Stock Market Today Highlights: Nifty 50 Closes In Red, Auto Index Top Loser This Week

• Sectors this week mainly end in red except Nifty Energy
• Nifty Auto is the top losing sector this week down almost 3.9%
• Nifty Energy is the top gaining sector this week up almost 0.3%
• Nifty Metal, Nifty Finserv snaps 2 session weekly gaining streak
• Nifty Bank down for the 2nd weekly session 
• Nifty Energy snaps 3 session weekly losing streak 
• Nifty PSU bank, Nifty Auto, Nifty FMCG down for 4th consecutive weekly session

• Nifty Midcap 150 closes in red, down 1.4% 
• KEI Industries and  Polycab India are the top weekly losers in Nifty Midcap 150 
• KEI Industries down almost 12.8% 
• Polycab India down almost 8.5%
• Nifty Smallcap 250 closes flat with a negative bias 
• RR Kabel and ZEE Entertainment Enterprise are the top weekly losers 
• RR Kabel down over 15%
• Zee Entertainment Enterprise down almost 10%

• Nifty 50 closes in red, down almost 1%
• Eicher Motor and Maruti Suzuki India are the top losers this week 
• Eicher Motor down over 5.3% 
• Maruti Suzuki down over 5%

• Nifty Currently At 23,898 Vs 23,938 At 3:15 PM 
• Nifty Sees A Downtick Of 40 Pts Due To CAS 
• Sensex At 76,515 Vs 76,646 At 3:15 PM 
• Sensex Sees A Downtick Of 131 Pts Due To CAS 
• Nifty Bank Now At 57,370 Vs 57,441 At 3:15 PM  
• Nifty Bank Sees A Downtick Of 71 Pts Due To CAS 
• Nifty Midcap 150 At 23,168 Vs 23,180 At 3:15 PM 
• Midcap 150 Sees A Downtick Of 12 Pts Due To CAS

Dhoot Transmission reported a 37.8% year-on-year rise in consolidated net profit to Rs 132.7 crore in Q1, compared with Rs 96.3 crore a year ago.

Consolidated revenue grew 49.7% YoY to Rs 1,446.4 crore from Rs 966.3 crore, while EBITDA increased 29.1% to Rs 218.4 crore from Rs 169.2 crore.

However, EBITDA margin contracted to 15.1% from 17.5% in the corresponding quarter last year.

Snapping the two-day rally, gold prices dropped by Rs 431 to Rs 1.55 lakh per 10 grams in futures trade due to investor caution ahead of the US nonfarm payrolls data.

On the Multi Commodity Exchange, the yellow metal futures for October delivery declined Rs 431, or 0.28 per cent, to Rs 1,55,344 per 10 grams.

Brent crude prices rose 0.4% to $95.20 per barrel, continuing to trade at elevated levels amid ongoing market developments.

ESDS Software Solution shares made a stellar debut in the Indian stock market today, listing at Rs 757 on NSE, a premium of 76.46% over its issue price of Rs 429. On BSE, the stock listed at Rs 746.30, up 73.96% from issue price. 

After the debut, ESDS Software share price hit 20% upper circuit of Rs 908.40 apiece on the NSE. The stock was locked at a 20% upper circuit of Rs 895.55 apiece on the BSE.

According to Ravi Singh, Chief Research Officer from Master Capital Services Ltd., long-term investors may still find the underlying business relevant, with growing demand for cloud, data centers and AI infrastructure potentially supporting growth over the coming years. 

“Investors who have received allotted shares may book partial profit at listing at premium and can keep rest for long-term. On the other hand, those who did not get shares in IPO may buy when price comes down,” Singh said.

• Air India said it acknowledges the release of the preliminary report by the Aircraft Accident Investigation Bureau (AAIB).

• The airline said it will continue to extend full cooperation to the ongoing investigation.

• Air India said it is providing investigators access to all relevant:

  • Operational records
  • Maintenance records
  • Technical records

• The airline said its pilots undergo:

  • Rigorous training
  • Regular proficiency checks
  • Medical examinations
  • Other regulatory assessments in line with applicable national and international requirements

• Air India has started voluntary testing of 100% of its pilots as an additional measure to reinforce its safety-first approach.

