Closing Bell: Sensex, Nifty end flat; realty, IT top drags

Market Close | Sensex, Nifty end flat

Indian benchmark indices ended flat in the volatile session on August 23. At close, the Sensex was up 33.02 points or 0.04 percent at 81,086.21, and the Nifty was up 11.70 points or 0.05 percent at 24,823.20.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Market This Week

#1 Market ends higher for the second straight week

#2 Frontline indices rise 1 percent each, Nifty midcap outperforms

#3 All sectoral indices, ex-Nifty Realty end with gains, Nifty Metal up more than 3 percent

Vinod Nair, Head of Research, Geojit Financial Services

Ahead of the FED chair Powell’s speech, the Indian indices oscillated around the flat trajectory and mixed global market sentiments further catalysed this scenario. Meanwhile, investors are exercising caution and awaiting Powell’s signals for more insights on the interest rate path. Most of the sectoral indices remained in red; in contrast, the auto sector excelled as the industry is preparing for festive season demand with multiple launches.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened on a flat note and consolidated during the day to close with gains of ~12 points. On the daily charts we can observe that the Nifty has closed positive for the seventh consecutive trading session. The upmove appears a bit overstretched as it has been rising higher without any meaningful pullback towards the hourly moving averages.

The hourly momentum indicator has a negative crossover along with a negative divergence. Thus, can be an intraday dip and hence caution on longs is advised.

The Nifty is also trading close to the 78.6% retracement mark 24830 which shall restrict further upside. Thus, the overall trend remains sideways, and the range of consolidation is 24200 – 25000.

The Bank Nifty also witnessed rangebound price action and closed marginally in the red. The Bank Nifty can resume its upmove after couple of days of consolidation. On the upside, we expect can now witness a upmove towards 51500 – 51900 from short term perspective. A stoploss of 50400 should be maintained for the long positions.

Ajit Mishra – SVP, Research, Religare Broking

It was a quiet trading session for the Nifty, which remained in a narrow range and ended the day almost flat. Market sentiment was cautious, influenced by a global wait-and-see approach ahead of the US Fed Chair's speech at Jackson Hole. Sector-wise, there was a mixed performance; the auto sector saw decent gains, while the realty and IT sectors lagged. Broader indices also stayed range-bound, finishing slightly lower.

On Monday, markets will likely react to global cues following the US Fed speech. We recommend maintaining a positive outlook unless the Nifty decisively breaks below 24,500.

We continue to believe that the banking sector holds the key to the next directional move, as other sectors are engaged in a balancing act. In the meantime, traders should avoid taking aggressive positions and stay stock-specific.

Currency Check | Rupee closes 5 paise higher

Indian rupee ended higher at 83.90 per dollar on Friday versus Thursday's close of 83.95.

Market Close | Sensex, Nifty end flat; realty, IT top drags

Indian benchmark indices ended flat in the volatile session on August 23.

At close, the Sensex was up 80.12 points or 0.10 percent at 81,133.31, and the Nifty was up 11.70 points or 0.05 percent at 24,823.20. About 1810 shares advanced, 1603 shares declined, and 68 shares unchanged.

Top gainers on the Nifty were Bajaj Auto, Coal India, Tata Motors, Sun Pharma and Bharti Airtel, while losers included Wipro, ONGC, Divis Labs, LTIMindtree and Infosys.

BSE Midcap index was down 0.6 percent, while smallcap index ended flat.

Among sectors, auto index was up 1 percent, while metal, realty, media, PSU Bank and IT down 0.5-2.5 percent.

IPO Check | Orient Tech IPO Subscribed at 133.20 times on Day 3

QIB – 148.02 times

NII – 283.69 times

Retail – 60.55 times

“As India progresses to become a middle-income economy, the focus on consumption will intensify,” Axis AMC's Shreyas Devalkar said at the NFO launch for the fund's consumption fund....Read More

Stock Market LIVE Updates | APL Apollo Tubes gets GST tax demand notice

The company has received an order from Joint Commissioner Jurisdiction: Corporate Circle, Ghaziabad II, for GST demand of Rs 1,64,95,383 comprising tax and penalty.

