Stock Market Highlight: Markets end higher! Nifty up 100 points, Sensex holds 80,700; Bank Nifty rises 360 points

The company’s Board of Directors has approved the issuance of non-convertible debentures (NCDs) with a base size of Rs 100 crore. The issuance includes a green shoe option to retain oversubscription of up to Rs 100 crore, potentially bringing the total offering to Rs 200 crore. The NCDs will be issued on a private placement basis.

Commenting on the Gold and Silver outlook Renisha Chainani, Head Research – Augmont – Gold For All said that The price of gold continues its amazing rise, hovering over $2500/oz, close to record highs. The fundamental driver of this rally is increased demand for safe-haven assets amidst growing global concerns. The Middle East crisis continues at the forefront, with US Secretary of State Antony Blinken scheduled to attend Israeli-Gaza truce negotiations.

Chainanialso said that shifting news from the region raises doubts about the effectiveness of these discussions, highlighting gold’s value as a solid investment. This week marks a key moment for gold investors as the Federal Reserve releases meeting minutes and Chairman Jerome Powell delivers a speech. These events will likely explain the Fed’s stance on monetary policy, influencing the gold price prediction trend. The next resistance is psychological levels of $2550 (~Rs 73000) and $2600 (~Rs 74500).

Zomato shares dropped by 1.01% on the NSE, trading at Rs 259.52. According to a term sheet, China’s Antfin Singapore Pte plans to sell 13.6 crore shares, representing over 1.5% of its stake in Zomato, through a block deal.

Several major stocks reached 52-week highs on the National Stock Exchange (NSE) recently. Unicommerce eSolutions surged by 11.90%, while Awfis Space climbed 11.89%. ICICI Lombard and TCS also saw notable gains, rising by 2.25% and 1.42%, respectively.

“The benchmark index, Bank Nifty, after touching its resistance at the 50,750 mark, witnessed some profit booking at higher levels. However, the immediate technical structure remains positive, with immediate support at 50,200, followed by stronger support at 50,000 and 49,800. Resistance lies near 50,750, with additional hurdles at 51,000 and 51,200. A ‘buy on dips’ strategy is recommended, as the index is poised for further upward momentum once the immediate support levels hold firm,” said Riyank Arora Technical Analyst at Mehta equities.

Saraswati Saree Depot debuted on the National Stock Exchange at Rs 194 per share, marking a 21.3% premium over the issue price. The company’s issue was open for bidding from August 12 to August 14, raising a total of Rs 160.01 crore through a mix of fresh shares and an offer for sale.

Shares of Unicommerce eSolutions jumped 16% in early morning trading today, hitting a record high of Rs 264 per share. This follows a 20% gain in the previous session, bringing the stock’s total two-day gain to 39.24%.

In a detailed report on cable and wire stocks, UBS has started coverage on Polycab and KEI Industries, recommending a “buy” rating for both. UBS identifies these stocks as key beneficiaries of India‘s electrification trend, emphasizing their strong growth potential in the sector.

Read More: KEI Industries, Polycab Gains over 3% after UBS initiates coverage on cable wire stocks

We believe Balrampur’s investment of Rs 200 crore in polylactic Acid (PLA) will create significant value for the company. We highlight that PLA’s physical properties, manufacturing process, bio-degradability, and pricing make it the best alternative to fossil-based polymers. In our view, domestic demand for PLA will outpace global demand on account of a possible regulatory push for bio-plastics (similar to China). India’s Net Zero commitment also means the project could get subsidies from both the Centre and the UP government. Balrampur’s partnership with Sulzer, Alpine, and Jacob for this project will make it a leading global bio-plastics player. We maintain a “Buy” rating with a March 2026 target price of Rs 640.

Shares of ONGC fell 2% to an intraday low of Rs 328.50 from its previous close of Rs 335.30. The stock was the major loser in the Nifty 50. It touched its 52-week low of Rs 172.80 on August 24, 2023. The upper band for the stock is placed at Rs 301.80.

BPCL, IndusInd Bank, Tata Steel, Tech Mahindra, and LTIMindtree were the top gainers in the Nifty 50. While Power Grid Corporation was the only loser in the Nifty 50 on August 20.

The NSE Nifty 50 opened 0.21% higher at 24,625.40, while the BSE Sensex opened 0.25% higher at 80,628.22.

