Market HIGHLIGHTS: Nifty ends above 17200 for first time, Sensex ends at record closing high on F&O expiry

BSE Sensex ended up 514 points or 0.90 per cent at 57,852, while NSE's Nifty 50 index settled at 17,234, up 0.92 per cent

Indian markets started on a positive note despite mixed Asian market cues which traded lackluster as investors eye U.S. jobs data. During the afternoon session markets added to the gains on the back of sustained buying activities by traders. Adding to the already positive sentiments a private report penning that the ongoing economic recovery will quickly take India above the pre-pandemic levels in most sectors of the economy, adding that the improved health of the Indian financial sector is also a positive factor for economic growth. Investors also cheered with RBI’s statement that India's holding of IMF's Special Drawing Rights (SDR) has gone up to SDR 13.66 billion which is equivalent to USD 19.41 billion. Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers

The recent INR strength has taken markets off guard, with INR gaining more than 1.6% in just last five trading session, having even seen the intra-day lows of sub-73/$. The intrinsic near-term appreciation bias on INR is not too surprising given: (1) Healthy non-portfolio flows  - Adani green dollar bond-led flows , AT1 bond issuances of a certain bank, FDI flows in general, (2) FII turning net buyers in Aug again for equities (+$628mn) and FPI debt sees first positive print in the year ($1.6bn – highest since Mar’19); (3) Generic DXY weakness post Jackson hole, spilling on to EMFX. We note Indian equities have also had a solid run in Aug, rising a substantial 11% (USD terms) and outperformed broader EM markets in Aug - MSCI APxJ/EM (+1.9%/+2.4%). The cross country FPI flows also show a better FPI allocation in India. Madhavi Arora, Lead Economist, Emkay Global Financial Services

NSE Nifty 50 index is set to hit 17,700 levels by December 2021, as range bound volatility suggests the continuance of a strong bull run, said Axis Securities. The brokerage firm has upgraded its Nifty 50 December target from 17,400 earlier. In August 2021, India VIX, the volatility index, traded around the level of 13, which is lower than the long-term average of 22, suggesting a positive setup for the market with limited downside. Axis Securities believes that if VIX continues to fall, it will trigger a further rally in the broader market. Since November 2020, midcap and smallcap stocks have been picking up steam, and are expected to post robust returns in 2021 as the economic uncertainties and volatility decline.

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India VIX gained 0.33 per cent, taking the volatility index to 14.23 levels

Tata Realty & Infrastructure has acquired an entire equity share held by Actis TREIT Holdings No. 2 (Singapore) Private Limited and 416 listed NCDs held by Actis TREIT Holdings No. 1 (Singapore) Private Limited in TRIL IT4 Private Limited now called Intellion Square, Goregaon, Mumbai in an all cash deal. A Securities Purchase Agreement was executed between all the parties. TRIL IT4 is part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across India’s major cities. 

TCS share price jumped over 3.5 per cent to a new high of Rs 3,848.80 apiece on BSE in intraday trade. 

BSE Sensex was up 458 points or 0.80 per cent at 57,788, while NSE's Nifty 50 index was ruling above 17,200, up 0.80 per cent

CRED founder Kunal Shah tops the list with 9 start-up investments followed by Binny Bansal (5) and Ratan Tata (4). Infosys co-founders Nandan Nilekani (3), NR Narayana Murthy (2) and Kris Gopalakrishnan (1) have also invested into invested start-ups in the list

Indian benchmark had a cautious start today around level of 17100. Some support will come as Goods and services tax (GST) collection moderated in August compared to the previous month. Economic activity gained pace with a decline in Covid-19 cases. The International Monetary Fund (IMF) has sharply increased its allocation of Special Drawing Rights (SDR) to India, in line with the country’s existing quota in the fund. Our research suggests that if markets sustained above 17000, we could expect the market to gain momentum, leading to an upside projection till 17450-17500. Gaurav Garg, Head of  Research  CapitalVia Global Research

Ministry of Micro, Small and Medium Enterprises (MSME) has appointed Central Secretariat Service (CSS) officer Mercy Epao as the new Joint Secretary (JS) – SME Division. Epao was elevated to the JS rank from her earlier position as the Director – SME Division at the MSME Ministry where she was managing the International Cooperation section, Coordination section, EDI section, and Media cell. Previously, Epao was the Director at the Ministry of Development of North Eastern Region.

