NIFTY Financial News

Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading 32.50 points, or 0.17%, higher at 19,484.00. On Thursday, Nifty fell for the third consecutive session ending 0.74%, or 144.90 points, lower at 19,381.65.

Read More)Adani Group will invest $4 billion-$5 billion to expand its cement capacity to over 100 million tonnes in two years, two people aware of the matter said, on a day the conglomerate made yet another acquisition.On Thursday, Ambuja Cements Ltd, part of Adani Cement, announced the purchase of 57% promoter stake in cement maker Sanghi Industries Ltd at an enterprise value of ₹5,000 crore.“Adani will add around 30 million tonne per annum (mtpa) cement making capacity in two years, both via organic and brownfield acquisitions, for which $4-5 billion could be invested, which will be funded mostly through internal accruals," one of the two people cited above said on condition of anonymity. (Read More)Bharti Airtel released its financial results for the first quarter of fiscal year 2023-24 (Q1FY24) on August 3, showing a net profit of ₹1,612 crore.

jobless benefits increased slightly last week, while layoffs dropped to an 11-month low in July, labor department report showed. A separate report showed that the US services sector slowed in July. Investors will now focus on the jobs report for July that is due on Friday.

Day trading guide for today: Following Wall Street sell off after Fitch downgraded US credit rating, Indian stock market finished lower for third straight session on Thursday. Nifty 50 Index went down 144 points and ended at 19,381 levels, BSE Sensex lost 542 points and closed at 65,240 mark whereas Bank Nifty index finished 482 points lower at 44,513 levels. However, broad market indices ended higher.

Buy or sell stocks for today: Following weak global cues, Indian stock market ended lower on third day in a row. NSE Nifty lost 144 points and closed at 19,381 levels, BSE Sensex corrected 542 points and finished at 65,240 mark whereas Bank Nifty index ended 482 points lower at 44,513 levels.

Fitch's downgrade of US long-term credit rating. BSE Sensex fell 542 points, or 0.82%, to at 65,240. NSE's Nifty declined 144 points, or 0.74%, to end at 19,381.

MUMBAI : Benchmark indices closed in the red for the third straight session on selling by foreign portfolio investors (FPIs), despite global brokerage Morgan Stanley upgrading India’s sovereign rating to overweight, citing economic resilience. However, domestic funds’ buying in the last 45 minutes of trading contained the losses by the day’s end. The FPI selling, in the wake of a Fitch Ratings’ downgrade of US credit ratings on Tuesday, contributed to the rupee weakening to 82.73 to the dollar.

Piramal Enterprises, Hindustan Copper, and Gujarat Narmada Valley Fertilizers And Chemicals Limited are the three stocks that are a part of the F&O ban list by the stock exchange for Friday. The NSE updates the list of securities in F&O ban for trade everyday. The derivative contracts in the mentioned securities have crossed 95 per cent of the market-wide position limit and have been currently put in the ban period by the stock exchange, said NSE.

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Nifty formed a bearish candle with a longer lower shadow on the daily charts on Thursday expiry. Now till it holds below 19,420 zones weakness could be seen towards 19,200 and 19,100 zones while hurdles are placed at 19,560 and 19,650 zones, said Chandan Taparia of Motilal Oswal. India VIX was down by 0.84% from 11.27 to 11.18 levels.

Uttam Sugar Mills(up 3.38%), Kothari Sugars & Chemicals(up 2.85%), MAGADHSUGAR(up 2.71%), Shree Renuka Sugars(up 2.58%), Triveni Engineering & Industries(up 2.51%), Balrampur Chini Mills(up 2.35%), EID Parry(up 2.05%), KCP Sugar & Industries(up 1.94%), Dhampur Sugar Mills(up 1.90%) and Bannari Amman Sugars(up 1.38%) stood among the top gainers. Ugar Sugar Works(down 0.35%) and Dalmia Bharat Sugar & Industries(down 0.34%) were among the top losers of the day.