• The airline reiterated its zero-tolerance policy towards any breach of safety, fitness or regulatory requirements.

• It said appropriate action will be taken wherever warranted.

• Air India added that it remains committed to implementing any recommendations arising from the investigation.

 

• Tata Realty & Infrastructure Ltd. (TRIL) has appointed Gaurav Jain as its Managing Director & Chief Executive Officer, effective Oct. 1, according to a PTI report.
• Jain will succeed Sanjay Dutt, who has been MD & CEO of TRIL since April 2018.

Key Details

• Gaurav Jain has over 23 years of experience in the real estate sector.

• He has previously worked with:

  • Birla Estates
  • Godrej Properties
  • Mahindra Lifespace Developers
  • Unitech Group

• Tata Realty said Jain will lead the company through its next phase of growth and focus on strengthening capabilities and advancing high-quality, sustainable and future-ready urban development.

• Praveer Sinha, Chairman of TRIL, said Jain brings strong expertise across residential and commercial real estate and has a proven track record of building and scaling businesses.

• Motilal Oswal Financial Services (MOFSL) has reiterated its 'Buy' rating on UltraTech Cement with a target price of Rs 13,800.

• The brokerage noted that UltraTech Cement has formally launched its wires and cables (C&W) business under the 'Ultravolt' brand, with an initial investment of Rs 1,800 crore.

Ultravolt Launch Highlights

• The company has commissioned its C&W plant at Bharuch, Gujarat.
• Commercial production commenced on Sept. 1, 2026.
• UltraTech aims to become one of the top two players in the wires and cables industry within five years.

Distribution & Expansion Plans

• Ultravolt plans a pan-India rollout targeting:

  • 1 lakh retailers
  • 5,000 UltraTech Building Solutions outlets
  • 500 districts
  • 6,000 pincodes
  • 20 warehouses

• The company has already onboarded 1,600 electricians and plans to train 40,000 electricians over the next year.

Product Portfolio

• Initial offerings include:

  • Home wires
  • Flexible wires
  • Single-core cables
  • Multipore flexible cables
  • Flat cables
  • Solar cables
  • Communication cables

• The company plans to launch LV cables in the coming weeks and HV cables by early next year.

MOFSL View

• The brokerage said UltraTech's entry could create near-term pressure on listed wires and cables players due to its ambition to become a leading industry player.
• MOFSL estimates UltraTech could achieve 5%-7% market share by FY31E.

Cement Business

• Demand remains healthy in Q2 despite a seasonally weak period.

• The brokerage expects muted cement prices and elevated operating costs to weigh on near-term margins.

• MOFSL estimates:

  • Revenue CAGR of ~12%
  • EBITDA CAGR of ~17%
  • PAT CAGR of ~19% between FY26 and FY28.

• The brokerage continues to believe UltraTech maintains leadership across scale, market share, cost structure and cash-flow generation.

Source: Motilal Oswal Financial Services

• Raghav Productivity Enhancers will form a joint venture with TRL Krosaki for setting up a manufacturing unit in Odisha, according to an exchange filing.
• The joint venture company will establish a silica ramming mass manufacturing unit in the state.

 

• ICICI Securities, in its quantitative strategy note, said the universe of 'investable value stocks' has stopped shrinking after a sharp decline over the past few years.

• The brokerage defines investable value stocks as those with:

  • Earnings yield higher than bond yield
  • RoE greater than 14%

• Within the top-1000 stocks by market capitalisation, the share of investable value stocks declined sharply from 30% in 2022 to 11% in 2024.

• Most of the contraction occurred during the bull market phase between March 2023 and September 2024, when the Nifty 50 gained around 54%.

Key Trends

• The sharpest decline in value opportunities was seen in the small-cap segment.
• Large-caps largely maintained their share of investable value stocks.

Sectoral Impact

• The biggest reduction in value-stock opportunities came from:
  • Materials
  • Chemicals
  • Agriculture
  • Industrials
  • Metals
  • Consumption
  • Automobiles
  • Healthcare

Recent Developments

• ICICI Securities noted two periods that led to a moderate expansion in the value-stock universe:

  • US tariff-related concerns in 2025
  • West Asia crisis in 2026

• However, subsequent market rallies reversed part of the increase in the number of investable value stocks.