Stock Market LIVE Updates | Tata Power Solar Systems collaborates with ICICI Bank

Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power Renewable Energy announced strategic collaboration with ICICI Bank to provide loans to finance the purchase of solar panels/ units for residential and Corporate customers.

Brokerage Call | UBS keeps ‘buy’ rating on TVS Motor, target raises to Rs 3,200

#1 New Jupiter is a significant upgrade over old model & peers, at similar price

#2 Believe the launch can further aid 15,000-20,000 additional volumes

#3 Company Is expected to launch a brand-new E-2W & foray into E3W category in next few months

#4 New Launches offer further catalysts

Former Infosys board member and chief financial officer Mohandas Pai has called the tax notice 'outrageous' and 'a case of tax terrorism at its worst'...Read More

Stock Market LIVE Updates | Likely to sell 10% in IREDA, Chairman Pradeep Kumar Das on CNBC-Awaaz

Brokerage Call | CLSA keeps ‘outperform’ call on Reliance Industries, target Rs 3,300

#1 Jio’s 5G rollout led to a 46 percent YoY jump in capex which drove down its free cash flow

#2 Interest capitalised increased notably YoY & RoCE declined 60 bps YoY

#3 Jio’s rate of depreciation is now more comparable to listed telecom peers

#4 Jio’s network costs remain notably higher than peers

#5 Next leg of growth to come from 5G monetisation and broadband ramp-up

The NSE committee is set to meet after market hours on August 23 for its periodic review of stocks across the CNX Nifty indices. ...Read More

Sensex Today | Spot USDINR price to trade between 83.70-84.20: Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

Indian Rupee gained today on weak US Dollar and a positive tone in the domestic markets. FII inflows also supported the Rupee. However, overnight gains in crude oil prices capped sharp gains.

US Dollar declined on strong Yen after Bank of Japan Governor Kazuo Ueda showing willingness to raise interest rates if inflation and economic situation is in line with their expectations.

Economic data was mixed with weekly unemployment claims higher than the prior week, S&P Global manufacturing PMI lower than forecast at 48 in August showing contraction, while the services PMI rose to 55.2 in August, higher than forecast of 54. Existing home sales rose by 1.3% to 3.95 million in July versus 3.9 million in June.

We expect Rupee to trade with a slight negative bias as traders remain cautious ahead of Fed Chair Jerome Powells speech at the Jackson Hole Symposium which could provide some cues on Fed’s path to cut interest rates. Weak US and Asian markets and a recovery in crude oil prices may pressurise the Rupee while positive domestic markets may support the Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 83.70 to Rs 84.20.

Stock Market LIVE Updates | Radico Khaitan shares gain most in 9 weeks

Sensex Today | Trent shares cross Rs7,000, now up 20x from COVID19 lows; Stock may be latest Nifty addition

Sensex Today | Alpha TC Holdings sells entire stake (75 lakh shares) in Tata Tech in today’s block in Rs1,010-1,020/share range, sources to CNBC-Awaaz

Sensex Today | Sun Pharma launches skin infections treatment starizo in India

Sensex Today | Samvardhana Motherson has another 3.2 mln shares traded in a block: Bloomberg

Sensex Today | Jindal Saw approves splitting each share into two

Markets@2 | Sensex, Nifty trade higher

The Sensex was up 64.46 points or 0.08 percent at 81,117.65, and the Nifty was up 23.80 points or 0.10 percent at 24,835.30.

Stock Market LIVE Updates | Bikaji Foods approves acquisition of 55% stake in Ariba Foods for Rs 60.5 crore

Stock Market LIVE Updates | Deeps Industries bags Rs 63 crore order

The company has received Letter of Award from Oil and Natural Gas Corporation for Hiring of services for a skid mounted modular type gas separation system and gas compression units including operation and maintenance at Rokhia GCS Tripura Asset for a period of 3 years. The total estimated value of this award is approximately Rs 63 crore.