Shares of L&T Technology(up 1.86 per cent), MPhasis(up 1.3 per cent), Infosys(up 0.55 per cent), Coforge(up 0.17 per cent) and LTIMindtree Ltd(up 0.08 per cent) ended the day as top gainers in the pack. On the other hand, Tata Consultancy(down 1.18 per cent), Wipro(down 0.78 per cent), Persistent Systems(down 0.55 per cent), HCL Technologies(down 0.48 per cent) and Tech Mahindra(down 0.25 per cent) finished as the top losers of the day.

The NSE Nifty index closed 144.9 points down at 19381.65, while BSE Sensex ended down 542.1 points at 65240.68.

The NSE Nifty index ended the session 144.9 points down at 19381.65, while BSE Sensex fell 542.1 points to 65240.68. In the Nifty index, Adani Enterprises Ltd.(up 2.39 per cent), Adani Ports & Special Economic Zone Ltd.(up 1.56 per cent), Eicher Motors Ltd.(up 1.41 per cent), Divi's Laboratories Ltd.(up 0.97 per cent) and Infosys Ltd.(up 0.55 per cent) stood among the top gainers.

BSE Sensex fell 0.82% to 65,240.68. Among the Nifty sectoral indices, only Nifty Media (up 0.93%), Nifty Pharma (up 0.98%), and Nifty Healthcare (up 0.60%) ended in green, while the others closed in red. Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Eicher Motors Ltd, Divi's Laboratories Ltd, and Infosys Ltd were among the top gainers of Nifty.

US bonds yields and dollar weighed on stock market sentiment. US stocks futures and top European markets were in the red when the Sensex closed as fresh macroeconomic data in the US showed the resilience of the economy and raised concerns that the Fed will extend its monetary tightening policy. "US Treasury yields after stronger-than-expected private employment data and the announced refunding of the US government's maturing debt.

Stock market today: Key benchmark indices extended sell of for second stright session on Thursday as global market cues continue to remain weak after Fitch downgrading US credit rating. Sensex today opened lower and went on to hit intraday low of 65,069 levels, logging near 1400 points in the last two trade sessions. Nifty 50 index and Bank Nifty index too remained under sell off pressure and went on to lose their immediate support placed after the closure of Wednesday deals.

Fitch's move to downgrade US rating as an excuse to book some profits off the table. Sensex has plunged about 1,500 points in 2 days while Nifty broke below the 19,300-zone. In the two-day selloff, investors have become poorer by Rs 5.7 lakh crore. While Fitch's statement had nothing new to offer as it is a well-known fact that developed market governments are getting more indebted, the downgrade of US rating to AA+ from AAA is seen as being sentimentally negative for riskier assets. In sync with the risk-off reaction in global and other Asian markets, Sensex plunged over 800 points on Thursday with Reliance Industries (RIL), banks and IT stocks leading the downside. Realty, banks and other financial stocks were among the worst affected but pharma stocks managed to thrive in the selling pressure on the back of Q1 earnings report card. Amid the global sell-off, Dalal Street traders also overlooked Morgan Stanley's upgrading of Indian equities to overweight position. Citing a structural uptrend, secular leadership and relative valuations being less extreme than in October, the global brokerage firm has placed India at the No.1 position in its basket of Asian emerging markets ex-Japan.

Stock market today: Following weak global market sentiments after Tich downgraded US credit rating, Indian stock market extended sell off on second day in row on Thursday. However, despite weakness in stock market today, Indian Railway Finance Corporation (IRFC) share price has managed to atrract buying interest among Dall Street bulls. IRFC share price today opened upside and went on to hit intraday high of ₹44.65 apiece on NSE, logging near 12.50 per cent rise during Thursday deals.

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Gautam Shah, Founder & Chief Strategist, Goldilocks Premium Research, says “indicator wise, the daily RSI on the Nifty made a new 52-week high just a month back. There are no signs of topping out. I know this market will keep scaring you from time to time, but it will keep coming back.