPC, JFS among top gainers

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity indices NSE Nifty 50 and BSE Sensex closed in the green on Friday. The NSE Nifty 50 closed at 19,435.30, while the Sensex closed the trading session at 65,387.16. The broader markets settled largely in the green, with Nifty Smallcap 50 and Nifty Smallcap 100 adding 1.61% and 1.17% respectively. Bank Nifty surged 1.02% to settle at 44436.10. Nifty Metal, Banks, Auto and IT were the leading gainers among the other sectoral indices.

Live Updates

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

15:36 (IST) 1 Sep 2023 Markets at Close

The NSE Nifty 50 closed at 19,435.30, while the Sensex closed the trading session at 65,387.16.

14:34 (IST) 1 Sep 2023 Metal stocks gain

Nifty Metal index gained as much as 185.15 points or 2.78%. NMDC led the gains with a 5.32% increase, followed by Steel Authority of India (SAIL) at 4.74% and Hindustan Copper at 4.10%.

14:23 (IST) 1 Sep 2023 Nifty IT soars

The Nifty IT index gained over 1% in trade on Friday, as Persistent Systems, Tech Mahindra, and LTIMindtree led the gains.

13:45 (IST) 1 Sep 2023 Nifty PSU Bank zooms

The PSU Bank index gained 1.70% in trade on Friday, as Punjab National Bank, Bank of India and Canara Bank led the gains.

12:38 (IST) 1 Sep 2023 Gold outlook

“Gold prices retreated on Friday, with spot gold at Comex trading down by 0.05% at $1938 per ounce in the morning session. Gold prices reversed from a multiweek high in the previous session on the back of mixed US economic data and an uptick in the dollar index. The dollar index showed more than 0.40% of daily gains in the previous session, putting pressure on precious metals.”

– Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

12:05 (IST) 1 Sep 2023 Nifty Auto zooms

The Nifty Auto index gains over one percent in trade on Friday, as Tata Motors, Maruti Suzuki and Bajaj Auto lead the gains.

11:01 (IST) 1 Sep 2023 India VIX outlook

India VIX increased by 14.75% from 10.51 to 12.06 levels in the August series. Volatility moved higher to 12.75 and remained on the higher band and created swings in the market and providing discomfort to the bulls.

10:25 (IST) 1 Sep 2023 Metal stocks gain

Metal stocks experienced significant gains today. Tata Steel led with a 4.31% increase, followed by Steel Authority of India (SAIL) at 3.64%. Jindal Saw, Jindal Steel & Power, and Welspun Corp rose by around 3%.

09:35 (IST) 1 Sep 2023 Headwinds affecting markets

“Headwinds stronger than tailwinds have pushed the Nifty down by 406 points in August. Some headwinds like weakening monsoon and sluggish global growth are likely to weigh on markets. And now there is another headwind coming from the Brent crude rising to $87. FPI flows in the cash market turned negative in August after strong positive flows in the previous three months. These headwinds will constrain a sustained recovery in markets.”

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

09:25 (IST) 1 Sep 2023 Currency outlook

“Recovery attempts continue, but limited to 82.8 as expected. Upsides momentum appears to be increasing, prompting us to expect a spurt to 83.09, if 82.8 gives away. The prospects of downside break would be renewed only on push below 82.5.”

– Anand James, Chief Market Strategist at Geojit Financial Services

09:19 (IST) 1 Sep 2023 Markets at open

Local stock indices BSE Sensex and NSE Nifty 50 began trading on a steady note on Friday. Nifty opened above the 19,250 level at 19,258.15, and Sensex rose by approximately 20 points from its previous close, starting at 64,855.51, maintaining its existing sideways trend.

09:06 (IST) 1 Sep 2023 Bank Nifty support, resistance

Bank Nifty has a strong support at 43,600, and below that it would gradually fall to 43,300-43,350 levels. The resistance exists at 44,000 levels. The Nifty IT index is exhibiting a mixed activity, which would keep the sentiment volatile.

– Shrikant Chouhan, Head of Research (Retail), Kotak Securities

08:40 (IST) 1 Sep 2023 Support, resistance levels

“Nifty closed in the lower half of the day’s range on the highest volume recorded for the quarter and marked the seventh distribution day in the rally. The drawdown was arrested near the support zone of 19,250-19,235 and it will be crucial that the zone remains intact on a closing basis to attract bullish strength.”

Support: 19,235 -19,190 -19,075

Resistance: 19,340-19,390-19,420

– Riches Vanara, Technical and Derivatives Analyst, Stoxbox.

08:21 (IST) 1 Sep 2023 Derivative outlook

On the Options front in the September monthly expiry, the 19,000 Strike put option has highest open interest with 64,26,550 contracts followed by the 19,500 Strike put option with 26,56,950 contracts. While on the call side, the 20,000 call has highest open interest with 25,04,150 contracts followed by the 19,500 Call strike with 21,27,950 contracts.

08:20 (IST) 1 Sep 2023 F&O ban list

The National Stock Exchange has Indiabulls Housing Finance and BHEL securities on its F&O ban list for 1 September.

08:13 (IST) 1 Sep 2023 Currency outlook

“USDINR spot closed 5 paise higher at 82.78, due to demand for dollars from corporates and oil marketing companies. Traders will keep a close watch on the US jobs data tomorrow. A strong data can push USDINR towards 83.00 by next week. We expect a range of 82.40 and 83.10 on spot.”