Sensex Today | 10 million shares of Tata Technologies change hands in a block trade: Bloomberg

Stock Market LIVE Updates | Spandana Sphoorty Financial to consider fund raising

The board of directors of the company will meet on August 27 to consider the issuance of non-convertible debentures on a private placement basis.

The report states that some leading steel and mining organisations have started using digital tools like process yield optimization, digital twins for autonomous operations, intelligent surveillance, supply chain optimization, energy efficiency improvements, and AR/VR-based safety training etc to gain deeper insights and make better decisions, but others are still in the initial stages of their digital transformation journey. ...Read More

Stock Market LIVE Updates | Jain Irrigation Systems signs MoU with the Coffee Board of India

Brokerage Call | Citi maintains ‘sell’ rating on Dr Lal PathLabs, target Rs 2,700

#1 Improvement in mix (Tests + Swasthfit) to help in achieving better than industry growth

#2 Geographic expansion to help in achieving better than industry growth

#3 There is no intention to take price increases in near-term

#4 Operating leverage, better efficiencies will help in margin stability

#5 Competition continue to be there but irrationality has come down

#6 There is a renewed focus towards international markets

The markets regulator fined Ambani Rs 25 crore and barred him from being associated with the securities markets for five years...Read More

Stock Market LIVE Updates | Nykaa shares extend gain amid block deal

Earlier this week, as many as 88.76 lakh shares of Delhivery, amounting to 1.2% of the total equity, changed hands in the block deal...Read More

Stock Market LIVE Updates | SEPC gets final acceptance certificate from Hutti Gold Mines

SEPC received final acceptance certificate from the Hutti Gold Mines for the contract for construction of New Circular shaft with complete winding installations on a turnkey basis.

IPO Check | Orient Tech IPO Subscribed at 50.84 times on Day 3

QIB – 3.3 times

NII - 126.86 times

Retail – 44.44 times

Brokerage Call | Morgan Stanley keeps ‘equal-weight’ call on Paytm, target Rs 500

#1 Sale of entertainment ticketing business, if executed, would be a net positive in our view

#2 Sale of entertainment ticketing business will strengthen its balance sheet

#3 Drive tighter focus on its core payment and financial distribution businesses

Orient Tech plans to use the proceeds from the IPO to acquire office premises in Navi Mumbai, capital expenditure for setting up a Network Operating Centre and Security Operation Centre, and expand its Device-as-a-Service offerings....Read More

Sensex Today | SMS Pharmaceuticals gains more than 12%; most in 2 months

Brokerage Call | UBS keeps ‘buy’ rating on TVS Motor, target raises to Rs 3,200

#1 New Jupiter is a significant upgrade over old model & peers, at similar price

#2 Believe the launch can further aid 15,000-20,000 additional volumes

#3 Company Is expected to launch a brand-new E-2W & foray into E3W category in next few months

#4 New Launches offer further catalysts

Sensex Today | 2.36 million shares of Samvardhana Motherson International traded in a block: Bloomberg

Brokerages Call | Asit C. Mehta initiates coverage on Karur Vysya Bank with 'buy', target Rs 265

Sensex Today | Reliance Infrastructure falls most in 19 weeks

Stock Market LIVE Updates | Reliance Power shares down 5% after Sebi bans Anil Ambani from securities market for 5 years

Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.

