FIIs and DIIs
FIIsnet sold Rs 752.9 crore in equities, butDIIs remained net buyers, buying Rs 1,272.29 crore worth of equities today, as per provisional data available on NSE.
Pidilite Industries entered into a joint venture with Bengaluru based company Chetana Expotential Tech
Rupee Closing
The Indian rupee closed at 72.02 against the US dollar, falling 36 paise from previous close.
Market Outlook
"The recent volatility indicates excessive pessimism among the participants and we do not see this fading away anytime soon. Besides, we’ve scheduled derivatives expiry on Thursday i.e. on August 29 and that would further add to choppiness. We advise using further rebound to reduce longs as Nifty has strong hurdle at 11,250-11,300 zone,"AjitMishraVice President,Research,ReligareBroking said.
Technical Outlook
"After a super volatile session index closed a day at 11,058 with strong gains of 229 points and formed bullish pin bar candle on daily chart. Index managed to close above strong hurdle of 11,000 mark hinting bulls are trying to grab a grip from lower end, now index has immediate hurdle near 11,100-11,180 zone any decisive break above 11,180 can push index towards 11,350 zone in near term and support for index is coming near 11,000-10,930 zone,"RohitSingre, Senior Technical Analyst,LKPSecurities told Moneycontrol.
Market posted the biggest single-day gain in three months (May 20, 2019). HDFC twins and ICICI Bank contributed 50 percent to the Nifty gain.
11 of 12 PSU banks closed higher after the government announced Rs 70,000 crore upfront market capitalisation.
Nifty 50 added Rs 2 lakh crore in marketcap.
Fitch Ratings on Auto
"Subdued demand conditions that led to weak performance by Indian automakers in the first quarter of the financial year ending 31 March 2020 (FY20) will likely persist, adding to the challenges from the implementation of stricter emission norms under BS6 from April 2020, Fitch Ratings said.
Most auto OEMs reported lower volumes and profitability in QQFY20 as domestic sales volumes of passenger vehicles and medium and heavy commercial vehicles fell by 18.4 percentand 16.6%, respectively, according to the Society of Indian Automobile Manufacturers.
Market Closing
Benchmark indices ended near day's high with the Sensex climbing nearly 800 points after FM announced several measures to boost economy and rollback of FPI surcharge. The likely talks between US and China over trade deal also boosted sentiment.
The BSESensex rallied 792.96 points or 2.16 percent to37,494.12and the Nifty50 jumped 228.50 points or 2.11 percent to 11,057.90 driven by gains across sectors barring Metals.
More than two shares advanced for every share falling on the BSE.
Top Losers
Listed funds witnessed outflows of $990 mn in July, led by non-ETF funds, which saw selling of $811 mn, Kotak said.
India-dedicated funds saw outflows of $653 mn, led by non-ETF outflows of $535 million, it added.
The government is considering on various options to operationalise FPI surcharge rollback, reports CNBC-TV18 quoting unnamed sources.
Government is mulling moving a cabinet note for approval on FPI surcharge rollback in upcoming Winter Session, sources said.
Market on Solid Ground
Benchmark indices extended rally in late trade with the Sensex climbing 796.80 points to 37,497.96 and the Nifty rising229.60 points to 11,059.
Gainers And Losers
BGR Energy in Focus
Brickwork Ratings India revised its long term credit rating to BBB+ with stable outlook, from A- with negative outlook.
Dow Jones futures rallied 200 points on hope of trade talks between US and China to resolve the issue.
Tamil Nadu Newsprint in Focus
HDFC MF acquired2.5 percent stake through open market on August 22. Stock Rallies 6 percent.
Top Gainers
Top Gainers
Lupin's subsidiary in South Africa announced commercial agreement with Creso Pharma for hemp oil based cannaQIX
Order Win, Stock Locked in 5% Upper Circuit
Construction company BLKashyap & Sons has won orders worth Rs 460.53 crore.
"The projects are from various unrelated domestic clients from varied sectors, the projects will be carried out in cities such as Bangalore and Trivandrum. Most projects are expected to be completed in a period of 24 months from the date of award," company said in its BSE filing.
Market On Fire
Benchmark indices continued to trade sharply higher with the Sensex rising 755.67 points or 2.06 percent to 37,456.83and the Nifty50 rising 217.90 points or 2.01 percent to11,047.30.
