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Daily Market Feed Post Market Analysis

Nifty to Hit All-Time High Soon? – Post-Market Analysis

NIFTY started the day at 19,774 with a gap-up of 47 points. After an initial down move till yesterday’s closing, the index moved up gradually to 19,870 levels. Nifty closed at 19,819, up by 92 points or 0.47%.

Nifty chart Sept 8 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,953 with a gap-up of 75 points. After consolidating near the opening levels, the index gave a breakout from the important resistance of 45,000 and moved up 400 points to 45,380 levels. BNF closed at 45,156, up by 469 points or 1.06%.

Bank Nifty chart Sept 8 - post-market analysis | marketfeed

All other indices except Nifty Realty (+2.12%), Nifty Auto (+0.67%), and Nifty PSU Bank (+0.32%) closed flat-to-red. Nifty Media (-0.97%) fell the most.

Major Asian markets closed up to 1.3% in the red. European markets are currently trading in the red.

Today’s Moves

Coal India (+2.96%) was NIFTY50’s top gainer. The stock has surged nearly 22% in a week!

Stocks related to the power sector were in high demand today. NTPC (+2.63%), PFC (+12.23%), REC (+10.02%), and Tata Power (+1.95%) moved up.

Sobha (+10.89%) jumped after HDFC Securities said it expects a potential upside of around 66% in the stock over the next 12 months.

Eicher Motors (-0.93%) was NIFTY50’s top loser. 

Natco Pharma (-3.5%) fell after the company was named a defendant in an antitrust lawsuit in the U.S.

Markets Ahead

As discussed earlier, the markets have turned bullish and buy-on-dips can be planned. The targets of 19,840 in Nifty and 45,370 in Bank Nifty were hit, and the bullishness could continue till immediate supports are breached.

Nifty: The index is near a very important resistance zone of 19,850-870. A breakout from this level can take the index to the all-time high (ATH) of 19,990 levels. Now, the important support zone for Nifty will be the previous swing of 19,730 levels. A breakdown from there with a re-test may take the index down to 19,680 and 19,630 levels.

Bank Nifty: The index finally broke out. Now, the immediate support to watch out for will be 45,150. A breakdown from there can take the index down to 45,000 and 44,800 levels. The immediate resistance would be 45,350. A breakout from that level can give us targets of 45,740.

The indices are on a strong uptrend. Many market participants are likely to buy during price dips, aiming to push the markets higher. This strategy is expected to continue until the key breakout levels of 19,640 in Nifty and 45,000 in Bank Nifty are maintained.

Meanwhile, global markets have stabilized today, while the U.S. Dollar appeared to be on its longest winning streak since 2014, thanks to a strong U.S. economy. Investors are anticipating that central banks will keep interest rates unchanged in the next two weeks.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Bullishness Confirmed in Nifty!  – Post-Market Analysis

NIFTY started the day at 19,598 with a small gap-down of 12 points. After an initial fall of 50 points to 19,550 levels, the index made a strong uptrend rally of nearly 200 points to 19,750 levels. Nifty closed at 19,727, up by 116 points or 0.59%.

Nifty chart Sept 7 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 44,418. The index moved up nearly 350 points till 44,700 zones, took rejection, and fell till the opening levels. But then, similar to Nifty, BNF also showed bullishness and rose to 44,900. BNF closed at 44,878, up by 469 points or 1.06%.

Bank Nifty chart Sept 7 - post-market analysis | marketfeed

All indices except Nifty FMCG (-0.4%) and Nifty Pharma (-0.32%) closed flat-to-green. Nifty Realty (+1.48%) moved up the most.

Major Asian markets closed up to 1.3% in the red. European markets are currently trading mixed.

Today’s Moves

Coal India (+7.1%) was NIFTY50’s top gainer. The stock hit over a four-year high of ₹274.75.

Cochin Shipyard (+20%) hit a 52-week high of ₹1,146.15 on the back of a strong business outlook.

Other defence stocks like Mazagon Dock Shipbuilders (+9.5%) and Paras Defence (+4.08%) closed with strong gains today. 

Tata Consumer (-2.3%) was NIFTY50’s top loser. Yesterday, the FMCG company denied reports that it was in talks to buy a stake in Indian snack food chain Haldiram’s.

GSFC (-7.3%) fell sharply today.

Brightcom Group (-5.04%) fell for the eleventh consecutive session. The stock has been in a free fall as the company battles an investigation regarding the impairment of assets worth ₹868 crore via its international subsidiaries.

Markets Ahead

We knew about the importance of 19,600 levels in Nifty and talked about how if this level was crossed, we could expect a turnaround in the markets. And we witnessed this in both Nifty and Bank Nifty today.

