Business News›Nifty forms a Hanging Man candle on daily chart. What does it signal for Mondays trade?
Economic Times | 27 Aug, 2021 | 08.10PM IST
Domestic equity benchmarks started Fridays session on a weak note amid selling pressure in select financial and IT stocks. Hindalco, UPL, Bajaj Finance, L&T and Coal India were among top blue-chip performers. On the other hand, M&M, IndusInd Bank, HDFC, Eicher Motors and ICICI Bank were among top losers.
!1 New UpdateClick here for latest updates
Indias forex reserves drop by $2.47 billion to $616.895 billion
Wall Street opens higher ahead of Powells speech
U.S. stocks opened higher on Friday ahead of Federal Reserve Chair Jerome Powells speech that could offer clues on when the central bank will start paring back its large stimulus program. The Dow Jones Industrial Average rose 18.0 points, or 0.05%, at the open to 35231.11. The S&P 500 rose 4.1 points, or 0.09%, at the open to 4474.1?, while the Nasdaq Composite rose 24.0 points, or 0.16%, to 14969.765 at the opening bell.
Search, Select & Invest in Top Stocks
10 investment banks selected to manage LIC IPO
Sebi bars Kotak AMC from launching new FMP schemes for 6 months, imposes Rs 50 lakh penalty
Rupee posts best week in 4 months ahead of Jackson Hole speech
Discover & screen trade opportunities
Rupee rallies 53 paise to close at 73.69 against US dollar
At the interbank forex market, the local unit opened strong at 74.17 against the greenback, then gained strength and settled for the day at 73.69, higher by 53 paise over its previous close of 74.22. The local unit moved in a range of 73.69 to 74.20 in the day trade.
On BSE, gainers outnumbered losers
This is how the 30-pack Sensex moved in todays session. It touched a high of 56,188.23 and a low of 55,675.87 to finally settle at 56,124.72
CLOSING BELL: Sensex ends above 56K for first time, rises 176 pts; Nifty above 16,700; UltraTech climbs 4%, L&T 3%
- L&T and TCS lead the market gains
- 22 of 30 Sensex stocks end the day in the green
- Index contributors: L&T, TCS, UltraTech Cement, HDFC, Kotak Bank
- Top Index gainers: UltraTech Cement (3.64%), L&T (2.81%), DRL (1.97%)
- Top Index losers: Infosys (1.16%), IndusInd Bank (1.13%), M&M (0.70%)
- All BSE sectoral indices end the day in the green
- S&P BSE CAPITAL GOODS biggest sectoral gainer, up 2.14%
- Volume toppers: HUL, Maruti, Tata Steel, Bajaj Finserv, Bajaj Finance
Pharma stocks rally
Price as on 27 Aug, 2021 03:26 PM, Click on company names for their live prices.
Indian Oil Corp (IOC) to invest Rs 1 lakh crore to expand refining capacity: Chairman
Volatility gauge India Vix falls by 1.36%
Procter & Gamble Health Q4 net profit declines 30.63% to Rs 33.89 crore
Gold, silver spot prices
Moodys assigns Ba3 rating to Adani Greens proposed USD notes
Moodys Investors Service has assigned a Ba3 rating to Adani Green Energys proposed USD senior secured notes. AGEL will primarily use the proceeds from the USD notes to on-lend to its direct and indirect subsidiaries for them to fund the development of utility-scale renewable power projects.
Expect further upside in Dabur, HUL and Marico: Hemang Jani of Motilal Oswal Financial Services
Overall, we continue to like Dabur, HUL and Marico within the FMCG space. We think there is a case for decent upside from a portfolio perspective, Jani said.
Broader market outperfoms: Nifty Midcap 100 up 0.8%, Nifty Smallcap 100 gains 0.7%
Aurobindo Pharma gets USFDA nod for cancer treatment injection
Price as on 27 Aug, 2021 01:28 PM, Click on company names for their live prices.
Asian shares inch up, caution prevails ahead of Jackson Hole
MSCIs broadest index of Asia-Pacific shares outside Japan rose 0.17%, up 3.78% on the week, which would be its best week since February, while Japans Nikkei shed 0.46%.
Nifty Pharma up 1%. Check out the top gainers
Price as on 27 Aug, 2021 01:04 PM, Click on company names for their live prices.
