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Nifty touches yet another record high today, but then banks let it down!

Good Evening Everyone,

The Nifty again touched another record high today at 16700, but could not sustain and got into profit booking mode and then went on into a consolidation mode to finally close at 16634. Don't have a trading account yet? Click here to open your account in 10 minutes and start investing in sharemarket from today.

As I had told you in the morning, we could see huge volatility in the market today and the same can be expected tomorrow too being the monthly expiry.

Markets regulator Sebi on Wednesday asked depositories to use distributed ledger or blockchain technology to record and monitor security creation as well as covenants of non-convertible securities.

The distributed ledger technology has the potential to provide a more resilient system than traditional centralised databases. It offers better protection against different types of cyber-attacks because of its distributed nature, which removes the single point of attack, Sebi said in a statement.

The market capitalisation of Tata Consultancy Services (TCS) on Wednesday breached the Rs 13.5 lakh crore mark -- the second company after Reliance Industries Ltd to achieve the feat. At the close of trade, the market valuation of TCS stood at Rs 13,53,667.85 crore on BSE.

The company had touched the Rs 13 lakh crore valuation level on August 17, when its market capitalisation (m-cap) stood at Rs 13,14,051.01 crore.

Gold prices weakened by Rs 262 to Rs 47,448 per 10 gram in the Mumbai retail market on increased risk appetite, dollar uptick, and negative global cues. The yellow metal eased as investors look forward to the Federal Reserve’s direction on asset tapering and interest rate hikes. The price of 10 gram, 22-carat gold in Mumbai was Rs 43,462 plus 3 percent GST, while 24-carat 10 gram stood at Rs 47,448 plus GST. The 18-carat gold is quoted at Rs 35,586 plus GST in the retail market.

National Stock Exchange (NSE) has directed its members, including stockbrokers, to discontinue the sale of digital gold on their platforms by September 10. The direction came after capital markets regulator Sebi said that certain members are providing a platform to their clients for buying and selling digital gold.

Securities and Exchange Board of India (Sebi), through a letter dated August 3, informed the exchange that the said activity is in contravention of Securities Contracts (Regulation) Rules (SCRR), 1957, and the members should refrain from undertaking any such activities.

Adani Ports & SEZ share price gained over 2 percent after the company said it received approval from the Andhra Pradesh government to acquire a 10.4 percent stake in Gangavaram Port (GPL).

Airline stocks, InterGlobe Aviation and SpiceJet gained over 1-4 percent on the possibility that government might remove existing limits on the airline companies.

An Economic Times report said Aviation minister Jyotiraditya Scindia held a meeting with top airline executives on Monday to discuss the possibility of removing existing caps on the number of flights and the minimum-maximum fares that airlines can charge in the domestic sector.

Wipro ended in the red after hitting a 52-week high intraday on August 25. The company has been awarded a strategic multi-year contract to partner with E.ON in its digital transformation journey in the financial area. The company will open a new delivery centre in Sherwood, Arkansas.

Sector Watch:

Oil & Gas sector was the only sector to close in green at more than 1% as all other sectors went into a profit booking after Nifty touched all time high today.

Top Gainers:

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