Now, we could consider buying during dips in Nifty. In Bank Nifty, focus on the 45,000 round level. If it holds, it’s important to watch for the resistance level to be crossed for confirmation in the banking index as well.

Nifty: The major resistance level has been broken and the index gave a breakout. Now, the important support for Nifty will be the 19,620-640 zone. A breakdown from there can give us targets of 19,560 and 19,500. The immediate resistance to watch out for will be 19,740. A breakout from this level will take the index to 19,780 and 19,840 levels.

Bank Nifty: Reversal levels and important round level resistance is at 45,000. If there’s a breakout from 45,000, we could consider a buy-on-dips strategy with a target of 45,120 and 45,370 levels. The immediate support level to watch out for is 44,550-600. A breakdown from there can give us targets of 44,200 and 44,000.

Thursdays are now dedicated to Nifty expiry. As a result, the open interest (OI) per strike has doubled. Today, there were an astonishing 10 lakh open contracts. This surge is because Bank Nifty traders have shifted their positions to Nifty after closing their positions in Bank Nifty expiry on Wednesday.

When a large number of contracts go into trouble, it can trigger a rapid short-covering rally. This is precisely what happened today. The low volatility (low Vix) market today created problems for non-directional option sellers as call premiums surged 10 to 20 times within a short period in the second half of the day. This forced all call sellers to book losses. On the other hand, it was a favourable day for directional traders who accurately predicted the upside and held their positions until the end.

How did expiry day trading go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

India’s Manufacturing PMI Hits 3-Month High in August – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

India’s manufacturing PMI hits 3-month high in August

India’s manufacturing sector expanded significantly in August 2023, reaching a 3-month high. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.6 in August, compared to 57.7 in July. The expansion in manufacturing activity was supported by the rise in new orders last month.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for August 2023: Highlights  

Maruti Suzuki India posted a 14.5% year-on-year (YoY) increase in total sale sales to 1.89 lakh units in August 2023. Sales of its mini & compact vehicle segment fell 9.7% YoY to 84,660 units. Exports rose 14.6% YoY to 24,614 units.

Tata Motors Ltd registered a 3% YoY fall in passenger vehicle sales to 45,933 units in August. The automaker’s total commercial vehicle sales rose by 1.9% YoY to 32,077 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 37,270 units in August, an increase of 25% YoY. Tractor sales are up 1% at 21,676 units. However, its tractor exports fell 26% YoY 1,029 units. 

TVS Motor Company’s total two-wheeler sales stood at 3.32 lakh units in August, up 5% YoY. Meanwhile, Bajaj Auto’s total sales fell 15% YoY to 3.42 lakh units.

Read more here.

India’s GST revenue rises to Rs 1.59 lakh crore in August, up 11% YoY

India’s Goods and Services Tax (GST) revenue increased 11% YoY in August 2023. The month saw a collection of ₹1,59,069 crore in gross GST revenue, highlighting the steady economic recovery and tax compliance. Central GST (CGST) accounted for ₹28,328 crore, while State GST (SGST) amounted to ₹35,794 crore. Integrated GST (IGST) collections stood at ₹83,251 crore.

Read more here.

Bajaj Auto’s finance subsidiary secures RBI’s NBFC licence

Bajaj Auto Ltd’s wholly-owned subsidiary Bajaj Auto Consumer Finance Ltd has received a licence from the Reserve Bank of India (RBI). The license is to launch a non-banking finance company (NBFC). However, Bajaj Auto Consumer Finance Ltd can’t accept public deposits from the public. The company’s core objective is to offer financing solutions exclusively for vehicles manufactured or endorsed by Bajaj Auto and its associated entities.

Read more here.

Muthoot Finance hikes stake to 59% in microfinance subsidiary for ₹43 crore

Muthoot Finance Ltd has acquired an additional 2.05% stake in its subsidiary Belstar Microfinance Ltd in a cash deal of ₹43 crore. Following the acquisition, Muthoot’s total shareholding in the Tamil Nadu-based microfinance company has increased from 56.97% to 59.02%. In 2017, Muthoot Finance acquired a 53% stake in Belstar as part of its diversification strategy. 

Read more here.

PVR Inox breaks box office collection record in August

PVR Inox posted the highest-ever monthly admissions and Box Office (BO) month of all time in August 2023. The company recorded a gross box office revenue of  ₹532 crore. In the previous month, the multiplex achieved a footfall of nearly 190 lakh. This was driven by Hindi films, including Gadar 2, OMG2, and Dreamgirl 2. Jailer, Rocky aur Rani ki Prem Kahani, and Hollywood’s Oppenheimer also added to the achievement.

