Share Market HIGHLIGHTS: Indices pare gains amid sell-off in banking stocks, Nifty ends at 19,347
Share Market Today LIVE: The domestic equity benchmarks Nifty 50 and Sensex managed to settle in the green for the third straight session on Wednesday (August 30), although they erased most of their early gains following a sell-off in banking stocks after the BSE said in its circular that, effective October 16, the F&O expiry in its Bankex index would take place on Monday instead of Friday. Catch minute-by-minute updates on the stock market on August 30, and the views of Zee Business Managing Editor Anil Singhvi and other market experts on Zeebiz.coms blog.
Share Market Today LIVE: The domestic equity benchmarks Nifty 50 and Sensex managed to settle in the green for the third straight session on Wednesday (August 30), although they erased most of their early gains following a sell-off in banking stocks after the BSE said in its circular that, effective October 16, the F&O expiry in its Bankex index would take place on Monday instead of Friday.
Catch minute-by-minute updates on the domestic stock market on August 30, and the views of Zee Business Managing Editor Anil Singhvi and other market experts — and much more — on Zeebiz.com's blog:
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FINAL TRADE: Nifty Bank slips 0.59%
FINAL TRADE: Sensex ends at 65,087.25
FINAL TRADE: Indices end flat amid sell-off in banking stocks; Sensex settles 11 pts higher at 65,087.25, Nifty closes at 19,347.45, up 4.80 points, or 0.02 per cent.
MARKET UPDATE: Indices turn flat, banking stocks decline
All banking index contracts, scheduled for Friday expiration, will end on October 13.
GR Infraprojects shares extend gains to 6th straight day; here's what's keeping investors excited
GR Infraprojects shares registered sharp gains on Wednesday, continuing to rise for the sixth session in a row, after the infrastructure company, through its wholly-owned subsidiaries, bagged deals to the tune of Rs 1,457 crore from the National Highways Authority of India (NHAI). The GR Infraprojects stock rose by as much as Rs 53, or 4.1 per cent, to Rs 1,338.9 apiece on BSE, coming within Rs 86 of a 52-week high scaled in September last year. READ MORE
MARKET UPDATE: Sensex constituents at 02:15 PM
MARKET UPDATE: Leading gainers on the BSE
JUST IN | BSE changes expiry date for its banking index to Monday from Friday, effective October 16
BUZZING STOCK | Shakti Pumps zooms 18%, hits 52-week high; here is why
Shares of Shakti Pumps surged as much as 18.22 per cent to hit a 52-week high of Rs 849.15 apiece on the BSE on Wednesday (August 30) after the company, in its regulatory filing, said that it received its first work order under the KUSUM-3 scheme from the Haryana Renewable Energy Department (HAREDA) for 7,781 pumps. The total amount of the work order is around Rs 358 crore (inclusive of GST), it added. READ MORE
Rishabh Instruments launches IPO
On Wednesday, Rishabh Instruments, a manufacturer of test and measuring instruments, launched its IPO worth up to Rs 491 crore. The IPO comprises a fresh issue of equity shares up to Rs 75 crore, and an offer for sale (OFS) worth Rs 416 crore by promoters and existing investors.
Zomato shares jump 5% after multiple block deals; HSBC raises target price to Rs 120
Shares of Zomato rallied as much as 5.12 per cent to hit a high of Rs 99.50 apiece on the BSE in the early trade on Wednesday (August 30) after multiple block deals consisting of 10 crore shares, or 1.16 per cent took place during the pre-open session. As per a Zee Business report, SVF Growth Fund (Softbank) was slated to sell 10 crore shares in the company today. READ MORE
BROKERAGE VIEW: Nirmal Bang Securities on Gillette India | RATING: BUY | TP: Rs 6,455
"Sustained sales momentum gives us confidence to raise our sales growth estimates to double digits for FY24 and FY25, leading to nearly 15% 2-year earnings CAGR over FY23-FY25E. We maintain our BUY rating as well as our target multiple of 45x FY25E and arrive at a TP of Rs 6,455 (17% upside)," it says.