Source: ICICI Securities

• ICICI Securities said defence order awarding momentum is expected to improve going forward, highlighting multiple developments across the sector during August 2026.

Key Developments

• The Department of Defence Production (DDP) notified the 6th Positive Indigenisation List, comprising 405 items with business potential of over Rs 3,000 crore.
• The Ministry of Defence (MoD) approved the transfer of technology (ToT) for DRDO-developed missile systems to Indian defence companies.
• MoD signed a contract worth around Rs 1,600 crore for Loiter Munition Systems.
• HAL partnered with private defence companies for manufacturing the fuselage of the Light Combat Helicopter (LCH).
• GRSE launched the third Next Generation Offshore Patrol Vessel (NG-OPV).
• Cochin Shipyard delivered the third Anti-Submarine Warfare Shallow Water Craft (ASW-SWC).
• Astra Microwave emerged as the L1 bidder for the AMCA's AAAU, while BEL was the L2 bidder.
• India leased two MQ-9B Sea Guardian HALE drones.
• Zen Technologies secured an order worth around Rs 300 crore.
• BEL secured cumulative orders worth around Rs 1,300 crore.
• BDL is establishing a new manufacturing facility for Akash missile systems.

Brokerage View

• ICICI Securities continues to maintain 'Buy' on Solar Industries and HAL.
• The brokerage also likes BEL at current market levels.

Source: ICICI Securities

• HSBC Chief India Economist Pranjul Bhandari told NDTV Profit that India's on-ground economic growth remains robust.

• She said rural consumption and demand continue to remain strong.

• Bhandari noted that companies are shielding consumers from the full impact of price increases.

• She said the outlook remains positive for India as long as tariffs remain below 10%.

• According to Bhandari, the base effect will turn unfavorable from September onwards.

• Despite global headwinds, she does not expect a major economic slowdown.

• She expects growth to remain above 7% by the end of FY27.

FCNR(B) & Liquidity

• Bhandari said the after-effects of FCNR(B) inflows will be positive.

• The inflows are expected to support liquidity and credit growth.

• She said the RBI will need to address the liquidity surplus in the system.

• Market participants will closely watch the tools the RBI chooses to absorb excess liquidity.

• Possible options include:

  • CRR hike
  • Open Market Operations (OMO)

• Bhandari added that banks are unlikely to view a CRR hike positively.

 

• ICICI Securities said the recent weakness in trading volumes across exchanges is likely to be transitory, while maintaining a constructive long-term view on the sector.

Q2FY27 Trends

• Systemic (NSE BSE) cash market ADTV is down 10.8% QoQ in Q2FY27-TD.

• Options premium ADTV is down 27.4% QoQ.

• In contrast, MCX futures ADTV and premium ADTV are both up 3.6% QoQ in Q2FY27-TD.

Broker Activity

• Angel One reported a 12.2% MoM decline in average daily orders in July 2026.

• Groww's stock and derivatives ADTO are down 8.7% and 22.9%, respectively, in Q2FY27-TD versus Q1.

• ICICI Securities noted that higher Margin Trading Facility (MTF) books could provide support to earnings.

Brokerage View

• The brokerage said new regulations have created a near-term overhang on volumes, as reflected in Q2 trends so far.
• However, it believes regulatory changes have historically strengthened market infrastructure and that earnings impacts have generally been temporary.

Valuation & Stocks

• ICICI Securities believes recent corrections present a buying opportunity.
• Since end-June 2026:
  • Angel One is down ~13%
  • BSE is down ~15%
  • Groww is down ~5%

Source: ICICI Securities

• ICICI Securities said the recent rise in spot LNG prices is likely to be negative for FY27 earnings of city gas distribution (CGD) companies.

• The brokerage said its long-term view remains unchanged, with LNG supply conditions expected to improve over CY27-CY29.

Key Concerns Highlighted

• Qatar Energy's force majeure has been extended till Nov. 2026.

• Demand for LNG remains strong from Asia and Europe.