Read more here.

Reliance launches ‘Campa Cricket’ ahead of marquee tournaments like World Cup

Amid the ongoing men’s cricket tournament Asia Cup and the upcoming Men’s ODI cricket World Cup, Reliance Consumer Products Ltd (RCPL) has launched a cricket-themed drink, Campa Cricket. In a move to expand its beverage portfolio, the company plans to launch in several states, including Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, Maharashtra, West Bengal and Uttar Pradesh.

Read more here.

Coal India output grows 13% to 52.3 MT in Aug

Coal India Ltd (CIL) posted a 13.2% growth in its output at 52.3 million tonnes (MT) in August 2023, compared to 46.2 MT in the year-ago month. The supplies rose to 59 MT in August, registering a rise of 15.3%. In FY2023-24 so far, the company produced 281.5 MT, posting an 11.1% year-on-year growth.

Read more here.

BSE share buyback price raised to ₹1,080 per share

BSE’s board approved an increase in the offer price for its proposed share buyback and also fixed the record date for the same. The share buyback price has been increased to ₹1,080 per share from ₹816 per share earlier. BSE’s board also fixed the record date for the proposed share buyback at September 14, 2023. The buyback is payable in cash for an aggregate maximum amount not exceeding ₹374 crore.

Read more here.

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Market News Top 10 News

Govt Plans to Sell IRFC Shares – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Govt plans to sell IRFC shares through offer for sale

The government is planning to sell a part of its holding in state-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current financial year (FY24). The govt currently holds an 86.36% stake in the financing arm of the Indian Railways. To make the central public sector enterprise compliant with SEBI’s minimum public shareholding (MPS) norm, the government has to dilute its 11.36% stake in IRFC.

Read more here.

Petrol, diesel sales fall in Aug as rains hit demand

According to preliminary data from state-owned oil firms, India’s petrol and diesel consumption fell in the first half of August compared to the previous month and a year ago as monsoon rains hit mobility and slowed industrial activity. Consumption of diesel fell 5.7% YoY to 2.67 million tonnes from August 1 to 15. Petrol sales fell 8% YoY to 1.19 million tonnes during the same period.

Read more here.

Coal India capex spending grows 8.5% to Rs 4,700 cr in Q1

Coal India Ltd’s capital expenditure (capex) rose 8.5% YoY during April-July (Q1) to ₹4,700 crore as it continued to invest heavily in evacuation infrastructure, land, and mining machinery. The capex spend during the first four months of FY24 was almost 100% of the target of ₹4,754 crore and 28.3% of the annual target of ₹16,600 crore.

Read more here.

Lupin gets USFDA approval for Bromfenac Ophthalmic Solution

Lupin has received approval from the US Food & Drug Administration (USFDA) to market its generic Bromfenac Ophthalmic Solution. The drug is used to treat post-operative inflammation in patients who have undergone cataract surgery. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh

Read more here.

Amara Raja to expand into 2-wheeler market to power growth

Amara Raja Batteries plans to expand into the two-wheeler electric vehicle (EV) market through chargers and batteries as part of an expansion to triple its lithium-ion business this financial year. The company is also banking on its upcoming lithium cell and battery pack manufacturing units to increase production by Q1 FY25.

Read more here.

Cabinet approves 7 projects for Indian railways

The Union Cabinet has approved seven multi-tracking projects targeted at Indian Railways with an outlay of ₹32,500 crore. The said projects will add 2,339 kilometres to the existing network of Indian Railways. They will cover 35 districts across Andhra Pradesh, Bihar, Gujarat, Jharkhand, Maharashtra, Odisha, Telangana, Uttar Pradesh and West Bengal.

Read more here.

Telecom services industry revenue growth may slow to 7-9% in FY24: ICRA

Ratings agency ICRA said the telecom services industry is expected to report moderate revenue growth of around 7-9% in FY24 due to muted average revenue per user (ARPU) expansion in the absence of tariff hikes. The capital expenditure levels of telecom firms are expected to remain elevated as they expand 5G coverage. This would keep the debt levels of the industry high at around ₹6.1-6.2 lakh crore as of March 2024.

Read more here.

Nazara Technologies invests ₹4.15 crore in Snax Games

Nazara Technologies Ltd has invested approx ₹4.15 crore (via its wholly owned Singapore subsidiary Nazara PTE Ltd) in Israel-based game developer Snax Games Ltd. The company entered into a publishing agreement with Snax Games through which it has acquired the exclusive rights to publish the games in the Indian subcontinent and the Middle-East region on a revenue-sharing basis for five years.

Read more here.

