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Global markets are positive! Is Nifty just taking a break before the next run?

Good Morning Everyone, After the big bull run, the Nifty was slightly bearish yesterday, but with strong positive cues from across the globe and in India, we can expect more up moves in the market soon. So we should keep our strategy to buy on every dip to benefit from the upmove after that. As I told you yesterday, It's a good time to add some IT stocks now after the correction that happened yesterday. Will share live in the group today on what stocks to buy. But today being the first expiry of the month, we can see some volatility.

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Global Markets:

US markets were mixed but still positive. The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38.

European equities jumped the most in a month on Wednesday as investors bet the global economic rebound would persist even as central banks prepare to scale back support. The Stoxx Europe 600 index was last seen trading 0.90 percent higher within 0.30 percent of a record. The UK's FTSE benchmark was up 0.69 percent. France's CAC and Germany's DAX indices were up 1.07 percent and 0.21 percent respectively. S&P 500 E-Mini futures were up 0.30 percent.

Shares in Asia-Pacific were mixed in Thursday morning trade, with Australia’s July trade data expected later in the day.

In Japan, the Nikkei 225 advanced 0.52% in early trade while the Topix index gained 0.26%. South Korea’s Kospi dipped 0.24%.

Indian Market:

Trends on the SGX Nifty indicate a flat start to Nifty today withing 17100 and as I told yesterday if 17100 is broken down today, then we can expect some more profit-booking, and if Nifty moves ahead, it will face strict resistance at 17200.

The beleaguered Jet Airways is planning to fly again in the first quarter of the next calendar year. The company was grounded for over two years now after huge losses. The NCLT had already given its nod in June to the resolution plan by a consortium of Murari Lal Jalan and Kalrock Capital. The new Jet management is talking to DGCA and AAI about the plan. Jet has plans to restart operations with 20 aircraft and 30 destinations in the first phase.

It has also recruited former Jet executives.

The September rains are expected to be more than 110 percent of the long period average after a dull August. Last month was the sixth driest August since 1901 with a shortfall of 24 percent.

The heavy rains this month are better for the next rabi crop and fill reservoirs.

The Indian Railways surpassed its highest-ever freight loading volumes in a month once again in August, after the national carrier managed to transport 110.55 million tonnes of freight last month. Indian Railways freight loading during August 2021 was 110.55 million tonnes which is 16.87 percent higher when compared to August 2020. The railways earned Rs. 10,866.20 crore from freight loading during August which is 20.2 percent higher when compared to last year.

FII/DII activity

Foreign institutional investors pumped a net Rs 3,881.16 crore into the Indian capital market on Tuesday, but net sales by domestic institutional investors were at Rs 1,872.4 crore.

Stock Specific News:

Axis Bank | The RBI has imposed a penalty of Rs 25 lakh on the bank for contravention of certain provisions of Know Your Customer (KYC) norms.

State Bank of India | The bank has raised Rs 4,000 crore of the Basel - compliant Additional Tier 1 (AT1) bonds at a coupon rate of 7.72 percent.

Wipro | The company has appointed Mohammed Areff as the Country Head & Managing Director for the Middle East.

Kotak Mahindra Bank | The bank has completed the sale of an 8.6 percent stake in Airtel Payments Bank for Rs 294.8 crore.

Eicher Motors | Royal Enfield sales in August 2021 declined 9 percent to 45,860 motorcycles from 50,144 motorcycles in August 2020.

Ashok Leyland | Mahesh Babu has joined Ashok Leyland and will hold two leadership positions with immediate effect: Chief Operating Officer of Switch Mobility Ltd and Chief Executive Officer of Switch Mobility, India.

Vedanta | The company has approved the first interim dividend of Rs 18.50 per equity share for FY22 amounting to Rs 6,877 crore. The record date for the purpose of payment of dividends is Thursday, September 9, 2021.

Coal India | The company’s August provisional offtake rose 9.5 percent YoY to 48.6 mt, while provisional output increased 14.6 percent, YoY, to 42.6 mt.

Hindustan Zinc | The company has extended the shutdown at the roaster of Chanderiya Lead Zinc Smelter which will result in a production loss of about 25 KT of zinc. The company expects the roaster to start operations in mid-October 2021.

Grasim Industries | The company’s board has accepted the request of Dilip Gaur for early retirement. Accordingly, Gaur will cease to be Managing Director, Key Managerial Personnel, and Member of the Board of Directors of the company with effect from the close of business hours of November 30, 2021. Hari Krishna Agarwal has been appointed as Managing Director w.e.f December 1 for two years.

Zomato | The company has initiated the process of striking off in its subsidiaries Zomato Media Private Limited located in Singapore and Zomato UK Limited, located in the United Kingdom.

Minda Corporation | The company’s subsidiary Spark Minda Green Mobility Systems will acquire a 26 percent stake in charging solutions startup EVQPOINT.

Sun Pharma Advanced Research Company | The company’s board has approved raising up to Rs 1,800 crore.

Mphasis | The company has reappointed Nitin Rakesh as the CEO and also appointed him as the Managing Director of the company for a period of 5 years with effect from October 1, 2021.

IIFL Wealth Management | The company has appointed Sanjay Wadhwa as the Chief Financial Officer w.e.f. September 2.


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