Markets@12 | Sensex, Nifty flat

Brokerage Call | Citi keeps ‘buy’ rating on Zomato, target raises to Rs 300

#1 View acquisition of Paytm’s entertainment ticketing business moderately positively

#2 Company’s own ‘going out’ vertical has had higher growth versus acquired business

#3 Focus will be likely on gaining segment market share given growth and margin guidance

The Fitment Committee is analysing the revenue implications of exempting health and life insurance from GST. Their recommendations will be presented to the Council ahead of the September 9 meeting....Read More

Stock Market LIVE Updates | Kaynes Technology inaugurates manufacturing facility in Hyderabad

Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years....Read More

Stock Market LIVE Updates | NCLT approves Adani Power's resolution plan for acquisition of Lanco Amarkantak Power

The National Company Law Tribunal, Hyderabad, has approved the company’s resolution plan for the acquisition of Lanco Amarkantak Power, which is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. The upfront payment for the acquisition is Rs 4,101 crore.

Stock Market LIVE Updates | CDSL stock skyrockets 8% on ex-date for bonus shares

Central Depository Services (India) Ltd (CDSL) share price skyrocketed nearly 8 percent on the ex-date for the bonus share as today is the last chance for shareholders to be eligible ahead of its record date on August 24. The counter touched an intraday high of Rs 1,558.85 per share on the National Stock Exchange (NSE), rising 7.57 percent with over 48 lakh shares changing hands for a traded value worth Rs 732.68 crore. READ MORE

India’s ‘sweet spot’ lures bond funds amid global market turmoil

Global funds have poured money into India’s debt market for 14 weeks in a second streak of buying this year, evidence of the country’s appeal amid the ructions of worldwide financial markets. With the prospect of interest rate cuts on the horizon and the rupee treading water near historic lows, offshore investors have bought roughly $7 billion net of the South Asian country’s bonds since May. That’s more than twice the sum of net purchases for Indonesia, to which it is often compared, according to data compiled by Bloomberg. READ MORE

Sensex Today | 2.12 million shares of Federal Bank traded in a block: Bloomberg

Sensex Today | 1.61 million shares of Sun Pharma traded in a block: Bloomberg

Sensex Today | 4.35 million shares of Devyani International traded in a block: Bloomberg

Stock Market LIVE Updates | Zomato shuts Intercity Legends service

Zomato has announced the immediate shutdown of its Intercity Legends service, which offered iconic dishes from 10 cities across India to other parts of the country, two years after its launch.

Lanco Amarkantak also operates a 600 MW thermal power plant in Chhattisgarh, which fits well with Adani Power’s core focus on power generation. ...Read More

Stock Market LIVE Updates | Spandana Sphoorty Financial to consider fund raising

The board of directors of the company will meet on August 27 to consider the issuance of non-convertible debentures on a private placement basis.

Zomato will face competition from market leader BookMyShow, posing the question of whether Zomato can replicate its success in this new area....Read More

Sensex Today | Everest Kanto, Crest Ventures, Natco Pharma, among others trade ex-dividend

Oil and Natural Gas Corporation, ABB India, Federal Bank, Indian Railway Catering and Tourism Corporation, LIC Housing Finance, AK Capital Services, Astra Microwave Products, Bhageria Industries, Bhatia Communications & Retail, Crest Ventures, Crestchem, Deepak Spinners, Dynacons Systems, Everest Kanto Cylinder, Gujarat Ambuja Exports, Gandhar Oil Refinery, Godfrey Phillips, Gujarat Hotels, Insecticides India, IL&FS Investment Managers, KFin Technologies, KP Energy, Kronox Lab Sciences, Kuantum Papers, Vedant Fashions, Max Healthcare Institute, Mayur Uniquoters, Meera Industries, Natco Pharma, Nicco Parks, RJ Shah, Rashi Peripherals, Surya Roshni, TAAL Enterprises, Upsurge Investment, Venky's India, The Yamuna Syndicate

Brokerage Call | CLSA keeps ‘outperform’ call on Reliance Industries, target Rs 3,300

#1 Jio’s 5G rollout led to a 46 percent YoY jump in capex which drove down its free cash flow

#2 Interest capitalised increased notably YoY & RoCE declined 60 bps YoY

#3 Jio’s rate of depreciation is now more comparable to listed telecom peers

#4 Jio’s network costs remain notably higher than peers

#5 Next leg of growth to come from 5G monetisation and broadband ramp-up

Stock Market LIVE Updates | Bandhan Bank launches savings account for women

The bank has launched "Avni," an exclusive savings account for women. Additionally, it has launched an enterprise-wide loyalty program called Bandhan Bank Delights, where customers can earn reward points known as "delight points." These points can be redeemed for purchases, along with exclusive offers.

