Nifty closes at an all-time historic high again!
Good Evening Everyone, As discussed in the pre-market report this morning, we saw a gap-up opening in the market with profit booking, and then DIIs got into action and Nifty closed at an all-time high of 16624. Don't have a trading account yet? Click here to open your account in 10 minutes and start investing in sharemarket from tomorrow.
The FIIs sold for a net of Rs. 1644.91 crores while the DIIs were buyers to the tune of Rs. 2380 Crores.
On the daily chart, Nifty has formed a bullish candle indicating more strength in the Bulls for now, however, it needs to be seen if the BULLs can handle the monthly expiry pressure.
Metals were leading the way for Nifty after the huge sell of in the past few days and were supported well by almost every sector except FMCG & IT that saw some profit booking as funds moved to other sectors.
The top gainer for the day was Bajaj Finserv which jumped over 7 percent after the company received in-principle approval from the Securities and Exchange Board of India (SEBI) for sponsoring a mutual fund. The company would be setting up an asset management company and the trustee company, directly or indirectly i.e., itself or through its subsidiary, in accordance with SEBI regulations and other laws, Bajaj Finserv said.
Infosys hit a new record high on August 24 before closing in the red. The market capitalization of the IT firm hit the $100-billion mark. Infosys announced the signing of a new contract for a minimum of three years with UCAS, the admissions service for higher education in the UK.
The top losers were the IT & FMCG sector as profit booking was seen after an excellent rally in the past few days.
Maruti Suzuki's share price ended in red after the Competition Commission of India (CCI) imposed a fine on the company for anti-competitive practices. The CCI imposed a fine of Rs 200 crore for how it forced dealers to discount cars.
Stock Specific News:
Wipro: The company has been awarded a strategic multi-year contract to partner with E.ON in its digital transformation journey in the financial area. Besides, it said it will open a new delivery center in Sherwood, Arkansas.
Tata Steel: Brickwork Ratings upgrades the ratings for the unsecured Non-Convertible Debentures/Bond Issues aggregating Rs 4,000 crore of the company from BWR AA/Stable to BWR AA+/Stable.
Dollar Industries: CARE Ratings revised the credit rating from CARE A+; Positive to CARE A+; Positive for long-term facilities and reaffirn1ed the existing credit rating CARE A1+ for short-term facilities/Commercial Paper issue.
IndusInd Bank: India Ratings assigns the bank’s Tier II Bonds rating at ‘IND AA+’/Stable.
CreditAccess Grameen: The company board approved the issuance of non-convertible debentures aggregating up to Rs 100 crore.
Sterling Tools: ICRA has reaffirmed the long-term as well as short-term credit ratings of the company.
Brigade Enterprises: CRISIL Ratings has upgraded the long-term rating for the credit limits of the company from banks to CRISIL A+/stable from CRISIL A/stable.