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Edtech platform WhiteHat Jr on Thursday said it has partnered with FutureSkills Prime, a digital skilling initiative by Nasscom and the Electronics and IT Ministry, for offering a course on artificial intelligence. This is the first time that WhiteHat Jr – which delivers coding classes to children aged 6 to 18 years – will reach out to undergraduates and executives.

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Zerodha, India’s largest discount brokerage firm, looks set to disrupt the mutual fund industry. Zerodha’s Founder and Chief Executive Office Nithin Kamath on Wednesday announced that the company has received in-principle approval from the capital markets regulator for their AMC (Mutual Fund) license. Zerodha had applied for the same in February of 2020. Zerodha is the country’s largest brokerage firm with over 15% of the market share, beating traditional and established brokerage firms such as ICICI Securities and HDFC Securities.

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On the first day of the subscription Vijaya Diagnostic IPO got a weak response from investors, Qualified Institutional investor portion got a subscription of 23% and the Retail investors portion got a subscription of 46% overall IPO got a subscription of 30% by the end of the first day. If we look at the Grey Market Premium momentum for Vijaya Diagnostic IPO, as per the different market news currently GMP trading at Rs 15 which comes down from Rs 40 last week.

~ Yash Gupta, Equity Research Analyst, Angel Broking

Nifty 50 and Sensex continue to remain in bullish territory, hitting fresh all-time highs repeatedly. Technical analysis of the Nifty 50 index shows strong momentum is likely to continue and bulls may remain dominant on Dalal Street as the index moves towards 17,500 points and eventually 17,750, domestic brokerage and research firm Motilal Oswal said in a note. “RSI oscillator is also showing strength on daily, weekly and monthly scale, suggesting continuation in bullish momentum in coming weeks too,” they added. Nifty set a fresh all-time high yesterday at 17,225 while Sensex soared to 57,918 for the first time ever yesterday.

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As many as ten companies made their stock market debut in August and half of them had subdued listing. Euphoric performance of IPOs during 2020 and in the first eight months of this year also had its fallout. Oversupply, fall in quality, and valuation, all these factors have resulted in a situation where not much money was left on the table for incoming investors. In turn, some of the listings were on a subdued note, according to analysts.

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USD/INR Sep opened on a positive note and was moving in a marginally sideways to Bearish trend. Till the starting of the second half of the session, prices were consolidating in a narrow range of 73.25-73.15. In the second half prices gave a minor breakout, but volume on the respective candle was not enough so prices again went into a consolidation phase. 110-SMA is coming closer to prices from above so we may expect it to act as a dynamic resistance on intraday charts and 9-SMA & 21-SMA are intertwined in one another, so we cannot expect a clear direction forecast from their crossover. If we analyze Daily charts, an “Inside Bar” candlestick pattern has been formed, if the low of today’s candle gets breached with enough volumes, we may see a further downfall in prices. There are no such support levels on the downside, but we may expect prices to test the same in the range of 73.0-72.95, as this is a major psychological zone and prices may spend considerable time around this level. On the upside, resistance may get tested in the range of 73.58-73.60. Kshitij Purohit, Lead International & Commodities at CapitalVia Global Research

BSE Sensex was up 292 points or 0.51 per cent at 57,631, while NSE's Nifty 50 index was ruling at 17,118, up 91 points or 0.54 per cent

COMEX gold is trading in a sideways zone ahead of US unemployment claims data, the near term resistance is at $1823, and the crucial supply zone is at $1830-1835 having support at $1800-1805. In MCX gold, the flat opening can be seen facing resistance at 47300 and immediate support at 47000. Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 36,600 strike PUT Option and simultaneously selling one lot of 36,100 strike PUT Option. Axis Securities