• Limited new LNG supply capacity is expected to come online over the next 2-3 months.

• The combination of these factors, along with renewed geopolitical tensions, has pushed spot LNG prices to multi-month highs of $24/MMBtu.

Impact On CGDs

• Rising gas costs have prompted Indraprastha Gas (IGL), Mahanagar Gas (MGL) and Gujarat Gas (GGL) to raise prices, according to reports cited by the brokerage.
• ICICI Securities believes additional price hikes may be required to fully offset the increase in input costs.

Brokerage Action

• ICICI Securities has downgraded its FY27 EPS estimates to account for weaker expected performance in Q2 and Q3.
• The brokerage has not changed its ratings on the CGD companies.

Source: ICICI Securities

• ICICI Securities, in its FY26 Annual Report Analysis on Whirlpool of India, said margin pressures persisted during FY26, while other income contributed around 47% of Profit Before Tax (PBT).

Key Takeaways

• Revenue grew 1.4% YoY in FY26.

• EBITDA declined 12.6% YoY.

• PAT fell 8.9% YoY.

• ICICI Securities attributed the performance to weak summer demand and intense competitive activity.

• The brokerage highlighted that, excluding cash and tax-adjusted other income, Whirlpool's core business was valued at 48x FY26 earnings.

Product & Innovation

• The company launched several new products and expanded existing product lines across categories.
• R&D spending increased 93.9% YoY in FY26.
• Advertising and promotion spending rose 8% YoY.

Margins

• Productivity initiatives under the P4G programme helped offset a significant portion of inflationary and regulatory cost pressures.
• However, energy-transition costs and higher e-waste provisions weighed on margins during the year.

• ICICI Securities said AU Small Finance Bank has received an in-principle approval to convert into a universal bank, positioning it among the fastest-growing retail-focused private sector banks in India.

• The brokerage highlighted AU SFB's strong execution track record over the past decade:

  • Loan CAGR of over 30%
  • Average credit cost of around 1%
  • Return on Equity (RoE) above 15%

• ICICI Securities believes the conversion to a universal bank will help AU enter the large-cap banking space with a differentiated franchise.

• The brokerage said AU is well placed to continue gaining credit and deposit market share, particularly at a time when private-sector banks are losing market share while PSU banks are gaining incremental share.

• AU's incremental credit market share stood at 1% in FY26, compared with 0.6% market share on a period-end basis.

• According to ICICI Securities, this indicates the bank could continue to outpace system credit growth and gain market share from incumbent lenders.

Source: ICICI Securities

• ICICI Securities has maintained its 'Hold' rating on UltraTech Cement and revised its target price to Rs 12,138 from Rs 11,900.
• The brokerage's view follows the formal launch of UltraTech's wires and cables business, 'Ultravolt'.

Key Highlights

• Ultravolt aims to become a national brand and one of the top two players in the industry within five years.
• The business is backed by an investment of Rs 1,800 crore.
• ICICI Securities noted that Ultravolt starts operations with India's second-largest wires manufacturing capacity.

Valuation Impact

• The brokerage assumes:

  • FY28 revenue of Rs 3,000 crore
  • Net working capital of Rs 500 crore
  • Valuation multiple of 2.5x price-to-sales

• Based on these assumptions, Ultravolt could be valued at around Rs 7,000 crore EV, translating to approximately Rs 238 per UltraTech share.

Brokerage View

• ICICI Securities said it is positive on the long-term opportunity in the wires and cables segment.

• However, the new business is unlikely to materially move the needle for UltraTech's overall earnings in the near term.

• The brokerage has kept its core cement business valuation unchanged at 17x FY28E EV/EBITDA.

• Rating: Hold

• Target Priace: Rs 12,138

Source: ICICI Securities

• Cipla said its wholly owned subsidiary Invagen Pharmaceuticals Inc. has entered into a strategic partnership with Qilu Pharmaceutical for the licensing and supply of a biosimilar to cancer drug Keytruda in the US, according to a regulatory filing.

• The product, QL2107, is a biosimilar to pembrolizumab (Keytruda).

