Stock Market Highlights 30 Aug 2022: Bulls make strong comeback! Nifty ends near 17,750, Sensex adds over 1500 points ahead of holiday tomorrow

Powerful rally can be attributed to delivery-based buying by FIIs and short covering in F&O market

Indian equity market witnessed a surprise and powerful rally to welcome Lord Ganesha. Our markets are showing resilience despite volatile global cues, and a surge in crude oil prices but such kind of rally bewildered everyone. This powerful rally can be attributed to delivery-based buying by the FIIs and short covering in the F&O market. Rupee also witnessed a sharp appreciation against the USD despite higher crude oil prices which is a clear indication of FIIs' interest in the Indian equity market. The leadership was in the hands of financial names, whereas the Nifty realty index was the best performing index. The market is heading towards the festive season on an exhilarating note and there is a high probability that the Nifty and Sensex may hit new highs ahead of Diwali. The downside is protected near 200-DMA of 17000 level.- Santosh Meena, Head of Research, Swastika Investmart Ltd.
 

Nifty may move towards 18000-18100

"Bulls had a grand return as the benchmark index clocked a 2.5% rally on Tuesday following a gap-down closing in the previous session. A strong rally took the index above the recent consolidation sending the 50 EMA above 200 DMA. The RSI on the other hand is still in a bearish crossover.  The trend after today's massive movement looks positive. Over the short term, the index may move towards 18000-18100. On the lower end, support is visible at 17500," said Rupak De, Senior Technical Analyst at LKP Securities. 

Day that belonged to bulls

A day that completely belonged to bulls. What a broad-based rally today! All indices closed higher with Nifty 50 closing 2.6% higher and Bank Nifty outperformed all other indices and closed 3.3% higher. After the Jackson Hole meeting last Thursday, US markets corrected sharply with all their benchmark indices like S&P, Dow Jones, NASDAQ closing 3-4% lower. Post this meeting, Indian markets opened lower on Friday with Nifty 50 opening 2% lower but since then, it has made a sharp recovery of 600 points from the lows in just 2 trading sessions. Nifty 50 today closed at 17760 which is the highest ever monthly close for it. Bulls seem to be in control and one should avoid shorting at these levels. Ashish Gupta, Volatility Trader and Derivatives Expert.
 

Bank Nifty outlook: Upside indicates targets of 41,000-41,500 

"The Bank Nifty index witnessed a sharp move on the upside despite the negative global sentiment. The index surpassed the immediate hurdle of 38,500 which will now act as strong support on the downside. The index on the upside indicates targets of 41,000-41,500 where the earlier major sell-off of the index was seen. The index remains in a buy-on-dip mode as long as it holds the support of 38,500 on the downside." 

Kunal Shah, Senior Technical Analyst at LKP Securities. 

Nifty50 above 17,750, Sensex up 1500 points 

The Indian market was on a roll-on Tuesday, rising by more than two and half per cent. Nifty50 surged past 17,700, while the Sensex rose by 1500 points 

Banking, auto stocks shine 

Banking, financial and auto stocks were driving the rally on Tuesday as top five stocks on the benchmarks were from these sectors. Bajaj Finserv, IndusInd Bank gained the most, while Bajaj Finance, Tata Motors and state Bank were other top gainers. Tech Mahindra led the IT pack.  

Bank of India moves NCLT against Future Lifestyle Fashions, files insolvency plea
Public sector lender Bank of India has filed a petition before the National Company Law Tribunal (NCLT), to initiate insolvency proceedings against debt-ridden Future Lifestyle Fashions Ltd (FLFL). A copy of the petition filed before the NCLT, under Section 7 of the Insolvency and Bankruptcy Code, has been served by the advocate on behalf of Bank of India, FLFL said in a regulatory filing on Monday.

4 stocks to buy on Ganesh Chaturthi

On the occasion of Ganesh Chaturthi, market expert Siddharth suggested investing in companies that have strong growth prospects and can yield bumper returns. In a special edition 'SID KE SIP' aired on Zee Business with Managing Editor and Market Guru Anil Singhvi on Tuesday, Siddharth said that he has brought 4 stocks for investors for the 'shubharambh' (beginning) of their investment journey. The 4 stocks, he said, are fundamentally strong and have the potential to deliver good returns. Full Report

Stock market updates: Market up 2%; Sensex adds 1200 points; all stocks in green on benchmarks 

In contrast to its Asian peers, the Indian market rose on Tuesday amid positive outlook related the domestic stock market and declining oil prices on Tuesday.  Oil price declined marginally to $104.50 per barrel amid fears of inflation as Fed chair Jerome Powell hinted at aggressive rate hike.  Benchmarks jumped around two per cent each as Nifty50 topped 17,650 and Sensex climbed 1200 points. All stock turned green on the benchmarks. Auto, Bank, Financial services and IT contributed the most to today's rally even as all indices comfortably sat in the green on Tuesday afternoon 

Tamilnad Mercantile Bank IPO: subscription date, price band and more

Private sector lender Tamilnad Mercantile Bank on Tuesday said it has fixed a price band of Rs 500-525 per share for the Rs 832 crore-Initial Public Offering (IPO). The initial share sale will open on September 5 and conclude on September 7. The bidding for anchor investors will open on September 2. Full Report

BLS International share price: Multibagger stock jumps 18%, clocks over 140% return in six months - Here's why

Shares of BLS International, a company catering to tours, travel and allied sectors, rose more than 18% to fresh hit 52-week on Tuesday. Shares surged 18.4% in BSE intraday trade to Rs 270 per share on Tuesday amid spurt in volumes.  Full Report

IRDAI to make KYC mandatory for general insurance; CDSL biggest beneficiary

Insurance KYC rule: Those planning to buy a new insurance policy will now have to ensure that their KYC details are updated in order to be eligible for a new policy. As per sources, know your customer (KYC) details will be made mandatory to avail health and general insurance from November 1. Insurance policies will only be issued to policyholders upon completing the KYC details. Currently, KYC verification is voluntary.  Full Report

Shipping Corporation disinvestment news: Govt may invite financial bids in March quarter

The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said. "The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months' time, after which financial bids will be invited," the official told PTI. Full Report

Nifty50 reclaims 17500; all stocks turn green on benchmarks 

The Indian market continued to rise on Tuesday as Nifty50 reclaimed 17,500, while the Sensex jumped around 700 points to trade near 58,700. All stocks on the benchmarks turned green 

Aegis Logistics, Hathway Cable and Tata Elxsi shares: What should investors do?

Shares of Aegis Logistics rose one and half per cent to Rs 298.60, Hathway cable gained more than three per cent to Rs 18.10 and Tata Elxsi traded higher by one per cent to Rs 8961.45 per share on BSE intraday trade on Tuesday.  Full Report