Sensex falls 388 pts, Nifty holds 19,350 amid weak global cues; PSBs outrun

Closing Bell on August 17, 2023: On the upside, only the Nifty PSU Bank index (up 1.5 per cent) outperformed the markets

8:50 AM

Use price dips for 10% allocation as gold continues to lose lustre

Gold, long viewed as the quintessential safe haven for investors, has faced a tumultuous year. Having begun on a strong note, it has been on a downward trajectory over the past three months. Experts say investors should continue with their allocation to the yellow metal even though it may continue to disappoint for the next few months. READ

8:46 AM

Adani sells shares in Adani Power to GQG Partners, others for $1 bn

Australia-listed investment firm GQG Partners on Wednesday invested $1.1 billion (Rs9,000 crore) in Adani Power by buying an 8.1 per cent stake from the Adani family via multiple block deals.

 

With this investment, GQG Partners has bought Rs34,000 crore ($4.2 billion) worth of shares in Adani group companies since March this year. READ

8:42 AM

JPMorgan index may include India's sovereign bonds in 2024, says Pictet

India has in recent years come close to opening its $1 trillion government debt market to more global funds before pulling back from meeting the requirements for index inclusions. READ

8:38 AM

Govt planning to sell 11.36% shares in Indian Railway Finance Corp via OFS

>>The government is planning to sell a part of its holding in state-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current fiscal, an official told PTI.

>>The govt currently holds 86.36 per cent stake in the financing arm of the Indian Railways.

8:35 AM

New 10-year bond set to become benchmark after auctions: Dealers

Typically, a new bond becomes a benchmark after it becomes the most traded one in the secondary market. READ

 

8:31 AM

Burger King stops using tomato in food preparations amid soaring prices

Fast food chain Burger King has stopped using tomatoes in its food preparations, joining the list of other quick service restaurant (QSR) chains like McDonald's and Subway, amid soaring prices of the staple kitchen item. READ

8:28 AM

Centre will 'intensify' efforts to control inflation: TV Somanathan

The central government will take a medium-term view while intensifying efforts to reduce the inflationary burden, and will avoid any knee-jerk reaction to transitory price rises, Finance Secretary T V Somanathan told Business Standard in New Delhi. READ

8:25 AM

Emerging Asian bond investors turn cautious as rate cut wagers disappears

Emerging Asian bond investors are turning cautious amid signs that the region’s central banks may not start cutting rates as soon as they hoped. Market sentiment is starting to shift as rising commodity prices keep the policymakers from letting their guard down on inflation. READ

8:22 AM

FIIs buy shares worth Rs 723 crore on Wednesday

8:19 AM

DIIs buy Rs 2,406 crore worth of shares Wednesday

8:16 AM

TECH VIEW ON WEEKLY EXPIRY: 19,300 strong support for Nifty

The Foreign Portfolio Investors (FPIs) Long-Short Ratio fell below the 40% mark for the first time since 21st April and stood at 38.99% as on 14th August. The ratio indicates that they hold more short positions relative to long positions in Index Futures. However, strong put writer additions at 19,400 Strike helped Nifty recover from the Intraday low of 19,317 and close higher.

 

The level of 19,300 will act as a strong support for Nifty having shown signs of reversal earlier on 7th July and 3rd August from the same levels. Nifty has been moving in 19,300-19,500 since last two days with both these levels acting as a strong support and resistance respectively. A break below 19,300 can drag the Nifty until 18,650 where its next visible support is placed. A strong close above 19,500 is likely to ignite buying interest again in Nifty.

 

Bank Nifty managed to close above the 100-Day Exponential Moving Average (DEMA) of 43,850 at 43,946, down 145 points. Bank Nifty has been moving in a lower low formation since last five trading sessions. The maximum call open interest (OI) is placed at 44,000 Strike, which is acting as a strong resistance for Bank Nifty. The option activity at 44,000 Strike will provide cues about Bank Nifty’s Intraday direction tomorrow. The downside support is placed at 43,500, while a break below 43,500 can take Bank Nifty until 42,600 levels.

Views by Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities

8:13 AM

Nifty PSU Bank index forms 'lower top, lower bottom' formation on charts

The Nifty PSU BANK Index presently rests at 4,528.65, reflecting a near-term downtrend based on observable patterns. Notably, a distinctive lower top and lower bottom formation is evident on the daily charts. READ TRADING STRATEGY

8:10 AM

Gold slides to $1,890/oz levels on Fed minutes

8:07 AM

Brent continues to ease on China slowdown worries; holds $83 per bbl

8:04 AM

Stocks to Watch today, Aug 17: Auto, M&M, Railway, IRFC, Cipla, Nava, SAIL

Auto: Shares of electric bus manufacturers such as Eicher Motors, Ashok Leyland and Olectra Greentech are likely to be in focus as the union cabinet approved ‘PM-eBus Sewa’ project for providing 10,000 e-bus across cities. The total cost of the scheme has been pegged at Rs 57,613 crore, out of which Rs 20,000 crore will be provided by the Centre. 

 

Rail-related: In a major boost for railway infrastructure, the Cabinet Committee on Economic Affairs approved seven multi-tracking projects at an estimated cost of Rs  32,500 crore on Wednesday, under the PM Gati Shakti National Master Plan. READ