Sensex, Nifty end higher for fourth straight session; Infosys gains 3%

Catch all that happened in the market here

9:44 AM

Sectoral trend

All sectoral indices on the NSE were trading in green. 

Source: NSE

9:35 AM

Sensex heatmap at open

Source: BSE

9:29 AM

Broader markets

 

Broader markets mirror gains in the frontline indices. The BSE Midcap and the BSE Smallcap indices add 0.5% each. 

9:26 AM

Infosys top gainer

 

The Street has taken the appointment of Nandan Nilekani as Infosys’ new non-executive chairman positively. The stock gained over 4% to Rs 953 in early trade. It was the top gainer on Sensex, Nifty and Nifty IT index. 

9:20 AM

Markets at open

At 9:19 am, the Sensex was trading at 31,756, up 160 points, while the broader Nifty50 was ruling at 9,907, up 50 points. 

9:15 AM

Stocks in news

Infosys, Tata Motors, banking stocks, Reliance Industries, Inox Wind, DLF etc

9:14 AM

Nifty outlook by Angel Broking 

 

We expect the Nifty to slide towards the daily '89-EMA' level of 9,640-9,620 and even below that in the coming weeks; whereas, in the upward direction, crossing the 10,000 mark would be a daunting task in the near term. Traders are advised not to get carried away by this bounce back; as such moves in a consolidation phase can be deceptive at times. 

 

At this juncture, a prudent strategy would be to keep tracking above mentioned levels and following a stock centric approach.

9:13 AM

MOTILAL OSWAL RESEARCH ON NESTLE

 

Opportunities in the Indian packaged food space are massive, and while Nestle has proven itself inept for nearly a decade at utilising this opportunity, there is some evidence now that the company could get things right now, though the path would still be challenging. 

 

As we roll forward to September 2019, the downside is also limited to 7% at the derived target price of Rs 6,160. We maintain our target P/E at 25% discount to the 3-year average P/E multiple

Nestle, which internationally has over 2,000 brands, is betting on its pharma business to reduce dependence on Maggi in India

9:12 AM

Commodity Picks

 

Refined soy oil is trading at Rs 659 a 10 kg in the Indore market. For the week ahead, prices are expected to head toward Rs 650 a 10 kg. Slow down in domestic demand, amid profit-booking after recent gains, may weigh on prices. READ MORE 

9:10 AM

Technical calls

 

Buy Aurobindo Pharma with a target of Rs 780, says Prabhudas Lilladher. CLICK HERE FOR MORE

9:10 AM

MARKET WATCH

The outlook is a slow start as investors are back after an extended weekend. Infosys shareholders may cheer the return of former CEO Nandan Nilekani as non-executive chairman of the company. Despite North Korea firing three ballistic missiles over the weekend, US says it will negotiate to reduce nuclear tensions on Korean peninsula: Amar Ambani, head research, IIFL

9:08 AM

BARCLAYS ON GLOBAL ECONOMY & CURRENCIES

 

Following speeches on Friday by ECB President Mario Draghi and Federal Reserve Chair Janet Yellen at the 2017 Jackson Hole Economic Symposium, investors will turn their attention to inflation prints from the eurozone and United States this week. Although the data are expected to show weak inflation in both economies, the United States leads the eurozone in its cyclical recovery, as noted by Draghi at Jackson Hole. 

 

As we approach the September ECB and Fed meetings, risks are skewed towards a change in narrative that favours the USD, particularly at the expense of the EUR. Until that shift in narrative occurs, however, markets’ focus on inflation as the primary driver of policy represents a risk to our short EURUSD view.

9:08 AM

Pre-open trade

 

The Nifty hit its crucial 9,900 mark in pre-open trade. At 9:05 am, the Sensex was trading at 31,752, up 156 points, while the Nifty was ruling at 9,904, up 47 points.

9:06 AM

GEOJIT FINANCIAL ON AUROBONDO PHARMA

 

The stock has taken support around Rs 705 and has broken above the trendline resistance of Rs 725 and is likely to move towards Rs 750 in the near term. Volume has crossed 10-day average and MACD has crossed the signal line and zero line from below favoring more upsides.

9:06 AM

Derivative strategy on Bank Nifty by MOSL

 

Call writing at 24500 could restrict its upside towards 24500-24600. CLICK HERE FOR DETAILS