GQG picks up 8.1% stake in Adani Power

US-based investment firm GQG Partners has invested $1.1 billion (~₹9,150 crore) in Adani Power for an 8.1% stake. GQG Partners bought 31 crore shares of Adani Power in the largest ever secondary market equity deal, and promoter Adani family sold the stake for over ₹9,000 crore. With this investment, GQG Partners has bought ₹34,000 crore ($4.2 billion) in Adani group companies since March this year.

Read more here.

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Daily Market Feed Pre Market Report

U.S. Market Recovers. NIFTY to Open Strong – Pre-Market Analysis Report

The U.S. market fell yesterday as a reaction to Moody’s rating agency downgrading the outlook on 10 banks in the country.

Here are some of the major updates that could move the markets today:

Stocks

Coal India reported a fall in consolidated profit of 10.1% on-year to Rs 7,941.4 crore, but still beating street estimates.

Oil India reported a standalone profit of Rs 1,613.4 crore, down 9.78% YoY.

Prestige Estates reported consolidated profit at Rs 267 crore, up 30.3% YoY despite lower revenue.

Aarti Industries reported a 48.5% YoY fall in consolidated profit at Rs 70 crore, as revenues also fell.

Major results today: Tata Power, ZEEL, Trent, Sula Vineyards, IRCTC, Kalyan, Berger Paints.

What to Expect Today?

NIFTY started the day at 19,630, with a small gap-up. But a quick fall was seen. Support was taken at yesterday’s low and a small bounce was seen. NIFTY closed the day at 19,570, down by 26 points or 0.13%. 

BANK NIFTY started the day at 44,926 and had another day of consolidation. It tried to break out in the morning but took resistance at Friday’s high. BANK NIFTY closed the day at 44,964, up by 127 points or 0.28%. 

The U.S. markets closed in the red but recovered heavily from day-lows. The European markets closed in the red.

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the green at 19,601.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720. PCR is at 0.82.

BANK NIFTY has supports at 44,794, 44,600, 44,277 and 44,000. Resistances are at 45,229, 45,472, and 45,635. PCR is at 0.84.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,500. PCR is at 0.82.

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is also at 45,000. Interesting to see the high straddle buildup at this level. PCR is at 0.84.

Foreign Institutional Investors net-sold shares worth Rs -711 crores. Domestic Institutional Investors net-bought worth Rs 537 crores.

INDIA VIX jumped 2% up to 11.32.

U.S. markets had an amazing recovery through the day, even though they still closed in the red. It went from 1.3% in the red to just 0.45% in red.

NIFTY technicals indicate consolidation with a bearish bias. There are once again heavy call sellers in the market.

The 45,000 strike is turning into a straddle for Bank Nifty with a high pu selling yesterday. This means that an up move in Bank Nifty will NOT immediately trigger short-covering moves, it would take some time.

China’s inflation is down 0.3% YoY with disappointing trade data. Global markets look unreactive to the news.

Just two more trading sessions to expiry and surely it will be a dhamaka. Tomorrow, we have both RBI policy meeting and U.S. inflation data coming out.

I expect markets to trade inside our ranges for today like FinNifty yesterday. Do keep in mind the supports and resistances marked above for further levels in case of big moves.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

Adani Ports’ Net Profit Rises 83% YoY to Rs 2,115Cr in Q1- Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Ports Q1 Results: Net profit rises 83% YoY to ₹2,115 crore

Adani Ports & Special Economic Zone Ltd reported an 83% YoY jump in consolidated net profit to ₹2,115 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹6,248 crore, up 24% YoY. EBITDA increased 80% YoY to ₹3,765 crore in Q1. The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in the first quarter, reflecting a 12% YoY jump.

Read more here.

Tata Power to develop 2,800 MW hydro storage projects

Tata Power Ltd has entered into an agreement with the Government of Maharashtra. The agreement is for developing pumped hydro storage projects having a total capacity of 2800 MW. The company signed a Memorandum of Understanding (MoU) with the Maharashtra Government proposing a total investment worth approximately ₹13,000 crore. The pumped hydro storage projects are targeted to aid not just Maharashtra but also the country’s clean energy landscape.

Read more here.

Coal India Q1 Results: Net profit falls 10% YoY to ₹7,941 crore

Coal India reported a 10% YoY fall in consolidated net profit to ₹7,941 crore for the June quarter (Q1 FY24). Revenue from operations rose 3% YoY to ₹35,983 crore during the same period. On a sequential basis, net profit rose 44% from ₹5,528 crore reported in the preceding March quarter, while revenue dropped 6% QoQ. EBITDA stood at ₹10,513 crore, down 14.5% YoY.

Read more here.