SpiceJet stock up 2% after DGCI cleared Boeing’s 737 MAX aircraft to fly with immediate effect
Price as on 27 Aug, 2021 12:54 PM, Click on company names for their live prices.
Vijaya Diagnostic Centre grey market premium at Rs 25-30; IPO opens next week
Diesel sales to reach pre-COVID levels in 2-3 months: IOC chairman
All sectoral indices in green; Nifty Metal and Pharma top gainers
The uncertainty over the Fed’s speech is keeping investors cautious. If the Fed comes up with a clear roadmap with respect to the rate regime that it is planning to follow, it could help markets gain some stability next week
Fear gauge index India VIX falls 3% to 13.1275
China to auction 150,000 T of metal from state reserves on Sept 1
China’s state reserves administration said on Friday it would sell off 30,000 tonnes of copper, 50,000 tonnes of zinc and 70,000 tonnes of aluminium via public auction on Sept. 1.
Rupee rises 7 paise to 74.15 against US dollar
Traders said the domestic unit is trading in a narrow range as investors are awaiting cues from the key speech from US Federal Reserve Chair Jerome Powell. Moreover, a firm dollar in the overseas markets and rising crude prices weighed on the investor sentiment, forex traders added.
Nifty Pharma trading in green for first time in last 3 days
Zen Tech shares rally 12% as govt notifies new drone rules
Zen Technologies is the sole listed player active in manufacturing drones in India and is expected to be the key beneficiary of the new rules.
China stocks rise as investors bet on further stimulus
The CSI300 index was up 0.8% at 4,837.90 points, by the end of the morning session, while the Shanghai Composite Index gained 0.5% to 3,518.83 points. The Hang Seng index added 0.5% to 25,546.37 points. The Hong Kong China Enterprises Index gained 1% to 9,025.53.
Top gainers and losers in banking pack
Price as on 27 Aug, 2021 10:38 AM, Click on company names for their live prices.
The elephant in the room is the sustained FPI selling, which touched Rs 1,974 crore in the cash market on Thursday. It would be difficult for retail investors and DIIs to absorb this selling, which might aggravate if the message from the Fed chief tonight is hawkish
- V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
ICICIdirect has set a target of 17,200 on Nifty in coming months
Going ahead, we expect large-caps to outperform, which would gradually drive the Nifty towards our revised target of 17,000-17,200 in coming months,” the retail brokerage said in a note to clients. “Over the past 15 months, buying on decline strategy has worked well.”
16,600 level, followed by 16,500, would act as immediate support for Nifty50. 16,700 level remains to be the level to watch out for. The direction is likely to be dictated by the banking space
- Sameet Chavan of Angel Broking
Ami Organics IPO to open on Sept 1; price band fixed at Rs 603-610 per share
Intraday Picks by Reliance Securities:
Buy Axis Bank: For today’s trade, long position can be initiated in the range of Rs 735-742 for a target of Rs 765 with a strict stop loss of Rs 728.Sell Godrej Consumer Products: For today’s trade, short position can be initiated in the range of Rs 1,050-1,057 for a target of Rs 1,020 with a strict stop loss at Rs 1,069.Buy IGL: For today’s trade, long position can be initiated in the range of Rs 516-521 for a target of Rs 540 with a strict stop loss of Rs 510.
Sensex slips over 200 points; Nifty below 16,600
Nifty Metal up 1.5%. Here are the top gainers in the pack
Price as on 27 Aug, 2021 09:29 AM, Click on company names for their live prices.
How Sensex stocks are faring now
Opening Bell: Sensex sheds 100 points, Nifty50 at 16,640; M&M drops 2%, Nalco jumps 4%
Pre-open session: Sensex gains 100 points, Nifty at 16,620
Ruchi Soya FPO clears High Court hurdle
Ruchi Soya cleared another hurdle to launch its Rs 4,300-crore follow-on public offer (FPO) after Patanjali Ayurved, the company’s main promoter, told the Delhi high court that it will continue to hold a majority stake in the Indore-based FMCG company for the next 90 days. The merchant bankers, led by SBI Capital Markets, are expected to launch the FPO soon.
Traders carried forward bullish Nifty futures bets to the September series on expiry of the current month contracts on expectations the index could touch 17,000. To contrarians, however, the high outstanding positions indicate the indices might struggle to move up at the pace they did in August. The Nifty rose 5% since the expiry of July contracts — making it the best series gain since February this year.