• Under the agreement:

  • Qilu Pharmaceutical will handle development, regulatory registration and supply of the product.
  • Cipla will leverage its commercial presence to market the biosimilar in the US.

• Cipla said the partnership is aimed at improving access to advanced cancer therapies while lowering treatment costs.

Source: PTI, Company Filing

---

Global Business: Adobe Appoints Anil Chakravarthy As CEO

• Adobe has appointed Anil Chakravarthy as its President and Chief Executive Officer (CEO), succeeding Shantanu Narayen.

• Chakravarthy will assume the role on Dec. 1, 2026.

• Narayen will transition to the role of Executive Chair.

• Chakravarthy currently serves as President, Customer Experience Orchestration Business and Worldwide Field Operations at Adobe.

• He is an alumnus of Banaras Hindu University (BHU).

 

• Sanjay Parekh, Founder & CIO, Sohum Asset Managers, told NDTV Profit that this is the best time for portfolio construction.

• He expects FY28 earnings growth of 15%-20%.

• Parekh said he remains positive on new-age companies, though select names in the segment are very expensive.

• He believes deflation poses a bigger risk than a benefit.

• Margins have been impacted as price hikes have not been fully passed through.

• According to Parekh, the overall buoyancy in the market remains intact.

• He noted that there is a lack of inflows in the secondary market.

• Parekh said Q1 earnings season acted as a tailwind for Indian markets.

• He expects crude oil prices in the $80-$85 per barrel range to be the normal level.

• Supply-chain challenges have eased, though they continue to persist in certain areas.

 

• Thermax MD & CEO Ashish Bhandari told NDTV Profit that the company's international business continues to witness healthy growth.

• The company sees more opportunities in the large boilers segment in India.

• Bhandari said power sector growth in India is unprecedented.

• Thermax is also eyeing the US market for data centre-related opportunities.

• The company expects the legacy project overrun issue to be resolved by Q1 FY28.

• Infrastructure and construction activity are expected to drive commodity demand.

• Management expects input costs to rise further in FY27.

• Input prices remained fairly stable in Q1.

• Thermax said inventory momentum remains slow.

• The company remains on track to achieve its Q2 topline target of Rs 3,000 crore.

 

• Syrma SGS MD Jasbir Singh Gujral told NDTV Profit that the company may revise its growth guidance in the next three months.

• The company expects around $200 million revenue from its new PCB venture.

• Export revenue grew 35% in the first five months of FY27.

• Management expects 30-35% export revenue growth in the EMS business over the next three years.

• Syrma SGS is targeting $50-100 million revenue from its joint venture with Elemaster over the next five years.

 

• Manav Chopra of Nuvama Institutional Equities told NDTV Profit that he prefers a mix of tyre stocks, chemical companies and mid-sized private banks.

• He sees reasonable upside in private banking stocks, noting that the sector has been underperforming for a prolonged period.

• Chopra said he remains positive on:

  • Auto ancillaries
  • NBFCs
  • Mid-sized private banks

• He highlighted that tyre stocks are witnessing strong accumulation.

• According to Chopra, most stocks are likely to test their previous all-time highs.

• He expects 15%-20% upside in the Nifty 500 Index.

• Chopra said mid-cap and small-cap stocks are witnessing a breakout.

• He described the current phase as a time-based correction for Indian markets.

• He also noted that peaks in crude oil prices are lower than earlier levels.

• According to Chopra, the current market structure remains bull-phase oriented.

 

• The Department of Economic Affairs (DEA) under the Finance Ministry has notified changes to FDI norms allowing e-commerce entities to maintain inventory exclusively for exports, according to a PTI report.
• The provision has been incorporated into the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 through a notification dated Sept. 2.

Key Details

• E-commerce entities can now engage in an inventory-based model solely for the export of goods manufactured or produced in India.

• The export activity must comply with:

  • Foreign Trade Policy (FTP) 2023
  • Handbook of Procedures (HBP)
  • Foreign Exchange Management (Export of Goods & Services) Regulations, 2015

• The government clarified that restrictions applicable to:

  • Business-to-Consumer (B2C) e-commerce
  • Inventory-based e-commerce models will not apply to exports undertaken through e-commerce platforms.

• The move implements the policy decision announced in July 2026.