TCS partners with govt to transform GeM platform

Tata Consultancy Services (TCS) has been selected as a strategic partner by the Indian Government to transform the Government e-Marketplace (GeM) into a state-of-the-art public procurement platform with enhanced transparency, efficiency, and inclusivity. The GeM platform provides an end-to-end online marketplace for central and state government bodies, including public sector undertakings, for the procurement of common-use goods and services transparently and efficiently. TCS will design and build a new modern solution leveraging new technologies while maintaining the current platform.

Read more here.

Hindalco Q1 Results: Net profit falls 40% YoY to ₹2,454 crore

Hindalco reported a 40.4% YoY fall in consolidated net profit to ₹2,454 crore for Q1 FY24. Its revenue from operations fell 9% YoY to ₹52,991 crore during the same period. Consolidated EBITDA stood at ₹5,714 crore, down 32% YoY. The operating profit margin contracted by 375 basis points to 10.78%.

Read more here.

Hero MotoCorp halts booking for India-made Harley Davidson

Hero MotoCorp Ltd halted bookings for its India-made Harley-Davidson motorcycle. The company has received 25,597 bookings for the Harley-Davidson X440 to date. The booking window, which opened on July 4, has now been closed, and the new booking window will be announced soon. Hero MotoCorp said it will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.

Read more here.

Torrent Pharma Q1 Results: Net profit rises 7% YoY to ₹378 crore

Torrent Pharma reported a 7% YoY rise in net profit to ₹378 crore for the June quarter (Q1 FY24). Net profit stood at ₹354 crore in Q1 FY23. Revenue also rose 10% YoY to ₹2,591 crore during the same period. EBITDA stood at ₹791 crore, up 11% YoY. The R&D spend rose 6% YoY to ₹129 crore in the second quarter. 

Read more here.

Godrej Consumer to invest ₹900 crore to set up manufacturing plants

Godrej Consumer Products Ltd (GCPL) on Monday announced that its board has approved a capital expenditure of ₹900 crore. The capital expenditure is for setting up new manufacturing sites in Tamil Nadu and Madhya Pradesh. This is being done to cater to the growing customer demand as well as consolidate the manufacturing footprint. GCPL’s board took the decision at a board meeting held on August 7. The company will fund the project through a mix of internal accruals and debt.

Read more here.

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Daily Market Feed Post Market Analysis

Nifty Closes Below 19,750. IT Stocks Gain – Post-Market Analysis

NIFTY started the day at 19,784 with a small gap-up of 30 points. Initially, the index moved up to the round levels of 19,800, took rejection, and fell to breach the important support zone of 19,750. Then, it went down to 19,700 levels and strong buying kicked in. The index mostly consolidated within the 19,700 and 19,800 zones today. Nifty closed at 19,733, down by 20 points or 0.1%. 

BANK NIFTY (BNF) started the day at 45,740 with a gap-up of 88 points. After initial consolidation, the index faced selling pressure. BNF fell below the 45,600 support zone and came down to 45,470 zones (which was the previous day’s swing). It then bounced back, but 45,600 acted as resistance. BNF closed at 45,592, down by 58 points or 0.13%. 

All indices except Nifty IT (+1.2%), Nifty Metal (+0.18%), and Nifty Pharma (+0.06%) closed in the red. Nifty Realty (-1.7%) fell the most. 

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

Coal India (+4.8%) was NIFTY50’s top gainer. The company posted a 13.4% YoY growth in coal production at 53.6 million tonnes (MT) in July.

NCLAT has listed IDBI’s (+8.6%) appeal against ZEEL for a hearing tomorrow.

TechM (+2.5%), LTTS (+3.18%), HCL Tech (+1.95%), TCS (+0.9%), and other IT stocks showed strong gains.

PowerGrid (-5.3%) was NIFTY50’s top loser. The company posted disappointing Q1 results and announced a 1:3 bonus issue.

Kei Industries (-6.5%) crashed to 8% after reporting a 17% YoY rise in net profit to ₹121.4 crore in Q1.

DLF (-3.3%) fell after promoters sold stake worth ₹1,086 crore in the real estate company.

Hero MotoCorp (-3.1%) fell sharply after the Enforcement Directorate conducted raids at the residence of the company’s chairman Pawan Munjal.

Markets Ahead

After the buying seen yesterday, our markets seem stuck in a range. A breakout or breakdown from these levels can give us good moves.

Nifty: The index is currently facing rejection from 19,750 levels, which could act as the first resistance. If that level is crossed, we can expect the index to move to 19,840 levels. If the index falls below 19,750, a round level target of 19,700 could act as strong support. And if 19,700 is breached, we can expect Nifty to fall to 19,600 as well.

