Indian equity markets settled with marginal gains on Friday as profit bookings in the later part of the session erased most of the gains. Markets made a gap-up opening but traders started booking profit at higher levels where Sensex surpass the 60,100 level.
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“The Nifty50 has formed a long negative candle on the daily chart with a minor lower shadow, suggesting more consolidation or a minor downward correction ahead”, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“A long bull candle on the weekly chart shows an attempt to break out at significant overhead resistance around 17,800. An inability to show follow-through buying from here could mean a minor downward correction,” he said.
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The Sensex rose 104.92 points or 0.18% to 59,793.14 while the Nifty was up by 34.60 points or 0.19% to 17,833.35 at the close of trading on Friday. The Sensex moved in a high and low band of 60,119.80 and 59,634.39. There were 39 stocks advancing against 17 stocks declining on the index. The Nifty traded in a range of 17,786.00 and 17,925.95. 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 0.16% and the small-cap index up by 0.18%. The top gaining sectoral indices on the BSE were IT up by 2.06%, TECK up by 1.59%, Bankex up by 0.51%, Metal up by 0.50%, and Auto up by 0.44%, while Telecom down by 0.71%, Utilities down by 0.62%, Realty down by 0.49%, Power down by 0.49% and Capital Goods down by 0.34% were the top 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 3.21% to 17.72 on Friday.
SGX Nifty
The trends on SGX Nifty indicate a positive opening for the index in India with a 28-point gain. The Nifty futures were trading at 17,870.5 on the Singaporean Exchange at around 07:00 hours IST.
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Support and Resistance levels
The key support level for the Nifty is placed at 17,771, followed by 17,708. If the index moves up, the key resistance levels to watch out for are 17,911 and 17,988, according to pivot charts.
US Markets
The S&P 500 rose 61.18 points, or 1.53%, to 4,067.36.
The Dow Jones Industrial Average rose 377.19 points, or 1.19%, to 32,151.71.
The Nasdaq composite rose 250.18 points, or 2.11%, to 12,112.31.
The Russell 2000 index of smaller companies rose 35.94 points, or 1.95%, to 1,882.85.
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Asian Markets
Asian markets ended mostly higher on Friday. The Nikkie 225 rose 0.53%, the Hang Seng rose 2.69% and the Shanghai Composite rose 0.82%.
European Markets
European markets ended mostly higher on Friday. Germany’s DAX was up by 1.43%, France’s CAC 40 was up by 1.41% while London’s FTSE 100 was down by 1.23%.
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Major Headlines
Tata Group in talks with Apple’s Taiwanese supplier for assembling iPhones
The Tata Group, India’s largest conglomerate, is in talks with a Taiwanese supplier to Apple in an attempt to establish a joint electronics manufacturing venture in the country, according to a Bloomberg report. The move might help India begin producing iPhones indigenously.
The company has entered into discussions with the Wistron Corporation in an attempt to make them a force to be reckoned with in technology manufacturing in India. Tata is aiming to tap into the Taiwanese company’s product development, supply chain, and assembly expertise, according to the Bloomberg report.
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Zydus Lifesciences acquires rights to market MonoFerric injection in India, Nepal
The company has acquired rights to market MonoFerric (iron isomaltoside) injection, used to treat iron deficiency in adult patients, in India and Nepal from Denmark-based Pharmacosmos A/S). However, Zydus Lifesciences did not disclose the financial details of the transaction. With this development, iron deficiency patients will get access to this critical therapy which will be enhanced by the company’s “strong last-mile delivery”.
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SpiceJet appoints Ashish Kumar as Chief Financial Officer
Budget carrier SpiceJet announced that it has appointed Ashish Kumar as its Chief Financial Officer (CFO). Kumar’s appointment for the post is effective from September 9, SpiceJet said in a statement. He succeeds Sanjeev Taneja, who quit the struggling carrier on August 31. Before joining SpiceJet, Kumar was serving as vice president for corporate finance at Interglobe Enterprises since January 2019, SpiceJet added.
Earlier, he served as Chief Financial Officer at Interglobe Hotels for five years from 2014 to 2018, according to the statement.
Kotak Securities acquire investment platform for advisors, MF distributors
Kotak Securities, a subsidiary of Kotak Mahindra Bank, is acquiring all the assets of Bengaluru-based start-up FundExpert Fintech, a digital multi-asset wealth management platform for independent financial advisors (IFA) and mutual fund distributors. More than 2,300 distributors use the FundExpert platform to manage mutual fund portfolios worth more than Rs 15,000 crore, Kotak Securities said in a statement.
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Jatinkumar Dhirajlal Jogani sold 96,000 shares in A and M Jumbo Bags Limited at Rs 11.00 per share on the Nse.
Albula Investment Fund Limited bought 14,50,000 shares in Ashapura Minechem Limited at Rs 101.97 per share on the Nse.
IDBI Trusteeship Services Limited sold 16,56,200 shares in Coffee Day Enterprise Limited at Rs 57.44 per share on the Nse.
Kotak Mahindra Bank Limited sold 4,77,125 shares in Excel Realty N Infra Limited at Rs 6.98 per share on the Nse.
Vistra ITCL India Limited sold 32,40,000 shares in Future Enterprises Limited at Rs 1.95 per share on the Nse.
Prafulla Laxman Pawar sold 36,000 shares in Felix Industries Limited at Rs 17.05 per share on the Nse.
Rohan Gupta sold 1,48,133 shares in Ganesha Ecosphere Limited at Rs 635.63 per share on the Nse.
Multiplier Share & Stock Advisors Private Limited bought 63,000 shares in Jay Jalaram Technologies Limited at Rs 55.10 per share on the Nse.
Boshoby Utkarsh Patel sold 36,000 shares in Latteys Industries Limited at Rs 75.00 per share on the Nse.
Gayi Adi Holdings Private Limited sold 3,00,000 shares in Stampede Capital Limited at Rs 10.91 per share on the Nse.
Four R Investments Private Limited sold 75,000 shares in Total Transport Systems Limited at Rs 10.00 per share on the Nse.
Yuga Stocks And Commodities Private Limited sold 15,21,136 shares in Visagar Polytex Limited at Rs 1.47 per share on the Nse.
Foreign institutional investors (FIIs) have bought shares worth a net Rs 2,132.42 crore, whereas domestic institutional investors (DIIs) sold shares worth a net Rs 1,167.56 crore on September 9, as per provisional data available on the NSE.
Ambuja Cements and Delta Corp have been placed under the F&O ban for September 12. 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.
