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Bearish sentiment across the globe, will Nifty consolidate more?

Good Morning, Everyone, The Nifty formed a bearish candle yesterday just before the monthly expiry today, indicating the grip of the bears in the market. Let us look at what happened after the market close yesterday. Don't have a trading account yet? Click here to open your account in 10 minutes and start investing in sharemarket from today.

Global Markets:

The US market again closed at record highs yesterday, with investors more optimistic a day after the House of Representatives passed the $3.5 trillion budget framework and a top health official expressed confidence in fighting COVID-19.

The Dow Jones Industrial Average rose 39.24 points, or 0.11%, to 35,405.5, the S&P 500 gained 9.96 points, or 0.22%, to 4,496.19 and the Nasdaq Composite added 22.06 points, or 0.15%, to 15,041.86. But the sentiment in the US is also cautious.

Asian markets were mixed this morning, however, looks more like it is in a bear grip and the same effect can be seen in the Indian Market.

I have been speaking about the interest rate hike by the central banks across the globe and finally, it has happened yesterday in South Korea, where the central bank has raised the interest rates. South Korea’s central bank raised its policy rate on Thursday, becoming the first major Asian economy to do so in the pandemic amid concerns record-low monetary settings are overheating demand. The Bank of Korea’s monetary policy board raised the benchmark interest rate by 25 basis points to 0.75%, as expected by 16 of 30 analysts surveyed by Reuters.

Now the focus will be on the Jackson Hole symposium happening in the US today and tomorrow, which might give out some news regarding the views of the US FED reserve about the interest rate hikes.

Japan’s Nikkei 225 rose 0.36%, while the Topix edged up 0.14%. In Australia, the S&P/ASX 200 fell 0.31%

Indian Market:

Trends on the SGX Nifty indicate a flat start to the Nifty this morning. We could see an initial move upwards, which could lead to more profit booking and hence watch out for HDFC bank and Reliance for the day, as their fall might affect the market in general too.

The central government on August 25 said that it had decided to increase the minimum price sugar mills pay to sugarcane growers by Rs 5 to Rs 290 per quintal for the next marketing year starting October.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,071.83 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 151.39 crore in the Indian equity market on August 25

Stock Specific News:

Bharti Airtel | The company will consider capital raising options as Board of Directors meet on August 29.

Infosys | The company will establish a new digital development centre at its largest Canadian office in Mississauga. The move is aimed at creating 500 jobs in the Toronto Region over the next three years.

M&M Financial Services | The company may appoint Raul Rebello as COO, sources said. Rebello is presently EVP & Head - Rural Lending & Financial Inclusion at Axis Bank.

Bank of India | The bank has approved the launch of QIP, aimed at raising Rs 3,000 crore equity capital, at a set floor price of Rs 66.19 per equity share.

Power Grid Corporation of India | The company has commissioned a 765 kV double circuit Vindhyachal-Varanasi transmission line.

Cipla | The company has partnered with Kemwell to foray into respiratory biosimilars space.

Jubilant Pharmova | Rakesh Radheyshyam Jhunjhunwala and his wife Rekha Rakesh Jhunjhunwala net bought 4.75 lakh equity shares in the company at Rs 594.35 per share on the NSE, the bulk deals data showed. Rekha Rakesh Jhunjhunwala acquired 20 lakh equity shares and Rakesh Radheyshyam Jhunjhunwala bought 25 lakh shares in the company, but his firm Rare Enterprises sold 40.25 lakh equity shares at same price.

Kaveri Seed Company | The company approved the buyback of equity shares of up to Rs 120 crore at a price up to Rs 850 per share.

Procter & Gamble Hygiene & Health Care | The company reported profit at Rs 48.98 crore in Q4FY21 against Rs 69.21 crore in Q4FY20, revenue rose to Rs 786.6 crore from Rs 634.53 crore YoY. The company has recommended a final dividend of Rs 80 per equity share (nominal value of Rs 10 each), for the financial year ended June 30, 2021.

Thermax | Thermax Group won Rs 293 crore order for refinery and petrochemical complex in Western India.

Olectra Greentech | Promoter entity Trinity Infraventures sold 10.8 lakh equity shares in the company via open market transaction, reducing shareholding to 0.22 percent from 1.53 percent earlier.

BKM Industries | The company has sold 13,83,103 equity shares in BKM Industries via open market transaction, reducing shareholding to 5.29 percent from 7.4 percent earlier.

LG Balakrishnan & Brothers | Promoter V Rajvirdhan sold 32,414 equity shares in the company via open market transaction, reducing shareholding to 7.02 percent from 7.13 percent earlier.

Chemplast Sanmar | SBI Fund Management acquired 53.07 lakh equity shares in the company via open market transaction, increasing shareholding to 8.25 percent from 4.89 percent earlier. Mirae Asset Investment Managers (India) bought 29.56 lakh equity shares in the company via open market transaction, raising stake to 6.84 percent from 4.97 percent earlier.

Advik Laboratories | The company has cleared its entire outstanding loan with Indian Overseas Bank (IOB) pursuant to one-time settlement agreement entered into by the company with IOB.

Max Healthcare Institute | The company approved an additional investment of Rs 50 crore by way of subscription towards Rights Issue of equity shares of Alps Hospitals.

Capacite Infraproject | Think India Opportunities Master Fund LP sold 6,16,553 equity shares (0.9 percent) in the company at Rs 144.61 per share on the NSE, the bulk deals data showed.

GSS Infotech | Investor Alin Ajaykumar Shah sold 1,95,964 equity shares (1.15 percent) in the company at Rs 63.32 per share on the NSE, the bulk deals data showed.

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