Industry View

• According to Amit Agarwal, Senior Partner at Nangia & Co LLP, the amendment allows FDI-backed e-commerce entities to hold and sell their own inventory, provided the goods are meant for export and not domestic consumption.
• He said entities availing this route must demonstrate that:
  • Goods are of Indian origin
  • Exports comply with FTP norms
  • Export proceeds are realized and reported as per FEMA regulations

 

Japan's 20-year government bond yield fell 10 basis points to 3.715%, according to Bloomberg.

• Adobe has appointed Anil Chakravarthy as its new President and Chief Executive Officer (CEO), succeeding Shantanu Narayen, according to PTI.
• Chakravarthy will assume the role on Dec. 1, 2026.
• Shantanu Narayen, who has led Adobe for more than 18 years, will transition to the role of Executive Chair.

About Anil Chakravarthy

• Chakravarthy is currently President, Customer Experience Orchestration Business and Worldwide Field Operations at Adobe.
• He is an alumnus of Banaras Hindu University (BHU).
• He has been responsible for Adobe's customer experience business and global field operations.

 

ESDS Software Makes Strong Market Debut

• ESDS Software listed at Rs 757 per share on the NSE, against an issue price of Rs 429 per share.
• The stock listed at a 76.5% premium to its issue price on the NSE.
• On the BSE, ESDS Software listed at Rs 746.30 per share versus the issue price of Rs 429 per share.
• The BSE listing represented a 74.0% premium to the issue price.

Priority Jewels Lists At Premium

• Priority Jewels listed at Rs 230 per share on the NSE, compared with its issue price of Rs 200 per share.
• The stock debuted at a 15% premium on the NSE.
• On the BSE, Priority Jewels listed at Rs 225.20 per share versus the issue price of Rs 200 per share.
• The BSE listing translated into a 12.6% premium to the issue price.

• 75 lakh shares of Gland Pharma changed hands in a block deal on the BSE.
• The transaction value stood at approximately Rs 2,121 crore.

Trent, Wipro, Infosys, Reliance Industries and Jio Financial Services were the top gainers on the Nifty 50 index, while Cipla, Eicher Motors, Maruti Suzuki India, Nestle India and Sun Pharmaceutical Industries were the top index losers.

Gold and silver prices in India traded lower on MCX. Gold rate fell by Rs 846, or 0.54%, to Rs 1,54,929 per 10 grams, while MCX silver prices traded lower by Rs 1,775, or 0.73%, at Rs 2,40,574 per kg.

Hindustan Aeronautics (HAL) share price rallied over 2% after GE Aerospace delivered three F404-IN20 engines to the company in August for the LCA Tejas programme. The defence stock rallied as much as 2.34% to Rs 4891.95 apiece on the BSE.

Physicswallah share price jumped over 5% in early trade after brokerage firm Motilal Oswal Financial Services initiated its coverage on the stock with ‘Buy’ rating. It has Physicswallah share price target of Rs 200 apiece, implying an upside of 66% form previous close.

Motilal Oswal assign a multiple of 50x FY28E EV/EBITDA to the online business, reflecting its market leadership, scalable business model and superior unit economics. It values the offline business at 15x FY28E EV/EBITDA to reflect its execution intensity, time to maturity and lower margin profile. It values other businesses at 1x FY28E EV/sales. 
 

Among sectors, Nifty IT, Nifty Realty, Nifty Media and Nifty Oil & Gas sectors traded higher, while losses were seen in Nifty Auto and Nifty FMCG sectors.

Gains were also seen in broader markets, as the Nifty Smallcap 100 index gained 0.4%, while the Nifty Midcap 100 index was up marginally.

The Indian stock market opened higher on Friday, following upbeat global market cues. The Sensex opened 504.16 points, or 0.66%, higher at 76,657.02, while the Nifty 50 gained 37.45 points, or 0.16%, to open at 23,910.90. the Bank Nifty index opened at 57,492.65, up by 112.05 points, or 0.20%.

The Indian rupee opened 3 paise higher at 94.46 against the US dollar as against Thursday’s close of 94.49 level.

