NIFTY Financial News

Indian stock market is expected to open higher on Thursday amid positive global cues. Asian markets gained following overnight rally on Wall Street as weak US GDP data resurfaced expectations of a pause in interest rate hike by the US Federal Reserve. Meanwhile investors will watch for India’s April-June quarter GDP data set to be released later today.

Gift Nifty index registered its highest ever single-day turnover of $12.98 billion on August 29 with 336,535 contracts traded. The turnover on August 29 was equivalent to ₹1,07,267 crore, the index manager said.

Nifty failed to reclaim the short-term moving average i.e. 20 EMA despite positive global cues to form a long negative candle on the daily chart as it ended 5 points higher. Technically, this pattern indicates a bearish counterattack-type candle pattern after a small bounce.

Shree Renuka Sugars(up 3.95%), BAJAJHIND(up 3.39%), Ugar Sugar Works(up 2.65%), Rana Sugars(up 2.23%), AVADHSUGAR(up 1.80%), Balrampur Chini Mills(up 1.79%), Dhampur Sugar Mills(up 1.43%), Uttam Sugar Mills(up 1.40%), Ponni Sugars(Erode)(up 0.97%) and Triveni Engineering & Industries(up 0.84%) stood among the top gainers. DCM Shriram Industries(down 1.21%), K.M.Sugar Mills(down 0.32%), Bannari Amman Sugars(down 0.22%) and Kothari Sugars & Chemicals(down 0.09%) were among the top losers of the day. The NSE Nifty50 index ended 4.8 points up at 19347.45, while the 30-share BSE Sensex closed up 11.43 points at 65087.25. Tata Steel(up 2.13%), Maruti Suzuki(up 1.82%), Eicher Motors(up 1.5%), Mahindra & Mahindra(up 1.43%), Infosys(up 1.23%), TATA CONSUMER PRODUCTS(up 1.2%), HCL Technologies(up 1.12%), UltraTech Cement(up 0.81%), LTIMindtree Ltd(up 0.72%) and ITC(up 0.61%) stood among the top gainers in the Nifty pack. On the other hand, Power Grid Corporation of India(down 1.61%), Bharat Petroleum Corporation(down 1.36%), State Bank of India(down 1.3%), Dr Reddys Laboratories(down 1.29%), Hero MotoCorp(down 1.21%), ICICI Bank(down 0.91%), HDFC Bank(down 0.73%), Divis Laboratories(down 0.72%), Adani Ports & Special Economic Zone(down 0.59%) and IndusInd Bank(down 0.55%) closed in the red.

Agro Phos(up 14.20%), Sikko Industries(up 4.95%), Deepak Fertilizers & Petrochemicals(up 3.12%), Coromandel International(up 1.14%), Paradeep Phosphates(up 0.72%), Khaitan Chemicals & Fertilizers(up 0.64%), Nagarjuna Fertilizers & Chem(up 0.59%), G S F C(up 0.55%), Chambal Fertilisers & Chemicals(up 0.30%) and Gujarat Narmada Valley Fertilizers (up 0.27%) stood among the top gainers. Aries Agro(down 2.71%), Mangalore Chemicals & Fertilizers(down 2.01%), Rashtriya Chemicals & Fertilizers(down 1.95%), National Fertilizer(down 0.58%), Southern Petrochemicals Industries(down 0.56%), Madhya Bharat Agro Products(down 0.26%), KRISHANA(down 0.21%), Rama Phosphates(down 0.20%) and ZUARIAGRO(down 0.06%) were among the top losers of the day. The NSE Nifty50 index ended 4.8 points up at 19347.45, while the 30-share BSE Sensex closed up 11.43 points at 65087.25. Tata Steel(up 2.13%), Maruti Suzuki(up 1.82%), Eicher Motors(up 1.5%), Mahindra & Mahindra(up 1.43%), Infosys(up 1.23%), TATA CONSUMER PRODUCTS(up 1.2%), HCL Technologies(up 1.12%), UltraTech Cement(up 0.81%), LTIMindtree Ltd(up 0.72%) and ITC(up 0.61%) stood among the top gainers in the Nifty pack. On the other hand, Power Grid Corporation of India(down 1.61%), Bharat Petroleum Corporation(down 1.36%), State Bank of India(down 1.3%), Dr Reddys Laboratories(down 1.29%), Hero MotoCorp(down 1.21%), ICICI Bank(down 0.91%), HDFC Bank(down 0.73%), Divis Laboratories(down 0.72%), Adani Ports & Special Economic Zone(down 0.59%) and IndusInd Bank(down 0.55%) closed in the red.