About two shares advanced for every share falling on the BSE.
Finance Minister Nirmala Sitharaman ended the review meet with GST network and she will take another round of meeting to streamline GST & GSTN issues, reports CNBC-TV18 quoting unnamed sources.
FM is looking into all compliance issues, return simplification and refund issues, sources said.
DHFL Surges 12%
DHFL said on the recommendation of the Audit Committee and subject to the approval of the shareholders of the company, board members appointed KKMankeshwar & Co., Chartered Accountantsas the Statutory Auditors of the company.
Kharif Crop Sowing after Healthy Rainfall
As rainfall activity continued to be healthy during last week kharif crop sowing has inched closer towards 1,000 lakh hectare, Kotak Securities said.
As per ministry of Agriculture, total kharif crop acreage has crossed 975 lakh hactare as on August 23, which is down by 2.3 percentfrom corresponding period last year.
Rice (down 6 percent), Sugarcane (6%) and groundnut (down 4 percent) acreage has dwindled the most this season, Kotak said, adding interestingly castor sowing has picked up pace considerably since the beginning of the month and crossed 5 lakh hactare levels already, which is up by 44 percentfrom last year.
Tata Metaliks' one of two blast furnaces and its associated facilities in Kharagpur will undergo a planned shutdown, for maintenance and overhauling from August 27, 2019.
Buzzing
Shares of Capacite Infraprojects rose more than 11 percent intraday on August 26 after no irregularities found during the I-T search operation.
NCL Industries in JV with Chinese firm
Shares of NCL Industries rose 6 percent August 26 as company signed agreement with Chinese firm to establish a joint venture company with Qingdao Xinguangzheng Steel Structure Company China for manufacture of pre-engineered steel structure in India.
Dilip Buildcon approves to divest stake in 5 BOT projects
Dilip Buildcon approved the proposal for divestment either partly or wholly the equity stake of the company in 5 BOT namely DBL Mangloor Highways, DBL Sangli Borgaon Highways, DBL Borgaon Watambare Highways, DBL Mangalweda Solapur highways and DBL Chandikhole Bhadrak Highways, wholly owned subsidiaries of company's to one or more potential investors.
BHEL gets orders from NTPC
Bharat Heavy Electricals (BHEL) has successfully secured two more orders for emission control equipment for thermal power plants. Valued at around Rs 2,500 crore, the orders have been placed on BHEL by NTPC.
Adani Ports buyback to open on September 6
Share price of Adani Ports and Special Economic Zone gained 5.7 percent on August 26 as company's buyback to open on September 6 and will close on September 20.
DHFL shares jump 8%
Shares of Dewan Housing Finance Corporation (DHFL) jumped over 8 percent on BSE on August 26 amid reports that the company proposed a 35 percent haircut to all lenders.
Buzzing
Share price of PVR added 2.5 percent on August 26 after National Company Law Tribunal at New Delhi has approved the scheme of amalgamation of SPI Cinemas, the transferor company with PVR, the transferee company effective from the appointed date of August 17, 2018.
Pritam Kumar Patnaik, Head Commodities, Reliance Commodities:
The US-China trade war with new tariff announcement has pushed gold and silver prices to a new six-year high as investors rushed for safe-have assets. Depreciating Indian rupee also helped the rise in prices. We expect the current trend to continue for gold and silver.
On the MCX, the Gold is likely to move towards 39,900 to 40,000 levels. Saying that 38,800 and 39,000 act as a strong crucial support levels for gold on the downside. Similarly we expect positive trend to continue for silver with prices expected to move higher towards 48,000 levels in coming days with 45,900 and 46,200 as support levels on downside.
Buzzing
: Share price of Dynamatic Technologies surges more than 19 percent on August 26 after India Ratings changed its outlook change to positive from stable.
India Ratings & Research has revised the outlook to positive from stable while affirming its long-term issuer rating at IND BBB+.
Fire incident at Nectar Lifesciences' Punjab unit
An incident of fire/ explosion has been occurred in Unit II, Village Saidpura, Tehsil Derabassi, Distt. S.A.S, Nagar (Mohali) Punjab, in the afternoon August 24, 2019.
Unichem Laboratories down 3%
Share price of Unichem Laboratories declined more than 3 percent on August 26 after company received one observation from USFDA.