Ami Organics IPO price band fixed at Rs 603-610 per share
The initial public offering of specialty chemical maker Ami Organics will be open for subscription on Wednesday, September 1. The price band for the same has been fixed at Rs 603-610 per share. Surat-based Ami Organics is eyeing to raise about Rs 570 crore through its primary offering. The IPO consists of a fresh issue worth Rs 200 crore and an OFS of up to 6,059,600 equity shares.
Brent crude stays above $71 a barrel on supply concerns
Oil prices rose on Friday, on track to post big gains for the week, on worries about near-term supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend. US WTI crude futures climbed 16 cents, or 0.2 per cent, to $67.58 a barrel. Brent crude futures similarly rose 16 cents, or 0.2 per cent, to $71.23 a barrel.
South Korean stocks flat in early trade
South Korean shares were flat on Friday as cautious investors refrained from making big bets ahead of the US Federal Reserves Jackson Hole symposium later in the day. The won weakened, while the benchmark bond yield rose. The benchmark KOSPI was flat at 3,128.69, but poised for a weekly gain of 2.5 per cent - its best week in nearly nine months.
SGX Nifty signals a tepid start
Nifty futures on Singapore Exchange traded 10.5 points, or 0.06 per cent, lower at 16,657.50, signaling that Dalal Street was headed for a tepid start on Friday
Tech View: Indecisive candles give bears an edge
Nifty50 on Thursday formed an indecisive Doji candle on the daily chart, as traders turned cautious near the 16,700 level. The index also negated the higher high-low formations that it had made in the previous three sessions. Analysts believe back-to-back indecisive candles do not bode well for the index and suggest any fall below the 16,600 level may trigger short-term weakness.
Hong Kong stocks fall at open
Hong Kong stocks fell again at the start of business on Friday, in line with losses in New York and across most of Asia, as traders await a key speech later in the day by Federal Reserve chief Jerome Powell. The Hang Seng Index slipped 0.31 percent, or 78.14 points, to 25,337.55. The Shanghai Composite shed 0.21 percent, or 7.25 points, to 3,494.42, while the Shenzhen Composite Index on Chinas second exchange lost 0.31 percent, or 7.59 points, to 2,429.56.
Japan shares open lower ahead of Powell speech
Tokyos benchmark Nikkei index opened lower on Friday as investors awaited an address by Fed Chair Jerome Powell for clues about his plans on scaling back the central banks stimulus programme. The Nikkei 225 index fell 0.73 percent, or 202.23 points, to 27,540.06 in early trade, and the broader Topix index slipped 0.41 percent, or 7.90 points, to 1,927.45.
US stocks settled lower
US shares pulled back from record levels on Thursday, snapping a five-day winning streak to close lower as markets await a key speech from Federal Reserve Chair Jerome Powell. Dow Jones Industrial Average lost 0.5 per cent to 35,213.12. After hitting records in the previous two sessions, the broad-based S&P500 index fell 0.6 per cent to end at 4,470. The tech-rich Nasdaq Composite Index finished with a 0.6 per cent decline to 14,945.81, snapping a three-day streak of records.
Rupee rises 2 paise to close at 74.22 against dollar
The rupee eked out a marginal 2 paise gain to close at 74.22 (provisional) against the US dollar on Thursday amid a muted trend in domestic equities. Traders said the domestic unit is trading in a narrow range as investors are awaiting cues from the key speech from US Federal Reserve Chair Jerome Powell on Friday. At the interbank forex market, the local unit opened at 74.22 against the greenback and moved in a range of 74.11 to 74.27 in the day trade.
Sensex, Nifty on Thursday
Equity benchmarks Sensex and Nifty ended on a flat note on Thursday as monthly derivatives expired amid a weak trend in global markets and sustained foreign fund outflows. After trading range-bound through the session, the 30-share BSE Sensex ended just 4.89 points or 0.01 per cent higher at 55,949.10. Similarly, the broader NSE Nifty advanced 2.25 points or 0.01 per cent to its fresh closing peak of 16,636.90.
Good morning, dear reader! Heres something to kickstart your trading day
Find us at the office
Chappa- Adamitis street no. 38, 81811 Tripoli, Libya
Give us a ring
+69 213 130 910
Mon - Fri, 10:00-22:00