Deepak Shenoy, Founder, Capital Mind, says “longer term, the scope for the Nifty and generally the markets in India to go up are tremendously high simply because in relative terms we seem to be in better economic shape as a country, corporates are relatively less leveraged and overall the triggers coming in the future will give scope for interest rates to correct and therefore the economy to get some kind of respite. But that will probably take a year to show up.”The market was overbought a month ago. The market is overbought right now and the market could remain overbought for a month from now. What is the best strategy to deal with this kind of a market where valuations are expensive, flows are volatile, but if you are not selling, you are actually making more money?The market is not actually overbought in the sense that its earnings have considerably grown compared to previous years, the same quarter.

Reliance Power(up 10.68%), RTNPOWER(up 9.24%), Suzlon Energy(up 4.87%), Inox wind(up 3.05%), Energy Development Company(up 2.87%), PTC India(up 2.07%), Inox Wind Energy(up 2.06%), Karma Energy(up 1.90%), Jaiprakash Power Ventures(up 1.88%) and SJVN(up 1.55%) stood among the top gainers. Alstom T&D India(down 3.54%), Transformers and Rectifiers(India)(down 2.82%), JSW Energy(down 2.57%), KEC International(down 2.19%), Hitachi Energy India(down 2.00%), Adani Energy Solutions(down 1.80%), Power Grid Corporation of India(down 1.61%), Adani Power(down 1.29%), NLC India(down 1.08%) and DPSC(down 1.06%) were among the top losers of the day. The NSE Nifty50 index ended 4.8 points up at 19347.45, while the 30-share BSE Sensex closed up 11.43 points at 65087.25. Tata Steel(up 2.13%), Maruti Suzuki(up 1.82%), Eicher Motors(up 1.5%), Mahindra & Mahindra(up 1.43%), Infosys(up 1.23%), TATA CONSUMER PRODUCTS(up 1.2%), HCL Technologies(up 1.12%), UltraTech Cement(up 0.81%), LTIMindtree Ltd(up 0.72%) and ITC(up 0.61%) stood among the top gainers in the Nifty pack. On the other hand, Power Grid Corporation of India(down 1.61%), Bharat Petroleum Corporation(down 1.36%), State Bank of India(down 1.3%), Dr Reddys Laboratories(down 1.29%), Hero MotoCorp(down 1.21%), ICICI Bank(down 0.91%), HDFC Bank(down 0.73%), Divis Laboratories(down 0.72%), Adani Ports & Special Economic Zone(down 0.59%) and IndusInd Bank(down 0.55%) closed in the red.

Rise in IT stocks due to easing interest rate concerns in the US was offset by a late slide in banking and financial stocks.The BSE Sensex gained a nominal 11 points or 0.02% to settle at 65,087. The broader NSE Nifty rose 5 points or 0.02% to end at 19,347. From the Sensex pack, Jio Financial Services closed in 5% upper circuit for the second straight day.

Golden Crossover stands as a compelling signal. This technical pattern has the potential to influence trading strategies by offering a glimpse into potential shifts in stock prices.

Nifty ended flat on Wednesday dragged by losses led by banking and financial heavyweights amid weak global cues as investors remained cautious ahead of key macro numbers in the US and India. The Q2 GDP numbers of the US are expected to be released today while the PCE price index data is due on Thursday, and the non-farm payrolls report is expected on Friday.