Stock Market LIVE Updates | GST Authority reduces GST demand from Bharti Airtel to Rs 194 cr

Following the company’s appeal to the Commissioner (Appeals), Central Goods and Services Tax Appellate Authority, Delhi, the said Appellate Authority has passed an appeal order reducing the GST demand to Rs 194 crore. The total demand originally assessed by the GST Department was Rs 604.66 crore.

As long as the Nifty 50 holds 24,800, the upward move towards the psychological 25,000 mark can't be ruled out, with 24,700-24,600 serving as immediate support. Here are some trading ideas for the near term....Read More

Sensex Today | 0.5% equity of GMR Airports Infrastructure change hands in 2 blocks: Bloomberg

Sensex Today | Chambal Fertilisers, RBL Bank, Aarti Industries in F&O Ban

Chambal Fertilisers and Chemicals, Indian Energe Exchange, RBL Bank, Aarti Industries, Aditya Birla Fashion and Retail, Birlasoft, GNFC, Granules India, Hindustan Copper, India Cements, LIC Housing Finance, NALCO, Piramal Enterprises, Sun TV Network

Stock Market LIVE Updates | Eicher Motors gets GST demand notice

The company has received a GST demand order of Rs 0.15 crore from the Office of the Deputy Commissioner, Dehradun - Sector 3, Uttarakhand.

Stock Market LIVE Updates | Minda Corporation shares gain most in 11 weeks

Stock Market LIVE Updates | NIIT gains 8%, highest in six months

Brokerage Call | Bernstein keeps ‘outperform’ call on Reliance Industries, target raises to Rs 3,440

#1 Growth engine led by Jio, raise target multiple for Jio business

#2 Reliance Jio continues to focus on monetisation with recent tariff hike

#3 Focus on monetisation for Reliance Jio with completion of 5G roll out

#4 Expect 16 percent revenue CAGR / 20 percent EBITDA CAGR for Jio over next 3 years

#5 Flow through of tariff hike for Jio into FY25

#6 Market share gains will continue as Jio reaches more than 500 mn subscribers, and reaches nearly 47 percent revenue share by FY25

Stock Market LIVE Updates | Akshar Spintex, Dhyaani Tradeventtures trade ex-rights

Stock Market LIVE Updates | Mayur Uniquoters trades ex- buyback

Stock Market LIVE Updates | Wipro stock down; company extends partnership with John Lewis Partnership

Wipro shares erased opening gains and trading at day's low on August 23. The IT giant extended its partnership to transform and modernize John Lewis Partnership's IT infrastructure.

In a filing with the bourses, Wipro wrote, "As part of this engagement, Wipro FullStride Cloud will extend JLP’s current cloud infrastructure, Network and End user services for another four years. The Wipro FullStride Cloud team will collaborate with JLP and Google Cloud in a strategic transformation of their X86 platform to the cloud, enabling them to unlock new business value by making them more agile, optimizing operating costs, and streamlining business operations."

The Nifty 50 is likely to inch towards the 24,900-25,000 zone in the coming sessions, but intermittent consolidation can't be ruled out, with 24,700-24,600 acting as immediate support, according to experts....Read More

Stock Market LIVE Updates | USFDA issues EIR for Wanbury's manufacturing unit at Patalganga, Maharashtra

Stock Market LIVE Updates | Jain Irrigation Systems signs MoU with the Coffee Board of India

The company has developed a Tissue Culture protocol for coffee varieties and has signed an MoU with the Coffee Board of India for the commercial release of advanced high-quality, disease-resistant coffee plants to growers.