Bank Nifty: BNF is looking weaker than Nifty. 45,600 is acting as a strong resistance. If the index stays below this level, we can expect targets of 45,470 (today’s low) and 45,300. If there’s a breakout on the upside, we can expect a target of 45,800 and the round levels of 46,000 eventually.

Nifty Finserv moved in a range today. So it was an easy expiry for non-directional option sellers.

Meanwhile, the S&P Global Purchasing Managers’ Index (PMI) fell marginally to 57.7 in July from 57.8 in June. The rates of output and new order expansion remained slightly lower than in June. However, companies continued to grow their workforce and purchasing activities in response to these developments.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

Here are some of the major updates that could move the markets tomorrow:

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

Read more here.

Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

Read more here.

Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

Read more here.

Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

Read more here.

Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

Read more here.

Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

Read more here.

Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

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Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

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IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

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SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

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NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

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India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

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Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

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NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

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Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

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KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

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Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

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Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

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VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

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HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

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Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

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India’s Manufacturing PMI Hits 31-month High in May – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India’s manufacturing PMI hits 31-month high in May

India’s manufacturing sector expanded significantly, reaching a 31-month high in May. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.7 in May, compared to 57.2 in April. The strong performance was driven by robust demand and output and the highest hiring rate in six months.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

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Auto sales data for May 2023: Highlights  

Maruti Suzuki India posted a 10% year-on-year (YoY) increase in total wholesale sales to 1.78 lakh units in May 2023. Sales of its mini & compact vehicle segment fell 30% YoY to 12,236 units and 5% YoY to 71,419 units respectively. Exports fell 3% YoY to 26,477 units.

Tata Motors Ltd registered a 6% YoY increase in domestic passenger vehicle sales to 45,878 units in May. The automaker’s commercial vehicle sales declined by 12% YoY to 28,989 units.

Mahindra & Mahindra’s total domestic passenger vehicle segment posted total sales of 32,886 units in May, an increase of 22% YoY. The total sales are up 14% at 61,415 units as compared to 53,726 units in May 2022. 

TVS Motor Company’s total sales stood at 3.3 lakh units in May, up 9% YoY. Meanwhile, Bajaj Auto’s sales rose 29% YoY to 3.55 lakh units.

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Coal India spends 15% higher than statutory requirement on CSR

Coal India Ltd has exceeded the required expenditure on corporate social responsibility (CSR) projects in FY23. They spent Rs 513 crore, which is 15.3% more than the statutory requirement of Rs. 445 crore. Over the past four years, CIL has spent a total of Rs. 2,238 crore on CSR, surpassing the mandated amount of Rs. 1,735 crore. Notable projects include a 5,000-seater library at Ranchi University and the treatment of thalassemia children through bone marrow transplantation.

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Venus Remedies gets marketing authorization from Saudi Arabia for Docetaxel

Venus Remedies Ltd has obtained marketing authorization in Saudi Arabia for Docetaxel, a commonly used chemotherapy drug. This achievement follows the company’s recent GMP certification for its production facilities in Baddi, Himachal Pradesh. It serves as a primary treatment option for breast, prostate, stomach, and non-small cell lung cancers. The global Docetaxel market, valued at USD 102 billion, is projected to reach USD 184 billion by 2030, with a compound annual growth rate (CAGR) of 10.22%.

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Aurum PropTech set to buy Ratan Tata-backed NestAway

Aurum PropTech plans to acquire NestAway Technologies, a managed rental home company backed by Goldman Sachs, Tiger Global, and Ratan Tata. The acquisition will involve a complete buyout of all existing shareholders, including the founders and global institutional investors. The deal is estimated to be worth over $20 million, making it a significant acquisition in the rental platform sector.

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Coal India output grows 9.5% to record 60 MT in May

Coal India Ltd (CIL) achieved a 9.5% YoY increase in coal output with a new monthly production in May 2023 to 60 million tonnes (mt). The combined production of CIL and its subsidiaries in April-May 2023 reached 117.5 mt, an 8.6% growth from the previous year. In May 2023, total coal supplies rose to 63.7 mt, a 4.1% rise from May 2022. The coal off-take for April-May 2023 stood at 126 million tonnes, showing a 6.2% YoY growth.

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GST collections rise 12% to Rs 1.57 lakh crore in May

The Goods and Services Tax (GST) collections in May reached Rs 1.57 lakh crore, showing a 12% YoY growth. The gross GST revenue collected consisted of CGST at Rs 28,411 crore, SGST at Rs 35,828 crore, IGST at Rs 81,363 crore (including Rs 41,772 crore from imports), and cess at Rs 11,489 crore (including Rs 1,057 crore from imports). Last year’s May GST collection was around Rs 1.41 lakh crore.

