Asian indices were lower at open tracking the fall in US indices. Japan's Nikkei traded 0.4% lower at 7:01 a.m., when South Korea's Kospi and Australia's ASX 200 were trading 0.84% and 0.47% down respectively.
US stocks declined on Wednesday ahead of Nvidia Corp.'s eagerly awaited earnings report, with Nasdaq falling 1% as the tech company stocks fell 2%. Investors are anxious to see if the chipmaker can meet the exceptionally high expectations set for its artificial intelligence technology, which has been described as a once-in-a-lifetime opportunity.
S&P 500 and Nasdaq Composite fell 0.60% and 1.12%, respectively to close at 5,577.25 and 41,091.42. Dow Jones Industrial Average was down 0.39% at 41,091.42 at close.
Brent crude was trading 0.13% higher at $78.75 a barrel as of 6:55 a.m when gold Gold was 0.33% up to $2,512.95 an ounce.
GIFT Nifty was 0.14% higher at 25,014.00 as of 6:52 a.m.
The Indian benchmark equity indices continued their uptrend on Wednesday, with the NSE Nifty 50 recording its best gaining streak since October 2020 to close at its lifetime high and the S&P BSE Sensex extending gains for the seventh consecutive session.
The Nifty closed 34.6 points or 0.14%, higher at 25,052.35 and the Sensex ended 73.80 points or 0.09%, higher at 81,785.56.
Overseas investors turned net sellers of Indian equities on Wednesday after being buyers for four straight sessions. Foreign portfolio investors offloaded stocks worth Rs 1,347.5 crore while domestic investors turned net buyers after selling for a day and bought equities worth Rs 439.4 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened by 4 paise to close at 83.96 against the US dollar.
Trade Setup For Aug 29: Nifty To Test New Highs While Weak Nvidia Outlook Hits Global Stocks
Stocks to Watch
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One 97 Communications: The company received a nod from the Finance Ministry for downstream investment into Paytm Payment Services. Paytm Payment Services will resubmit the payment aggregator license and will continue to provide online payment aggregation services to existing partners.
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InterGlobe Aviation: Founder Rakesh Gangwal and Chinkerpoo Family Trust seek to sell up to 1.47 crore company shares at a floor price of Rs 4,953 per share, which indicates a 5.5% discount on the current market price.
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PB Fintech: Tencent Cloud looks to sell a 2.1% stake or 97 lakh shares, in the company at Rs 1,660.20 per share, which indicates a 4.5% discount to the current market price.
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Genus Power Infrastructure: The company’s arm received letters of award for three orders worth Rs 4,469 crore for the appointment of advanced metering infrastructure service providers. The company’s total order book stood at Rs 32,500 crore.
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KEC International: The company received new orders worth Rs 1,171 crore for its transmission and distribution business in the UAE and Saudi Arabia.
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Tata Steel: The company acquired 178 crore shares for Rs 2,348 crore in Tata Steel Holdings. Tata Steel Holdings will continue to be an arm of the company post-acquisition.
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Sonata Software: The company received a multi-year, multi-million-dollar IT outsourcing contract from a US-based healthcare and wellness company.
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Wipro: The company voluntarily liquidates its China subsidiary.
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MTNL: Union Bank freezes all company accounts, including collection and current accounts, over non-payment of dues.
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NLC India: The company signed a power usage agreement for the supply of 200 MW of green power to Telangana for 25 years.
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VLS Finance: The company’s buyback is to open on Aug. 30 and close on Sept. 5.
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Nalco: The company signed a MoU between JV KABIL and Oil India for collaboration in projects and exploration.
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Reliance Industries: CCI approved the Reliance-Disney merger subject to compliance with voluntary modifications.
Paytm Payments Services To Resubmit Application For Payment Aggregator License
IPO Offering
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Premier Energies: The public issue was subscribed to 6.61 times on day 2. The bids were led by non-institutional investors (18.83 times), a portion reserved for employees (6.62 times), retail investors (4.21 times), and qualified institutional investors (1.4 times).
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ECOS (India) Mobility & Hospitality: The public issue was subscribed to 3.36 times on day 1. The bids were led by non-institutional investors (6.65 times), retail investors (3.85 times), and qualified institutional investors (0.04 times).