“That the turn lower did not fully meet the downside objective of 24510-480 is suggestive that another phase of consolidation or a leg of downswings could unfold before bulls gain enough momentum to push beyond the 24637-700 region. Alternatively, an outright push above this region could bring 24900-975 into the picture, but rallies beyond the same are less expected right away,” said Anand James, Chief Market Strategist at Geojit Financial Services.

“Nasdaq made a late break in the final minutes of yesterday’s trading session to exit correction territory. In the end, the tech-heavy index’s corrective lasted just 11 trading days. What comes next for the Nasdaq? Historically, a good amount of green. Nasdaq averages gains one week, two weeks, three weeks, one month, three months, six months, and one year after exiting a correction the index is up 86% of the time, averaging a gain of 23.6%. (Nifty 24572.65) Nifty touched the upper end of the rising channel and witnessed some selling pressure. Surpassing it we can rise higher towards 25070,” said Vikram Kasat, Head of Advisory at PL Capital, Prabhudas Lilladher. Immediate support is placed at 24,390 – 40HEMA.

The pharmaceutical company, in partnership with Mepro Pharmaceuticals, has received prequalification (PQ) approval from the World Health Organization (WHO) for Albendazole, an active pharmaceutical ingredient (API). Albendazole is an essential medication used to treat a variety of parasitic infections.

The company’s board of directors has approved the issuance of non-convertible debentures (NCDs) with a base issue size of Rs 100 crore. The issuance includes a green shoe option to retain oversubscription of up to Rs 100 crore, bringing the total potential offering to Rs 200 crore. The NCDs will be issued on a private placement basis.

The NSE added Aarti Industries, Aarti Industries, Aditya Birla Fashion and Retail, Bandhan Bank, Chambal Fertilisers and Chemicals, GNFC, Granules India, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, NMDC, Piramal Enterprises, Punjab National Bank, RBL Bank, SAIL, Sun TV Network in the F&O Ban on August 20, 2024.

The Reserve Bank of India has approved IndusInd Bank‘s plan to establish a wholly owned subsidiary for the asset management business of mutual funds. The bank has also been authorized to infuse equity capital into this newly created asset management subsidiary.

HCLTech‘s board has appointed Shiv Walia as the new Chief Financial Officer, effective September 6. This appointment follows the resignation of Prateek Aggarwal, who stepped down from the CFO role to pursue opportunities outside the company.

The company initiated its Qualified Institutional Placement (QIP) issue on August 19, with a floor price set at Rs 1,880.69 per share. Media reports suggest that the issue size is expected to be around Rs 1,000 crore. The proceeds from this QIP are likely to be directed towards establishing new manufacturing facilities, pursuing inorganic growth initiatives, and covering general corporate purposes.

Commenting on the Technical outlook of Nifty  Rupak De, Senior Technical Analyst, LKP Securities, said that The Nifty remained rangebound throughout the day, appearing to pause before the next rally. The index closed above the recent consolidation for the second consecutive day. The trend likely favors the bulls as long as it stays above 24,300. On the higher end, the Nifty might move higher, with resistances placed at 24,750-24,800.

Foreign institutional investors (FII) offloaded shares worth Rs 2,667.46 crore, while domestic institutional investors (DII) mopped shares worth Rs 1,802.92 crore on August 19, 2024, according to the provisional data available on the NSE.

On Tuesday morning, WTI crude prices were trading at $73.38, down by 0.38%, while Brent crude prices were at $77.33, down by 0.42%.

A major transaction is anticipated on Tuesday, with Antfin Singapore planning to sell 13.6 crore shares of Zomato, accounting for 1.54% of the company’s total equity. The shares are expected to be sold through a block deal at a floor price of Rs 251.68 per share, slightly below today’s closing price of Rs 262.17 per share.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, fell by 0.52% to 101.87.

Shares in the Asia-Pacific region are trading in positive territory on Tuesday morning. The Asia Dow is trading down by 0.02%, where as the Japan’s Nikkei 225 is trading in green, up by 1.31%, South Korea’s KOSPI index is traded higher by 0.87% and the benchmark Chinese index Shanghai Composite trading in green, up by 0.14%.

U.S. stocks advanced on Monday, extending their largest weekly percentage gain of the year as investors focused on the Democratic National Convention and the upcoming Jackson Hole Economic Symposium, according to Returns. The tech-heavy Nasdaq Composite climbed 245.05 points, or 1.39%, to close at 17,876.77. The S&P 500 increased by 54 points, or 0.97%, ending at 5,608.25, while the Dow Jones Industrial Average rose by 236.77 points, or 0.58%, to finish at 40,896.53.

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