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GOCL Corporation bags orders worth Rs 257 crore from Coal India

Hinduja Group’s subsidiary GOCL Corporation Ltd has secured orders worth Rs 257.72 crore from Coal India Ltd. The two-year order, spanning from June 2023 to May 2025, involves the supply of detonators, accessories, and cartridge explosives. The current business activities of GOCL include energetics, mining & infrastructure services, and property development.

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Bank of Maharashtra likely to raise up to Rs 1,000 crore via QIP

According to a CNBC report, the Bank of Maharashtra intends to raise funds through a qualified institutional placement (QIP), targeting up to Rs 1,000 crore. The QIP may consist of a base size of Rs 500 crore, which could be extended by an additional Rs 500 crore through a greenshoe option. Institutional investors may be offered a discount of approximately 5% for the QIP. This move aims to attract investment from institutional investors and strengthen the bank’s capital base.

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L&T to create renewable energy infra for world’s largest green hydrogen plant in Saudi Arabia

Larsen and Toubro Ltd (L&T) has been awarded contracts worth $2.779 billion (~Rs 22,900Cr) to create renewable energy infrastructure for the world’s largest green hydrogen plant in Saudi Arabia. L&T’s power transmission and distribution business will be responsible for engineering, procuring, and constructing a 2.2 GWac PV solar plant,a 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.

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India’s GDP Grows 6.1% in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India’s GDP grows 6.1% in Q4

India’s gross domestic product (GDP) grew at 6.1% in the last quarter of the previous financial year (Q4 FY23)— beating street estimates. In FY23, the economy grew at 13.1%, 6.2% and 4.5% in Q1, Q2 and Q3, respectively, on an annual basis. However, economists warned that the global slowdown and volatility in financial markets pose a risk to exports and the growth outlook in coming quarters.

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Civil aviation ministry comes out with draft aircraft bill

The Ministry of Civil Aviation has come out with a draft bill for putting in place a simplified approach to regulations pertaining to the aviation sector. The Draft Aircraft Bill, 2023, has been prepared after reviewing the existing Aircraft Act of 1934. It aims for better provisions for regulation and control of the design, manufacture, possession, use, operation, sale, import and export of aircraft.

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Vedanta Resources pays $400 million debt

Vedanta Resources Ltd (Vedanta), the parent company of Vedanta Ltd, has repaid loans worth $400 million, cutting gross debt to $6.4 billion. The company is targeting further debt reduction during the balance of FY24 and ultimately intends to lower gross debt towards zero.

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Manappuram Finance launches digital money lending app

Manappuram Finance Ltd has launched Ma-Money, a new digital lending platform. The objective of introducing the app is to provide customers with all the financial products offered by the company under one umbrella. The app is primarily targeted at customers in tier 2 and tier 3 cities

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PTC India signs two long-term agreements for 215 MW power purchase

PTC India has signed two agreements for the purchase of 215 megawatts (MW) of electricity on a long-term basis. While an agreement has been signed with Brookfield Renewables for purchase of 100 MW solar power, another pact is with V S Lignite for purchase of 115 MW thermal power. PTC India will market the power to various utilities and industrial consumers.

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Centre to offload stake in Coal India via OFS on June 1: Report

According to a CNBC-TV18 report, the Central Government will sell a stake in Coal India Ltd (CIL) through an offer for sale (OFS) on the BSE and NSE on Thursday (June 1). The size of OFS is likely to be around Rs 4,000 crore. The floor price has been fixed at Rs 225 a share, at a discount of nearly 7% as compared to Wednesday’s closing price of Rs 241.2.

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Dixon Tech to partner with Xiaomi India for manufacturing phones

Dixon Tech has partnered with Xiaomi India for manufacturing and exporting mobile phones from India. The company is also looking to enhance the component ecosystem in India through its wholly-owned subsidiaries. Earlier, Chinese electronics giant Xiaomi had partnered with homegrown Dixon Tech to locally manufacture Mi LED TVs.

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IPL final watched by 12 crore viewers on JioCinema: Viacom18

Reliance’s Viacom18 said the Indian Premier League (IPL) 2023 became the most-watched digital event globally as 12 crore unique viewers tuned in to watch the final match between Chennai Super Kings (CSK) and Gujarat Titans on JioCinema. JioCinema set a new world record as the final match had a peak concurrency of 3.21 crore viewers. Moreover, it registered over 1700 crore video views through the 16th edition of IPL.

