Indian equity benchmarks, after fluctuating between gains and losses,
closed flat on a positive note on Wednesday. Markets made a cautious start and
traded volatile for the whole day, as traders got anxious with Standard and
Poor’s (S&P) stating that credit profiles could deteriorate for up to $114
billion of debt in the books of Indian companies tackling rising interest rates
and inflation. However, key indexes managed to settle with modest green in a
highly volatile session
The Nifty50 has formed a
small positive candle on the daily chart, placed beside the long positive
candle of the previous session, reflecting a lack of selling interest in the
last couple of sessions, according to Nagaraj Shetti, Technical Research
Analyst at HDFC Securities. One can expect more upside in the benchmark index
on Thursday, he said.
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The Sensex rose 54.13
points or 0.09% to 59,085.43 while the Nifty was up by 27.45 points or 0.16% to
17,604.95 at the close of trading on Wednesday. The Sensex moved in a high and
low band of 59,170.87 and 58,760.09. There were 15 stocks advancing against 15
declining stocks on the index. The Nifty traded in a range of 17,623.65 and
17,499.25. There were 26 stocks advancing against 24 stocks declining on the
index.
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Broader
Indices
The broader indices ended
in green with the BSE mid-cap index up by 0.80% and the small-cap index up by
0.73%. The top gaining sectoral indices on the BSE were Realty up by 1.74%,
Industrials up by 0.92%, Telecom up by 0.91%, Capital Goods up by 0.80%, Bankex
up by 0.67% while, IT down by 0.18%, TECK down by 0.15%, Consumer Durables down
by 0.13%, Oil & Gas down by 0.10%, Auto down by 0.09% were the losing
indices on BSE.
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India VIX
Index
Nifty or India VIX, a
gauge of the market’s expectation of volatility over the near term, fell 3.25%
to 18.43 on Wednesday.
SGX Nifty
The trends on SGX Nifty
indicate a positive opening for the index in India with a 65 points gain. The
Nifty futures were trading at 17,680.50 on the Singaporean Exchange at around
07:07 hours IST.
Support
and Resistance levels
The key support level for
the Nifty is placed at 17,528, followed by 17,451. If the index moves up, the
key resistance levels to watch out for are 17,653 and 17,700, according to
pivot charts.
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US Markets
The S&P 500 rose 12.04
points, or 0.29%, to 4,140.77.
The Dow Jones Industrial
Average rose 59.64 points, or 0.18%, to 32,969.23.
The Nasdaq fell 50.23
points, or 0.41%, to 12,431.53.
The Russell 2000 index of
smaller companies fell 16.14 points, or 0.84%, to 1,935.29.
Asian
Markets
Asian markets ended mostly
lower on Wednesday. The Nikkie 225 fell 0.49%, the Hang Seng fell 1.20%, the
Shanghai Composite fell 1.86% and the KOSPI Composite rose 0.50%.
European
Markets
European markets ended
mostly higher on Wednesday. Germany’s DAX was up by 0.20%, France’s CAC 40 was
up by 0.39% and London’s FTSE 100 was down by 0.22%.
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Major
News Headlines
Indian
government plans to sell at least 51% of IDBI Bank: Report
The Indian government is
planning to sell at least 51% of IDBI Bank Limited. Government officials and
Life Insurance Corporation of India (LIC), which together own nearly 94% of the
shares in IDBI Bank, are reportedly in discussions about how much of their
holdings they intend to sell, according to Bloomberg. Both parties are expected
to keep a share in the lender following the transaction. The ultimate decision
on the deal’s framework will be made by a panel of ministers.
NDTV
shares surge 5% to 14-year high after Adani group acquires 29% stake
New Delhi Television
(NDTV) shares remained locked at the 5% upper circuit on the BSE on Wednesday,
reaching a 14-year high of Rs 384.50 after Gautam Adani‘s firm announced on
Tuesday that it will acquire a controlling stake in the company. Vishvapradhan
Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media
Networks Limited (AMNL), possesses warrants of RRPR Holding Private Limited
(RRPRH) with the right to convert them into a 99.99% stake in RRPR. VCPL
executed warrants to purchase a 99.5% share in RRPR. According to Adani
Enterprises (AEL), such a purchase will result in VCPL gaining control of RRPR.
AMNL, a wholly-owned subsidiary of AEL, houses the media business of the Adani
Group. RRPR is an NDTV promoter group that owns 29.18% of the company.
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NHPC to
develop 10 GW renewable energy parks in Rajasthan
State-run NHPC Ltd
announced the signing of a Memorandum of Understanding (MoU) between its
subsidiary and the Rajasthan government to develop renewable energy parks with
a capacity of 10 gigawatts (GW) in Rajasthan. The ultra-mega renewable energy
power parks (UMREPP) will be developed by NHPC Renewable Energy Limited (NHPC
REL). The projects are to be developed either on EPC or developer mode.
Wipro
appoints Wagner Jesus as Country Head for Brazil
The IT services provider
announced the appointment of Wagner Jesus as Country Head and Managing Director
for operations in Brazil. Jesus joined Wipro three years prior, taking the lead
of the non-financial business cluster.
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Bulk Deal
data
Sarvagay Textile LLP
bought 6,21,311 shares in Akash Infra-Projects Limited at Rs 47.10 per share on
the Nse.
Company Shivaay Trading
bought 40,000 shares in HB Stockholdings Limited at Rs 60.99 per share on the
Nse.
Pvt Ltd Shree Kishoriju
Trading And Investment sold 64,583 shares in IMP Powers Limited at Rs 7.73 per
share on the Nse.
Nopea Capital Services
Private Limited bought 50,400 shares in Jakharia Fabric Limited at Rs 150.00
per share on the Nse.
Ankit Ashokbhai Amipara
sold 1,59,060 shares in Jet Freight Logistics Limited at Rs 20.53 per share on
the Nse.
Dayal Tahilram Parwani
sold 75,00,000 shares in KBC Global Limited at Rs 2.21 per share on the Nse.
Rikeen P Dalal HUF bought
3,80,626 shares in Lyka Labs Limited at Rs 138.25 per share on the Nse.
A T Trade Overseas Private
Limited bought 15,00,000 shares in MEP Infra. Developers Limited at Rs 16.75
per share on the Nse.
Emerald Seeds Private
Limited bought 6,90,000 shares in Nath Bio-Genes (I) Limited at Rs 179.00 per
share on the Nse.
College Retirement Equity
Fund bought 45,84,678 shares in RBL Bank Limited at Rs 108.86 per share on the
Nse.
Wish Well Finance &
Leasing Ltd sold 2,00,000 shares in Rudrabhishek Enterprises Limited at Rs
176.30 per share on the Nse.
Paramount Trading bought
1,60,020 shares in SecUR Credentials Limited at Rs 63.00 per share on the Nse.
Ravi Goyal sold 60,626
shares in Tembo Global Industries Limited at Rs 6.09 per share on the Nse.
Sudesh Business Ventures
Pvt Ltd bought 1,00,000 shares in TVS Electronics Limited at Rs 287.29 per
share on the Nse.
DII and
FII data
Foreign institutional
investors (FIIs) have sold shares worth a net Rs 23.19 crore, whereas domestic
institutional investors (DIIs) sold shares worth a net Rs 322.34 crore on
August 24, as per provisional data available on the NSE.
NSE
F&O Ban
RBL Bank is the
stock/security that has been placed under the F&O ban for August 25.
Securities in the ban period under the F&O segment include companies in
which the security has crossed 95% of the market-wide position limit.
