Sensex soars 385 pts, ends atop 66K; Nifty reclaims 19,700; L&T, banks lead

CLOSING BELL ON SEPTEMBER 07, 2023: The S&P BSE benchmark index has now gained 1,434 points, and the Nifty 473 points in the last five straight trading sessions.

8:49 AM

ALERT :: China trade data for August

>> Exports fall 8.8% YoY 

>> Imports fall 7.3% YoY 

>> Trade surplus at $68.36 billion vs estimate of $73.90 billion

8:44 AM

WATCH :: Does the rally in Vodafone Idea stock have more legs?

8:42 AM

India to offer $452 mn in incentives for battery storage: Anurag Thakur

Battery storage projects are critical to India's ambitious plan to expand its renewable energy capacity to 500 gigawatts (GW) by 2030 from 178 GW at present. They enable storage of energy from solar, wind and other renewables, so it can be released when power is needed most. READ MORE

8:39 AM

Human-centric globalisation: Taking G20 to the last mile

India's presidency is a testament to its commitment to fostering unity, bridging divides and making the global table larger to ensure every voice is heard READ MORE

8:37 AM

Weekly F&O Expiry :: Bank Nifty Outlook

>> BANK NIFTY has bounced from the key supports levels led by index pivotal and the inside hammer range will give a breakout from current levels.

>> The hourly chart breakout above 44,600 will give a strong uptrend in private banks followed by PSU banks.

>> On the downside the trend reversal levels continued to be 44,200 being the 100 day average and yesterday low.

>> Highest call OI is at 45,000 strike while on the downside the highest put OI is at 44,000 for the weekly expiry.

Source: Reliance Securities

8:35 AM

Weekly F&O Expiry :: Nifty50 Outlook

>> NIFTY-50 continued its positive trend and closed above the resistance of 19,600 levels at one month high to recover in the last one hour of the day on Wednesday.

>> It is forming former higher bottoms and higher tops reinforcing the positive stance and the trend reversal levels will move higher to 19,400 from current levels..

>> The intraday weakness and recovery in yesterday trade has improved the key technical indicators and has bounced from the lower range.

>> Highest call OI has moved to 19,700 strike, while on the downside the highest put OI is at 19,500 for the weekly expiry. 

Source: Reliance Securities

8:33 AM

India’s consumer market set to become the world’s third largest by 2027

>> India’s consumer market is set to become the world’s third largest by 2027 as the number of middle to high-income households rise, according to a report by BMI.

>> The growth in India’s household spending per capita will outpace that of other developing Asian economies like Indonesia, the Philippines and Thailand at 7.8% year-on-year, the report said.

>> The country’s ongoing urbanization will also help boost consumer spending as companies can more easily access consumers and open more physical retail stores to cater to them.

Source: CNBC

8:30 AM

Sell Nifty Auto index on rise as charts show bearish near-term trend

The pivot level for this month, for example, is at 15,550, further supporting the case for a potential downward move in Nifty Auto index READ MORE

8:27 AM

Stocks to Watch: Reliance, Tata Consumer, Biocon, TCS

Reliance: The company’s retail arm, Reliance Retail Ventures (RRVL) has entered into a joint venture (JV) with actor Alia Bhatt’s sustainable fashion clothing brand for kids and maternity wear, Ed-a-Mamma, to acquire a 51 per cent stake. According to a source, Ed-a-Mamma was valued at approximately Rs 150 crore. RRVL aims to establish a close collaboration with the founder, Alia Bhatt, and leverage the management strength of its subsidiary, Reliance Brands, to lead the business. 

 

Tata Consultancy Services: TCS on Wednesday signed a strategic partnership valued at £800 million (about $1 billion) with the digital unit of Jaguar Land Rover (JLR) to help the luxury carmaker accelerate the modernisation of its IT infrastructure, and build a new technology architecture that will support its ‘Reimagine’ strategy. The deal is signed for a period of next five years.  READ MORE

8:24 AM

Fund Flow :: DIIs sell equities worth Rs 247.46 crore on Wednesday, Sept 7

8:21 AM

Fund Flow :: FIIs sell equities worth Rs 3,245.86 crore on Wednesday, Sept 6

8:18 AM

Gift Nifty suggests muted start for D-Street

>> The index is down 32 points from Nifty Futures' last close

8:15 AM

China's economic gloom hangs over Japan's long-awaited recovery

>> Policymakers in Tokyo believe China's deepening economic woes could hit Japan's fragile recovery, especially if Beijing fails to shore up demand with meaningful stimulus, potentially delaying an exit from ultra-loose monetary policy.

 

>> China's downturn would leave Japan's export-reliant economy with little external support as aggressive Federal Reserve interest rate hikes cool growth in the United States, another key driver of global activity.

8:12 AM

EM currencies face uphill battle as dollar's supremacy continues: Poll

>> Emerging market currencies will struggle to reclaim the ground lost this year, as high U.S. Treasury yields and safe-haven demand amid a slowing Chinese economy keeps the dollar ascendant, a Reuters poll of FX analysts found.

>> The dollar index (.DXY) has surged more than 5.0% since its 15-month nadir in July. That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates.

 

>> In the Sept. 1-6 poll, almost all beaten-down emerging market currencies were forecast to move little, or trade modestly higher against the dollar in a year, with some making small gains in three months.

>> Typically volatile Asian currencies will remain relatively stable, in part because central banks will manage stability using FX reserves, which have grown 40-fold in the last three decades.

 

After a 10% fall last year, the Reserve Bank of India has helped confine the rupee within a tight range of 80.88-83.18 per dollar so far this year. It was forecast to trade in that range in 12 months.

Source: Reuters

8:09 AM

Australia’s July trade surplus lower than expected

>> Australia’s trade surplus for July came in at 8.04 billion Australian dollars ($7 billion), almost a third lower than June’s revised figure of AU$10.27 billion.

 

>> This figure was also lower than the AU$10 billion surplus expected by economists polled by Reuters.

 

>> Exports fell 2% on a monthly basis, led by a fall in driven by non-monetary gold, while imports were 2.5% higher, driven by imports of non-industrial transport equipment.

Source: CNBC