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Prestige Estates expects 25% pre-sales growth in FY24

Prestige Estates recorded a 19% year-on-year (YoY) increase in total sales to Rs 3,888 crore in Q4, while collections rose 12% to Rs 2,763 crore. The company delivered 1.3 million sq. ft. of projects during the quarter. The real estate firm has exceeded its target of Rs 12,000 crore in pre-sales in FY23 and is expecting 20 to 25% growth in pre-sales in FY24.

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Coal India’s Profit Falls 18% YoY to Rs 5,528Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Coal India Q4 Results: Net profit falls 18% YoY to Rs 5,528 crore

Coal India reported an 18% YoY decline in net profit to Rs 5,528 crore for Q4 FY23. Its operating revenue rose 17% YoY to Rs 38,152 crore during the same quarter. EBITDA stood at Rs 6,898 crore in Q4 FY23, down 24% YoY. The company’s board has recommended a dividend of Rs 4 per equity share.

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ITC Hotels signs three more Storii properties

ITC Hotels has signed agreements for three new properties under its boutique Storii brand in Goa, Himachal Pradesh, and Uttar Pradesh. The Storii brand is becoming popular in the experiential segment, offering travellers unique local experiences. The Storii Moira Riviera in North Goa features Mediterranean-style architecture and 15 boutique rooms with plunge pools and spa facilities.

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Canara Bank Q4 Results: Net profit rises 90% YoY to Rs 3,175 crore

Canara Bank reported a 90% YoY increase in net profit to Rs 3,175 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 8,616 crore, up 23% YoY. Its Net non-performing assets (NNPA) ratio fell from 2.65% in Q4 FY22 to 1.73% in Q4 FY23. The bank’s board has recommended a dividend of Rs 12 per equity share.

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Happiest Minds Technologies Q4 Results: Net profit rises 11% YoY to Rs 58 crore

Happiest Minds Technologies reported an 11% YoY increase in consolidated net profit to Rs 58 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 378 crore during the quarter. EBITDA stood at Rs 101 crore, up 23% YoY from Q4FY22. The company’s board has recommended a dividend of Rs 3.4 per equity share.

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ITC launches first millet cookies as part of Sunfeast Farmlite

ITC Foods has launched its first millet cookies under the Sunfeast Farmlite brand as part of the ITC Mission Millet initiative, which aims to develop a “good-for-you” product portfolio, implement sustainable farming systems, and enhance consumer awareness of millets. The cookies come in two variants – Multi Millet & Choco-chip Multi Millet.

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UPL Q4 Results: Net profit falls 7% YoY to Rs 245 crore

UPL reported a 43% YoY fall in consolidated net profit to Rs 792 crore for Q4 FY23. However, its revenue increased 4% YoY to Rs 16,569 crore during the quarter. EBITDA stood at Rs 3,033 crore in Q4 FY23, down 16% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

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Aditya Birla Fashion to raise up to ₹800 crore for TCNS acquisition

Aditya Birla Fashion & Retail (ABFRL) plans to raise ₹700-800 crore in external debt to finance its acquisition of a 51% stake in TCNS Clothing. ABFRL will also fund the acquisition through internal accruals. The remaining stake in TCNS will be acquired from the founder promoters, and the public shareholders will receive 11 shares of ABFRL for every six shares held in TCNS. The two companies will be merged after the transaction.

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IOL Chemicals gets approval to export paracetamol in European market

IOL Chemicals and Pharmaceuticals has received certification from the European Directorate for the Quality of Medicines & HealthCare, allowing it to export paracetamol to Europe. The Punjab-based company is a manufacturer of Active Pharmaceutical Ingredients (APIs) and specialty chemicals and has a total capacity of 3,600 tonnes for producing paracetamol.

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Pennar Industries secures orders worth Rs 682 crore

Pennar Industries has received orders worth Rs 682 crore across various business verticals. The company won orders from leading players across industries such as Tata Steel, Ashok Leyland, Hindalco, Tata Power, and Kirloskar Toyota, among others. It is expected to execute the orders within the next two quarters.

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Indirect taxes department to soon adjudicate MRF, Bombay Dyeing, and Vedanta for evasion on imports

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly planning to adjudicate show-cause notices issued to importers for Integrated GST (IGST) evasion. The affected importers include Bombay Dyeing, BALCO, Vedanta, JSW Steel, and MRF. In addition, the CBIC has ordered Directorate of Revenue Intelligence (DRI) field formations to begin adjudication in cases of misuse of pre-import and physical export conditions.

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India coal imports surge to 162 MT in FY23

India’s coal imports increased by 30% YoY to 162.46 million tonnes (MT) in the 2022-23 financial year. The import of coking coal rose 5.44% YoY to 54.46 MT in FY23. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel.

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