– Anindya Banerjee, VP – Currency Derivatives & Interest Rate Derivatives at Kotak Securities

07:49 (IST) 1 Sep 2023 Asian shares

Asian-Pacific markets traded in the green on Friday. Chinese indices Shanghai Composite and Shenzhen Component increased by 0.47% and 0.53% respectively. Japan’s Nikkei-225 rose by 0.62%, while Hong Kong’s Hang Seng index remained unchanged. South Korea’s KOSPI added a slight 0.02%.

07:46 (IST) 1 Sep 2023 Crude oil

Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year.

07:46 (IST) 1 Sep 2023 Wall Street overnight

The S&P 500 ended lower and the Nasdaq higher on Thursday after U.S. inflation data matched estimates, underscoring expectations the Federal Reserve could pause its monetary tightening, according to Reuters. On Thursday, the Dow Jones Industrial Average fell by 0.48%, the S&P 500 slipped 0.16%, and the Nasdaq Composite increased by 0.11%.

AU Small Finance Bank set to maintain its industry-leading loan growth

AU Small Finance Bank has demonstrated an impressive performance, achieving a remarkable 54% CAGR in deposits and a 34% CAGR in loans from FY18 to FY23. This growth has solidified its position not only within the Small Finance Bank (SFB) sector but also across the broader mid-cap banking landscape. The bank’s success can be attributed to its strategic expansion of new product offerings, a broader geographical footprint, substantial investments in cutting-edge technology, and a determined focus on physical expansion. These factors are expected to provide substantial support for sustained long-term growth.

Our projections indicate that the bank is poised to maintain its industry-leading loan growth at a compound annual growth rate of approximately 28% from FY23 to FY25E. However, it is important to note that there might be some short-term margin pressure that could impact stock performance. Despite this, we anticipate a considerable acceleration in earnings growth starting from FY25, with a projected 35% year-on-year increase after a 22% year-on-year growth in FY24. This performance trajectory is anticipated to lead to a RoA and RoE of 1.9% and 17% respectively.

AUBNAK has reported a robust 29% growth in loans during Q1 of FY24, in contrast to 48% CAGR achieved over the five-year period spanning from FY17 to FY22. The dominance of retail loans persists, constituting a substantial 79% share. The bank is strategically committed to diversifying its loan portfolio, as evidenced by the notable traction observed in Home Loans. The wholesale loan segment has also demonstrated a commendable growth trajectory. Bank’s management to fortifying pillars of its business operations, with emphasis on Vehicle Loans and MSME sectors, while simultaneously expanding into segments like Housing Loans, Gold Loans, Credit Cards, and Consumer Durable Financing. AUBNAK has made good investments in its operational framework, in addition to broadening its geographical footprint. This twin approach is anticipated to facilitate sustained business expansion while concurrently mitigating geographical risk concentration.

Amarnath Yatra 2023: First batch of pilgrims leave from Jammu base camp – See Photos

1/8

The Lieutenant Governor of Jammu and Kashmir Manoj Sinha on June 30 flagged off the first batch of Amarnath Yatra pilgrims from Jammu. Before flagging off the batch, Sinha performed a puja.The 62-day yatra pilgrimage will start from July 1. Pilgrims will leave for the twin base camps of Baltal and Pahalgam in Kashmir to journey on the pilgrimage to the 3,880-metre-high cave shrine of Lord Shiva in the south Kashmir Himalayas. Over 3,500 pilgrims have reportedly arrived in Jammu to go on the pilgrimage.

2/8

Jammu and Kashmir Lt Governor Manoj Sinha flags off the first batch of pilgrims for the Amarnath Yatra 2023 after conducting a puja at the Bhagwati Nagar base camp in Jammu on June 30. (Image: PTI)

3/8

Pilgrims shout religious slogans while boarding a bus as the first batch of pilgrims leaves for the Amarnath Yatra 2023 in Jammu. (Image: PTI)

4/8

Security forces personnel keep vigil as a convoy of the first batch of pilgrims leaves for Kashmir. (Image: PTI)

5/8

First batch of pilgrims leaves for the Yatra in Jammu. (Image: PTI)

6/8

Sadhus wait to get themselves registered at Ram Mandir base camp in Jammu on June 30

7/8

 Pilgrims wait for registration at Mahajan hall in Jammu. (Image: PTI)

8/8

A sadhu being examined by the paramedical staff at Ram Mandir Amarnath Yatra base camp, in Jammu on June 30. (Image: PTI)

Petrol and Diesel Rate Today, 23 August: Some cities see revision; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad:Petrol and diesel prices were largely constant on Wednesday, 23 August across New Delhi, Kolkata, Mumbai, and Chennai. Petrol rates and diesel rates have been steady over the last few months. However, individual cities see fluctuations in their prices every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel.

Currently in Delhi, the price of petrol stands at Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre. Meanwhile, in Kolkata, the cost of petrol amounts to Rs 106.31 per liter, with diesel priced at Rs 92.76 per liter. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per liter. Here’s a look at fuel prices in other cities:

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Bengaluru:Petrol rate: Rs 101.94 per litre,Diesel rate: Rs 87.89 per litreChandigarh:Petrol rate: Rs 98.65 per litre, Diesel rate: Rs 88.95 per litreChennai:Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litreGurugram:Petrol rate: Rs 97.04 per litre, Diesel rate: Rs 89.91 per litreKolkata:Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litreLucknow:Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litreMumbai:Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litreNew Delhi:Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litreNoida:Petrol rate: Rs 96.65 per litre, Diesel rate: Rs 89.82 per litre

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their petrol price anddiesel pricedaily in line with international benchmark prices and forex rates. Any changes in petrol price anddiesel priceare implemented from 6 am every day. “Oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter,” said Petroleum Minister Hardeep Singh Puri a few months ago.

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%.