MARKET UPDATE: India VIX declines nearly 5%
BROKERAGE VIEW: JM Financial on Hotel Sector
"We reiterate our positive stance on the sector, as we believe demand concerns beyond FY24E are slightly overdone. Hotel room demand will largely be led by domestic tourism and is expected to outgrow room supply in the medium term. Consequently, we believe that the peak occupancies and average room rates (ARRs) for the hotel industry are some time away. Our preferred pick in this sector is Chalet Hotels (TP: Rs 620), followed by Indian Hotels (TP: Rs 450)," the brokerage says.
Rice shares rise after govt amends non-Basmati rice export conditions
A day after the government amended conditions for the exports of non-Basmati rice, shares of most of the rice producers are rising higher. Stocks of KRBL, Kohinoor Foods, Mishtann Foods, LT Foods and GRM Overseas were trading in the green in early morning deals on Wednesday (August 30).
MARKET UPDATE: Bank stocks trade with decent gains; S&P BSE BANKEX up 0.39%
OMCs struggle after govt slashes LPG cylinder prices by Rs 200
A day after the government slashed LPG cylinder prices by Rs 200 per cylinder, stocks of most of the oil and gas companies were off to a poor start on the BSE in early trading hours on Wednesday (August 30, 2023). Oil marketing companies such as Indian Oil, BPCL, and HPCL were trading in the red. READ MORE
Nifty trades above 19,420 levels
Key indices during opening deals
FIRST TRADE: Market opens in positive territory; Sensex up over 250 pts, Nifty above 19,400
MARKET COMMENT: Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
"Strong buoyancy in overnight US markets and optimism in other Asian indices could lift the domestic market mood in early trades. There are reports that the US economy could be weakening, which now raises hopes that the Fed rate hike cycle could be nearing its end. Investors can heave a sigh of relief as both FIIs and domestic funds were net buyers in yesterday’s trade, although the former has been mostly offloading shares this month. However, the intraday choppy trend may continue ahead of tomorrow’s monthly F&O expiry. Technically, Nifty’s upside is capped at 19,437-19,589 zone."
Anil Singhvi strategy for August 30: Important levels to track in Nifty, Nifty Bank today
Singhvi believes the market is gearing up for a breakout from its current trading range, as predicted the previous day, amid positive signals from Wall Street, the dollar index and bond yields. He suggests traders adopt a 'buy on dips' strategy at the current juncture. READ MORE
Stocks to watch today: IOCL, HeroMoto Corp, Zomato, Bharti Airtel, Piramal Enterprises
Oil marketing companies such as IndianOil Corp, HPCL, and BPCL are expected to be in focus today as the cabinet has reduced the price of gas cylinders by Rs 200. New rates will be applicable today. The price of domestic gas will be around Rs 900. Besides, Bharti Airtel may also remain in focus, as Airtel Uganda Ltd. announced on Tuesday that it was planning to raise as much as 800 billion shillings ($216 million) in an initial public offering, making it Uganda's biggest share sale. READ MORE
Best day for S&P 500 in three months as US jobs data supports interest rate optimism
Wall Street indices finished Tuesday's session sharply higher, boosted by gains in Tesla, Nvidia, and other mega-cap growth stocks. The S&P 500 registered its strongest one-day gain since June 2.
For the tech stocks-heavy Nasdaq Composite, it was the strongest session since July 28. Both indices clocked more than two-week closing highs.
Here's how the indices fared at the closing bell:
- S&P 500: up 1.5%
- Nasdaq Composite: up 1.7%
- Dow Jones: up 0.9%
The sharp gains on Wall Street came after the Labor Department's Job Openings and Labor Turnover Survey showed the number of job openings in the US stood at 8.827 million in July, falling for the third month in a row and signaling easing pressure in the labour market.
Asian stocks follow Wall Street higher after weak US jobs data
Equities in other Asian markets are holding on firmly to the green, tracking overnight gains on Wall Street, with MSCI's broadest index of Asia Pacific shares outside Japan trading 0.9 per cent stronger at this hour.
Here's how some of the major indices in the region fare:
- Japan's Nikkei 225: up 1%
- China's Shanghai Composite: up 0.4%
- Hong Kong's Hang Seng: up 1.2%
- South Korea's KOSPI: up 0.8%
- Singapore's Straits Times: up 0.4%
GIFT Nifty futures indicate a mildly positive start on Dalal Street today
GIFT Nifty futures, an early indicator of the benchmark Nifty index, are up 27 points, or 0.1 per cent, at 19,538 at this hour, having gained as much as 34.5 points to 19,545.5 earlier on Wednesday.
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