Block Deals
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GMM Pfaudler: Atreides Investments B.V. sold 4.12 lakh shares (0.92%) and Geranium Investments Limited sold 37.09 lakh shares (8.25%) at Rs 1,352 apiece. Infinity Partners bought 41.21 lakh shares (9.17%) at Rs 1,352 apiece.
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Krishna Institute of Medical Sciences: Emerald Investments Limited sold 15.7 lakh shares (1.96%) at Rs 2,497 apiece. Infinity Partners bought 15.7 lakh shares (1.96%) at Rs 2,497 apiece and Infinity Partners bought 15.7 lakh shares (1.96%) at Rs 2,497 apiece.
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Shanti Educational Initiatives: Legends Global Opportunities (Singapore) bought 8.43 lakh shares (0.52%) at Rs 124.9 apiece, while New Leaina Investments sold 8.43 lakh shares (0.52%) at Rs 124.9 apiece.
Bulk Deals
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Shaily Engineering Plastics: RBA Finance, an investment, sold 5 lakh shares (5.45%) at Rs 940 apiece. Motilal Oswal Mutual Fund bought 5 lakh shares (5.45%) at Rs 940 apiece and Motilal Oswal Mutual Fund bought 3.11 lakh shares (3.39%) at Rs 923.63 apiece.
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Kesoram Industries: Sg Sundae Holdings LLC sold 28.56 lakh shares (0.91%) at Rs 207.02 apiece.
Infinity Partners Buys 9.17% Stake In GMM Pfaudler
Insider Trades
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ION Exchange (INDIA): Promoter Mahabir Prasad Patni sold 94,000 shares between Aug. 14 and Aug. 23.
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Paisalo Digital: Promoter Equilibrated Venture Cflow bought 15.58 lakh shares on Aug. 28.
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Usha Martin: Promoter Peterhouse Investments India sold 6 lakh shares on Aug 26.
Trading Tweaks
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Ex/record AGM: Dynamatic Technologies.
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Moved in short term ASM Framework: GMR Power and Urban Infra, Stove Kraft Limited, Tata Elxsi,
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Moved out of short term ASM Framework: GRM Overseas, Jeena Sikho Lifecare, UFLEX Limited, Uflex.
F&O Cues
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Nifty August futures up by 0.14% to 25,048 at a discount of 4 points.
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Nifty August futures open interest down by 27.3%.
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Nifty Bank September futures down by 0.25% to 51,406 at a premium of 262.15 points.
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Nifty Bank September futures open interest up by 64.8%.
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Nifty Options Aug. 29 Expiry: Maximum call open interest at 25,500 and maximum put open interest at 24,800.
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Bank Nifty Options Sept. 4 Expiry: Maximum call open Interest at 52,000 and maximum put open interest at 52,000.
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Securities in ban period: Bandhan Bank, Granules, Hindustan Copper, India Cements.
Money Market
The Indian rupee closed weaker against the US dollar on Wednesday due to month-end dollar demand from importers. However, easing oil prices and continued intervention by the Reserve Bank of India limited the losses.
The local currency depreciated by 4 paise to close at Rs 83.96 and opened at Rs 83.95, according to Bloomberg data. It had closed at Rs 83.92 on Tuesday.
IndiGo Co-Founder Gangwal Plans To Sell Shares Worth Rs 6,750 Crore Via Block Deals, Bloomberg Reports
Research Reports
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United Spirits – Multiple Triggers To Drive Earnings Growth: Nirmal Bang
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L&T Technology 3.0: Re-Engineered GTM Strategy Focuses On Mobility, Sustainability, Tech: Motilal Oswal
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JSW Cement – An Emerging Force To Reckon With: ICICI Securities
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IT Services – Navigating The Uneven, While Betting High On AI: Prabhudas Lilladher
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Metals, Mining Q1 Review- Expect Margin Pressure In Q2 With Falling Prices, Seasonally Low Volumes: Systematix
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Consumer Sector Q1 Results Review – Steady Volume Recovery, Rural Growth Drive Margin Expansion: DRChoksey
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Relaxo Footwears – Expect 7% Volume Growth; Expensive Valuations Compel ‘Sell’ Rating: Yes Securities
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Blue Dart – Improved Utilisation Of New Aircraft Boost Margins; Surface Express Capex Underway: Motilal Oswal
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