Best-performing Flexi Cap Mutual Funds in 5 years (till August 25, 2023): While many Flexi Cap funds have given very high returns in the last one and three years, not many have performed well in five years. Data on the website of the Association of Mutual Funds in India (AMFI) shows direct plans of only five flexi cap funds have given over 15% annualised returns in 5 years. The regular plans of these schemes have given over 14% annualised returns in this duration.

Best-performing Small Cap Mutual Funds in 5 years (till August 25, 2023): Direct plans of several small cap funds have given over 20% annualised returns in 5 years. All of these funds have also managed to beat their respective benchmark indices in this duration.

F&O Expiry Schedule For traders, the weekly F&O expiry schedule from October 16 will be: Monday - Nifty Midcap Select and BSE BankexTuesday - Nifty Financial ServicesWednesday - Bank NiftyThursday - Nifty 50 Friday - Sensex In its bid to boost derivative trading, the country’s premier bourse BSE had in May relaunched the Sensex and Bankex derivative contracts with a reduced lot size of and a new expiry cycle. The derivatives products have been steadily gaining momentum since the launch.

«We have seen indices trading in this 250-300-point range. If we talk about Nifty and if we talk about Bank Nifty, it is about 800 to 1000 point range,» says Sudeep Shah, SBI Securities.As we progress into the expiry, what kind of rollovers are you actually starting to see? Do you see this short covering getting more accelerated or people are still holding on to the short position being rolled on the other side?What is clearly coming out from the rollover data is that the Nifty and Bank Nifty rolls are on expected lines when it is expiry minus two days. But there is some serious rollovers happening in the midcaps and that is where the real game is right now in the last three weeks. We have seen indices trading in this 250-300-point range. If we talk about Nifty and if we talk about Bank Nifty, it is about 800 to 1000 point range.

LTIMindtree Ltd. rose 0.96 per cent to Rs 5188.55 in Wednesday's trade as of 12:54PM (IST) even as the benchmark Nifty ruled at 19434.0, up 91.35 points. The scrip had closed at Rs 5138.95 in the previous session.

Varun Beverages Ltd. rose 0.78 per cent to Rs 895.4 in Wednesday's trade.

SRF Ltd. rose 0.46 per cent to Rs 2385.0 in Wednesday's trade.

Indian market. On the other hand, the Nifty IT pack is set to buck the trend. While the majority of sectoral indices are in the red, the Nifty IT pack is up about 4 per cent this month against a nearly 2 per cent loss in the Nifty index.

GAIL (India) Ltd. traded 0.29 per cent up in Wednesday's trade at 12:23PM (IST).

Sanjiv Bhasin, Director, IIFL Securities, says LTIM, Apollo Hospital, Reliance, ICICI and Axis, these five stocks should make up your portfolio for the run-up to 20,000. LTIM is my stock from here till Diwali. Rs 6000 plus is coming on LTIM by this Diwali.”You were quite positive on the midcap IT names, the likes of Coforge, Tech Mahindra was one of those brilliant finds which has done very well for the investors. What next in the IT sector that you are watching out for?LTIM, the best player, is going to be the star as far as the AI circle goes and which is seeing huge amounts of order inflows and high margins. Their attrition has been the lowest and LTIM is one largecap which I can now bet on because it is on the index. So I am focusing on largecaps in the index. LTIM, Reliance, ICICI Bank, Axis, which you mentioned the reasons and if we are going to see Bank Nifty expire above 45,000, then both these largecaps have to join. But LTIM is my stock from here till Diwali. 6000 plus is coming on LTIM by this Diwali.

In the last one month of consolidation at the level of Nifty and Sensex, bulls have not given control of one space “ mid-cap space”. The internal breadth of the majority of sectoral indices are on the positive side on most of the day even when nifty is correcting.