Stock Market Highlights, Aug 13: Sensex sheds 693 pts, Nifty below 24,150; HDFC Bank, SBI, TaMo drag

Stock Market Highlights on August 13, 2024: Broader indices also settled lower, with small-cap shares being the worst hit as the Nifty Smallcap 100 index fell 1.30 per cent

SI Reporter New Delhi

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8:26 AM

Buy & Sell, Aug 13; top stocks picked by Jigar S Patel of Anand Rathi

Currently, SAIL is testing its 200-day Simple Moving Average (SMA), a critical technical level that also aligns with the 50 per cent retracement of the rally that began in October 2023 and extended through May 2024. READ MORE

8:22 AM

Nifty Bank shows bearish trend on charts; time to sell? What analysts say

The Nifty Bank Index is currently exhibiting a bearish trend on the charts. Given this downtrend, the recommended trading strategy for the near term is to sell on any upward movement in the index. It is crucial to maintain a strict stop-loss at the 50,800 level. READ MORE

8:18 AM

MSCI August 2024 rebalancing :: Treatment of select Adani stocks

MSCI clarifies that starting from the August 2024 Index Review, MSCI will implement the index review changes, including changes in the Number of Shares (NOS), Foreign Inclusion Factor (FIF) and Domestic Inclusion Factor (DIF) of Adani Group and associated securities that have been previously postponed.

MSCI will also resume the regular implementation of corporate events for these securities effective September 2, 2024.

The proforma FIF and DIF for these securities are announced along with the August 2024 Index Review announcement. The changes will be implemented as of the close of August 30, 2024 (effective September 2, 2024).

MSCI continues to monitor Adani Group and associated securities, including related to free float, and will issue further communication if appropriate.

8:13 AM

MSCI August 2024 rebalancing :: Treatment of HDFC Bank

MSCI will maintain HDFC BANK in MSCI Indexes with an increase in the Foreign Inclusion Factor (FIF) from 0.37 to 0.56 as of the close of August 30, 2024 (effective September 2, 2024) coinciding with the August 2024 Index Review.

HDFC BANK is subject to a Foreign Ownership Limit (FOL) of 74% and an adjustment factor of 0.5.

MSCI will apply an adjustment factor of 0.75 along with the August 2024 Index Review.

The remaining increase of the adjustment factor from 0.75 to 1 would be implemented as part of the November Index Review in the event the foreign room continues to be at least 20% at that time.

MSCI will continue to monitor the foreign room of HDFC BANK and issue further communication in case there are material changes in its foreign room.

8:09 AM

ALERT :: MSCI announces index rebalancing

>> RVNL, Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle Financial and Zydus Lifesciences have been included in the MSCI India Index as part of the latest rejig.

>> Bandhan Bank is the only Indian stock that will be excluded from the index.

>> The above mentioned stocks have also been included in the MSCI India Domestic Index, along with Bosch and PB Fintech.

8:07 AM