Nifty futures were trading with gains on Wednesday morning, indicating a gap-up opening for BSE Sensex and Nifty 50.
Nifty futures were trading with gains on Wednesday morning, indicating a gap-up opening for BSE Sensex and Nifty 50. Global cues including the all-important US Fed’s Jackson Hole symposium, will be closely watched for further market direction. Analysts say market has been witnessing a rotation from mid to large caps — a phenomena which could continue in the near term given the sharp outperformance of the broader market in the last 18 months. “Investors can take advantage of the current volatility and build their positions in good quality stocks from medium to long term perspective whenever there are dips in the market,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
Stocks to watch
Chemplast Sanmar: CLSA Global Markets offloaded 1.2 million shares of Chemplast Sanmar at Rs 548.95 apiece through a bulk deal on NSE. While Copthall Mauritius Investment sold 8.92 lakh shares of Chemplast Sanmar at Rs 534.97 apiece in another bulk deal on the NSE.
REITS, InvITs: Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts will be included in the Nifty indices from September 30, according to new eligibility criteria announced by the NSE.
Canara Bank: Rakesh Jhunjhunwala has bought a 1.59 per cent stake in Canara Bank. The Big Bull has picked up 2.88 crore shares or 1.59 per cent in the bank.
Wipro: Wipro announced that it has been awarded a strategic multi-year contract to partner with E.ON in their digital transformation journey in the financial area. Wipro will provide Application Maintenance & Support Services (AMS) for innovative projects on SAP S/4HANA.
Bank stocks: Finance Minister Nirmala Sitharaman will meet heads of public sector banks (PSBs) on Wednesday to review the financial performance of the lenders and progress made by them in supporting the pandemic-hit economy, sources said. The meeting with MD and CEOs of PSBs assumes significance given the importance of the banking sector in generating demand and boosting consumption.
Vedanta: Moody’s Investors Service has said it has upgraded Vedanta’s senior unsecured notes to ‘B3’ from ‘Caa1’. It has affirmed holding company Vedanta Resources Ltd’s (VRL) B2 corporate family rating, Moody’s Investors Service has said in a statement. Moody’s has also changed the outlook on all ratings to ‘stable’ from ‘negative’.