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Positive global cues and Nifty at an all-time high! Can Nifty sustain the bulls today?

Good Morning, Everyone, The Global markets are again positive, and Nifty also seems to have received some renewed power. However, Today is Wednesday ( A day before the monthly expiry) I am expecting the Nifty to be super volatile. However, with positive global cues, If the FIIs who have been selling continuously for some time now, start buying, then we might see surprises too. 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:

US Markets: The Dow Jones Industrial Average rose 30.55 points, or 0.09%, to 35,366.26, the S&P 500 gained 6.7 points, or 0.15%, to 4,486.23 and the Nasdaq Composite added 77.15 points, or 0.52%, to 15,019.80.

Asia-Pacific: Asian stocks mostly rose in early trade this morning, as optimism continued to drive U.S. stocks, with the S&P 500 and Nasdaq reaching record highs overnight.

Nikkei 225 in Japan was up 0.35%, while the Topix jumped 0.39%. The Kospi rose 0.42% while Australia S&P/ASX 200 was up 0.24%.

Indian Market:

Trends on the SGX Nifty indicate yet another gap-up opening after the Nifty closed at a record high yesterday. Remember? last time Nifty opened with a gap-up at an all-time high, it went into a profit booking mode and went to a trend reversal. So we need to be watchful about how things will shape up today.

The auto sector in India has had a bad 2021 to date. While the Nifty 50 has gained almost 18% this year, the Nifty Auto is up less than 5%. But are things starting to change?

International brokerage firm Jefferies certainly thinks so. In a note, it said, “Faster job growth and salary hikes could help in urban sentiment recovery. We see this as a positive for urban consumption such as PVs, high-end 2Ws, restaurants, and the property sector.”

HDFC Bank Ltd shares are up almost 9% in the last 30 days. After the ban on its credit card business was partially lifted, the bank has made it clear it will make up for lost ground. On August 23, it sent out a media release that showed how serious it was:

"HDFC Bank has over 20 initiatives which will hit the market in the next 6 to 9 months to drive this growth. These include the launch of new co-branded cards with the who's who of Corporate India spanning pharma, travel, FMCG, hospitality, telecom, and fintech. The bank has also revamped its existing range of cards over the past 9 months and is also ready with strategic partnerships with new companies," said the release.

HDFC Bank is the country’s largest credit card issuer with nearly 24% of the total market share in India. Despite the ban, it held on to its number one position.

SBI report Ecowrap noted that India’s GDP growth for the April-June quarter, aka Q1 FY22, would be around 18.5%. “Based on our 'Nowcasting' model, the forecasted GDP growth for Q1 FY22 would be around 18.5% (with upward bias),” the report said. This is lower than the Reserve Bank of India’s (RBI) estimate of 21.4%. The higher growth in the June 2021 quarter is a result of a low base, said the SBI

National Investment and Infrastructure Fund is in talks with L&T to invest up to Rs 4,000 crore in Hyderabad Metro. L&T wants to focus on its core engineering activities and deleverage the balance sheet. The venture is loss-making for L&T.The project is suffering from cost and time overruns. The lockdowns hit the company badly.NIIF may form a consortium for the investment plan.L&T is also looking for a Rs 5,000 crore soft loan from the Telangana government.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,644.91 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,380.05 crore in the Indian equity market on August 24

Stock Specific News:

Wipro | The company has been awarded a strategic multi-year contract with E.ON for the digital transformation of their corporate business functions. Also, Wipro will open a new delivery centre in Sherwood, Arkansas.

ICICI Bank | The Reserve Bank of India has approved the re-appointment of Sandeep Bakhshi as the managing director and chief executive officer of the bank.

Bharti Airtel | The Supreme Court directed the Department of Telecommunication (DoT) not to invoke the bank guarantees of Bharti Airtel for three weeks for recovering Rs 1,376 crore in AGR-related dues of Videocon Telecom Ltd which had sold its spectrum to the Bharti group.

HDFC Bank | The bank has divested over 2 percent stake in Central Depository Services (India) Ltd (CDSL) in tranches during June-August this year, garnering nearly Rs 223 crore from the sale.

Tata Steel | Brickwork Ratings has upgraded the ratings for the unsecured NCDs/Bond issues aggregating Rs 4,000 crore of the company to BWR AA+/Stable from BWR AA/Stable.

IndusInd Bank | India Ratings has assigned the bank’s Tier II Bonds rating at ‘IND AA+ ’/Stable.

Godrej Industries | The company’s subsidiary Pyxis Holdings has acquired a majority stake in group firms Godrej Housing Finance Ltd (GHFL) and Ensemble Holdings and Finance Ltd.

Canara Bank | Ace investor Rakesh Jhunjhunwala has acquired a 1.59 percent stake in the bank

PFC, NHPC | PFC has signed an MoU with NHPC to lend funds for the development of Hydro Projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects.

Prestige Estates Projects | The company through its wholly-owned subsidiary Prestige Office Ventures has acquired a 70 percent stake in Shipco Infrastructure Pvt Ltd for Rs 22.68 crore to create logistics and warehousing space.

Dishman Carbogen Amcis | The company’s Switzerland-based subsidiary Carbogen Amcis AG. has entered into a co-investment agreement of more than CHF 4 million with a long-standing Europe-based client.

CreditAccess Grameen | The company board approved the issuance of non-convertible debentures aggregating up to Rs 100 crore

ISGEC Heavy Engineering | The company has bagged a major order for an EPC process plant from a prominent refinery.

Brigade Enterprises | CRISIL Ratings has upgraded the company’s long-term rating for the credit limits from banks to CRISIL A+/stable from CRISIL A/stable.

Sterling Tools | ICRA has reaffirmed the long-term as well as short-term credit ratings of the company.

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