So far, rupee had been supported majorly on account of corporate and IPO inflows and the absenteeism from intervention in the spot market by the BIG bull. However, with rupee not being able to cap gains beyond 72.90 levels and moving back towards 73.15 levels, suggest that RBI could be back in action on downside. Going ahead, it will be watchful whether RBI continues the loosening grip or hovers back to pack the dollars. Meanwhile, data showing weaker than expected India’s factory growth in August due to constraints by covid-19 may also limit some gains. With overall uncertainty, the near-term range for the pair remains tucked between 72.80-73.50 levels, thus buyers can look to hedge near 72.80-73.00 and one can look to sell above 73.40-73.50 levels in the near term. Amit Pabari, MD, CR Forex Advisors

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat on Thursday as global rates remained steady. On Multi Commodity Exchange, gold October futures were trading Rs 14 down at Rs 47,054 per 10 grams, as against the previous close of Rs 47,068. Silver December futures were ruling at Rs 63,768 per kg, down Rs 72. In the previous session, silver futures ended at Rs 63840. Globally, yellow metal prices held steady ahead of the US non-farm payrolls data that is crucial to the Federal Reserve’s tapering plan, even as a private payrolls report missed expectations, according to Reuters. Spot gold was steady at $1,814.54 per ounce, while US gold futures were little changed at $1,817.20.

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Nifty sectoral indices were trading mixed. Bank Nifty fell 0.11 per cent to 36,533, while Nifty Auto, Nifty Private Bank and Nifty Realty were also trading weak

HCL Tech, Asian Paints, Power Grid Corporation of India, ICICI Bank, Infosys, Maruti Suzuki were among top index laggards

Dr. Reddy's Laboratories, Titan Company, UltraTech Cement, Tata Steel, Bajaj Finserv, Tata Consultancy Services (TCS), HDFC were top BSE Sensex gainers

BSE Sensex was trading flat at 57,374, while the Nifty 50 index was ruling above 17050 in opening deals

BSE Sensex was trading 85 points up at 57,423, while the Nifty 50 index was ruling above 17150 in pre-open

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol and diesel were left unchanged today by oil marketing companies, a day after trimming prices by 15 paise across most metro cities. Today, petrol in the national capital costs Rs 101.34 per litre, while diesel in the capital city is retailing at Rs 88.77 per litre. Petrol and diesel price were left unchanged for 35 days earlier last month. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.

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In the current series in Nifty, there has been a Long Build Up witnessed with an increase in the price of 2.70% and an increase in OI by 14.90% as of Wednesday wherein there was the addition of 18.47 lakh shares in OI, increasing from 123.97 lakh to 142.44 lakh shares. Nifty September rollover stands at 7% while sentiment indicator used by traders to gauge the market sentiment and mood, Nifty Put Call ratio, is currently at 1.20 compared to 1.23 of last week, indicating positive bias.

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The Nifty 50 index opened positive on Wednesday and touched yet another record high of 17225 levels and has been on a streak. It moved in a range of 150 points with a slight profit booking decline in the second half of the session. It formed a Bearish candle but continues forming higher highs from the last four sessions. Now it has to continue to hold above 16950-17000 zones to extend the move towards 17250 zones while on the downside support is seen at 16900 and 16750 levels.

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After showing an excellent upmove in the last couple of sessions, Nifty slipped into profit booking from the new highs on Wednesday and closed the day lower by 55 points. After opening on a positive note, the market has shifted into further upside in the early-mid part of the session. 

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In overnight trade on Wall Street, the Dow Jones Industrial Average fell 0.14 per cent, the S&P 500 gained 0.03 per cent, and the Nasdaq Composite added 0.33 per cent.

Asian stock markets were trading mixed on Thursday. Japan’s Nikkei 225 was flat while the Topix index fell 0.22 per cent. South Korea’s Kospi dipped 0.62 per cent.

Domestic benchmark indices once again soared higher on Wednesday to hit fresh all-time highs but failed to hold the gains and finished the day down in the red. On Closing, S&P BSE Sensex was at 57,338, down 0.37% while the NSE Nifty was at 17,076, falling 0.33%. Broader markets closed with smallcap and midcap indices soaring higher while Nifty 100, Nifty 200, and Nifty 500 closed with losses. Bank Nifty closed with gains. 

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