NTPC share price will be in focus on Friday after brokerage firm Kotak Institutional Equities upgraded its rating on the stock and revised its target price, citing better valuations after the recent selloff.

Kotak Institutional Equities upgraded NTPC shares to ‘Add’ from ‘Reduce’, but slashed its target price to Rs 355 from Rs 365 earlier.

NTPC share price has corrected 20% since May 2026 and has remained largely rangebound over the past three years. According to the brokerage firm, NTPC’s stock price movement in recent years has moved along broader investment narratives of energy security or increased power demand that have remained short-lived on the back of modest earnings growth. 

Nagaraj Shetti has recommended two stocks to buy today for short-term. He suggests buying these stocks for a timeframe of 2-3 weeks. The technical stock picks for today are Edelweiss Financial Services and Vedant Fashions shares.

Edelweiss Financial Services | Buy | Target Price: Rs 146 | Stop Loss: Rs 129

Vedant Fashions | Buy | Target Price: Rs 610 | Stop Loss: Rs 540

Nifty 50 formed a bearish candle on the daily chart on Thursday that closed at the day’s low after opening near 23,997.95, indicating a neutral phase within the ongoing decline.

“The Nifty 50 index remains below its entire Moving Average (MA) ribbon and continues to trade below the Supertrend, keeping the broader trend weak. The index is now trading just below the 61.8% Fibonacci retracement level. The RSI is placed at 37, remaining in oversold territory for the second consecutive session,” said Om Mehra, Technical Research Analyst, SAMCO Securities.

According to him, the immediate support for Nifty 50 is placed at 23,786, followed by 23,700. On the upside, 24,030 remains the key resistance. 

He expects Nifty to remain under pressure unless it reclaims the MA ribbon.
 

Gold prices steadied after rising more than 2% in the previous session, as a Federal Reserve official’s comments on inflation helped ease interest rate hike bets. Spot gold price rose 0.1% to $4,478.17 an ounce, while silver price gained 0.1% to $66.90 an ounce.

US Federal Reserve Governor Christopher Waller said his next decision on interest rates will be “heavily influenced” by August inflation data due next week, Bloomberg reported.

“If there is continued progress toward our 2% goal, then I am willing to support holding the policy rate at its current level,” Waller said Thursday at an event hosted by Reuters. “But if inflation comes in hot, I would consider a rate hike.”

SEBI will review how settlement prices for derivative contracts are determined after the introduction of the Closing Auction Session (CAS). The regulatory may propose changes to the methodology for determining settlement prices of derivative contracts on expiry and plans to issue a consultation paper in about a week, following feedback from market participants during its first month of operation.

US tech stocks rallied, with the benchmark Nasdaq surging over 1%. Nvidia stock price gained 1.80%, Microsoft shares gained 2.68%, Apple stock price rose 1%, Amazon share price rallied 1.54%, Meta Platforms shares jumped 3.01%, and Alphabet share price surged 1.59%.
Snowflake shares jumped 16.6%, while ServiceNow, Salesforce and Adobe shares gained between 2.1% and 6.5%.
 

Asian stock market traded higher on Friday, following overnight rally on Wall Street, as Treasury yields eased. Japan’s Nikkei 225 added 0.25%, but the Topix index dipped 0.46%. South Korea’s Kospi jumped 1.32%, while Kosdaq was 1.99%. Hong Kong’s Hang Seng index indicated a higher opening.

US stock market ended higher on Thursday, led by a rally in megacap stocks, and as interest rate hike bets ebbed after the US Federal Reserve Governor Christopher Waller said he would support holding the Fed funds target ‌rate steady if data shows inflationary pressures are abating.

The Dow Jones Industrial Average gained 624.16 points, or 1.18%, to 53,686.11, while the S&P 500 rallied 81.11 points, or 1.06%, to 7,747.71. The Nasdaq Composite closed 366.23 points, or 1.40%, higher at 26,584.06.

The trends on Gift Nifty also signal a higher start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 24,017 level, a premium of nearly 17 points from the Nifty futures' previous close. 

Indian stock market benchmark indices, Sensex and Nifty 50, are expected to begin Friday’s session on a firmer footing, supported by upbeat global market cues.