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Nifty at a cautious level, Is it time for consolidation?

Good Morning, Everyone, The market closed at an all-time high but with an indecisive candle yesterday. Also, the US markets were closed yesterday on the occasion of Labor Day. So we don't have any major cues for the day.

At this point in time, we need to watch the level of 17300 because any break in the level may see some profit booking.

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Indian market:

Trends on the SGX Nifty indicate a small gap-up opening again today, however with an indecisive candle on the daily chart yesterday, the traders will be on a cautious note today and will wait to book profits if a fall is anticipated during the day.

Increasing vaccination and declining COVID-19 cases in most parts of India have given travelers the confidence to book air tickets weeks in advance instead of flying at short notice because of lockdowns or emergencies.

Industry experts and airline executives say that in view of the changed customer behavior, the government should ease the restriction on capacity utilization and fares, which was imposed to help the smaller carriers withstand the disruption caused by the pandemic.

Sebi on Monday barred a total of 85 entities, including Sunrise Asian Ltd, from the capital markets for up to one year for manipulating the company's share price. In its order, the regulator restrained Sunrise Asian and its then five directors from the capital markets for one year and the 79 connected entities for six months.

The Securities and Exchange Board of India (Sebi) had conducted an investigation in the scrip of Sunrise Asian for the period from October 16, 2012, to September 30, 2015, based on a reference received from the Principal Director of Income Tax (Investigation), Kolkata. This is why I always tell that let us stay away from midcaps and especially small caps.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 589.36 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 547.31 crore in the Indian equity market on September 6.

Stock Specific News:

Infosys | The company said it has almost completed its buyback program and its buyback committee will meet on September 8 to consider the closure of the buyback program.

Dish TV | Yes Bank has asked for the removal of directors of Dish TV via special notice under Section 169 of the Companies Act, 2013, and has opposed fundraising of Rs 1,000 crore via a rights issue.

BPCL | Arun Kumar Singh has been appointed as Chairman & MD of the company till October 31, 2022, or until further orders.

Adani Transmission | The company has appointed Rohit Soni as CFO & KMP with effect from September 6, 2021.

Edelweiss Financial Services | The company has raised Rs 400 crore through the issuance of non-convertible debentures.

Nuvoco Vistas Corporation | The company’s Q1FY22 consolidated profit jumped to Rs 114.28 crore from Rs 37.52 crore, revenue fell to Rs 2,202.97 crore from Rs 2,631.61 crore, YoY.

VST Tillers Tractors | The company has entered into an agreement with ETG (Export Trading Group), for the distribution of its tractors, power tillers, power reapers, and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.

Orient Cement | HDFC Asset Management Company sold 44.70 lakh shares in the company via an open market transaction on September 3, reducing shareholding to 2.97 percent from 5.15 percent earlier.

Triveni Turbine | In respect of affairs of Joint Venture company GE Triveni Ltd, the JV partners, have now agreed to terminate the JV agreement and fully and finally settle and resolve the multiple disputes amongst them.


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