Nifty futures turned positive and were trading 26.50 points up at 17,286 on Singaporean Exchange, indicating a gap-up start for BSE Sensex and Nifty 50. Benchmark indices are likely to hit fresh record highs in today’s session. Investors would react to the Services PMI data for August, due to be announced today. “The intraday rally on Thursday indicates further uptrend from the current levels but the market has formed a double top kind of formation. For the trend following traders, 17150 would be the key support level, and above the same, the uptrend structure could continue up to 17300-17350 levels. On the flip side, if the Nifty slips below 17150, it may trigger a quick intraday correction till 17100-17075 levels,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, said.
Stocks to watch
RIL, Just Dial: Mukesh Ambani-led Reliance Retail on Thursday said it has acquired sole control of 25-year-old search and discovery firm Just Dial. The firm’s subsidiary Reliance Retail Ventures Ltd had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore.
IOCL, BPCL, HPCL: Oil marketing companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have been given the mandate to set up around 12 ethanol manufacturing plants as part of a road map to meet the 20% ethanol blending target by 2025.
Vodafone Idea: Officials of the Department of Telecommunications (DoT) are understood to have held regular meetings with senior executives of Vodafone Idea over the past few days, as the government tries to work out a revival package for the financially distressed telecom sector, the immediate beneficiary of which would be the ailing telco.
Coal India: Coal India (CIL) has prioritised supply to power plants that have stocks to last zero to six days, offering coal on ‘as is where’ basis through rail-cum-road mode from sources where high stock is available. The company has identified 23 such mines carrying 40.3 million tonne (MT) of stock as of August 16.
Adani Green Energy: AGEL has raised $750 million through its maiden ListCo senior issuance under the 144A/Reg S format. The format allows issuers to broaden their investor base and to access large, highly capitalised US institutional investors in the private placement market.
PNB: Punjab National Bank on Thursday urged a tribunal to quash the rescue plan for defunct debt-laden Jet Airways, alleging irregularities in it, a move that risks delaying any return of the airline grounded two years ago.
Dr Reddy’s Lab, Natco Pharma: Dr Reddy’s Laboratories and Natco Pharma have launched generic capsules used in the treatment of multiple myeloma and myelodysplastic syndrome patients in the Canadian market.
Larsen & Toubro: Goodluck India has been awarded Letter of Intent for order worth Rs 198.76 crore by L&T Ltd for the Bullet Train project.