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US markets continue to consolidate! Will Nifty take some rest now?

Good Morning Everyone, The Nifty went into consolidation yesterday, but the bulls continued to stay strong by not letting the bears bring the market down, mainly supported by Kotak bank.

Today being the weekly expiry and last trading day of the week, we will see super volatility today, be prepared.

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Global Markets:

The US market continued to consolidate from record highs yesterday. The Dow Jones Industrial Average fell 0.2% to end at 35,031.07 points, while the S&P 500 lost 0.13% to 4,514.07. The Nasdaq Composite dropped 0.57% to 15,286.64.

US job openings raced to a new record high in July, suggesting that last month's sharp slowdown in hiring was due to employers being unable to find workers rather than weak demand for labor.

Job openings, a measure of labor demand, jumped 749,000 to 10.9 million on the last day of July, the highest level since the series began in December 2000, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. Hiring was little changed at 6.7 million.

Shares in Asia-Pacific fell in Thursday morning trade following overnight declines on Wall Street. Meanwhile, investors looked ahead to the release of China’s August inflation data. The Nikkei 225 in Japan dipped 0.53 percent. South Korea’s Kospi declined 0.59 percent. In Australia, the S&P/ASX 200 shed 0.21 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.14 percent lower.

Indian Market:

Trends on the SGX Nifty indicate a gap down opening at close to 17300 levels today, However, as I have been saying, 17300 is an important level as we could see more profit booking kicking in case of breaching the level.

India is expected to post strong economic growth in the coming quarters, even as inflation, led by food prices, is likely to remain elevated, S&P Global Ratings said on Wednesday.

The economy is expected to clock 9.5 percent growth in the current fiscal year, followed by 7 percent expansion in the next year, it said, adding high nominal GDP growth would be important for ensuring fiscal consolidation going forward.

The central government on September 8, appointed intermediaries-Kotak Mahindra Capital Company, Goldman Sachs India Securities, JP Morgan India, ICICI Securities, and others for listing and partial disinvestment of its equity shareholding in Life Insurance Corporation of India(LIC) via an initial public offering.

LIC has appointed Kotak Mahindra Capital Company, Goldman Sachs India Securities, JP Morgan India, ICICI Securities, JM Financial, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India), Axis Capital, DSP Merrill Lynch, and SBI Capital Markets as book-running lead managers, says a circular on DIPAM website.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 802.51 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 0.60 crore in the Indian equity market on September 8

Stock Specific News:

Telecom stocks: Union cabinet could not clear a package for the ailing telecom industry Wednesday due to a pending legal opinion, sources said. The case can be likely taken up in the next cabinet meeting.

Insurance stocks: The industry’s gross premiums in August were up over 24 percent YoY on a reasonable base led by over 25 percent growth in the standalone health insurers.

Textile stocks: The Union cabinet has cleared a Rs 10,000 crore production linked incentive scheme for the industry. The scheme covers man-made fibers and technical textile sectors.

Steel stocks: India’s steel industry has witnessed a growth of 9.2 percent in April-July on a year-on-year basis as China has imposed export tariffs from August. Experts like Edelweiss are upbeat about demand for India’s steel exports for the current financial year.

SBI Life: Canada Pension Plan Investment Board will sell a 2 percent stake in the company. The stake is worth over Rs 2,000 crore.

TCS: The tech-major has been appointed by South American airline Avianca to drive its cloud transformation.

Infosys: The company has announced a new strategic partnership with The Economist Group to enable and accelerate sustainability solutions. It aims to drive a world-changing impact through a new business-to-business model.

Bajaj Allianz General Insurance: The insurance company has reported an 18/11 percent YoY growth in its motor OD and motor TP books in July 2021.

ICICI Lombard: The insurance company’s retail health premiums were up 10 percent and ahead of the industry. However, its gross premiums were tepid at 4 percent YoY.

BPCL: Arun Kumar Singh has taken over as the new Managing Director and Chairman of BPCL, the company said Wednesday. Vetsa Ramakrishna Gupta is the new Director of Finance.

Hero Motors: The Hero Motors Group is aiming to triple its exports and international revenue to Rs 3,000 crore by FY24.

ONGC: ICRA, a credit rating agency, has assigned an 'AAA' credit rating for ONGC’s non-convertible debentures worth Rs 7,500 crore.


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