Stock Market Today LIVE: Rupee Appreciates To Two-Month High Of 94.30 Against US Dollar After Robust FCNR(B) Inflows

The Indian rupee appreciated 0.7% to open at two-months high after robust FCNR(B) inflows. Rupee opened 67 paise higher at 94.30 per US dollar as against Wednesday’s close of 94.97.

Meesho share price will be in focus after a large chunk of shares changed hands in a block deal. Around 7.9 crore shares of the company, representing 1.73% equity stake, were traded in four block deals. 

Gold prices firmed on Thursday as the US dollar and Treasury yields eased, while investors strapped in for US nonfarm payrolls data that could help shape expectations for the Federal Reserve's next policy move. Spot gold rose 0.5% to $4,409.97 per ounce after hitting a near one-month low in the previous session. 

US gold futures gained 0.9% to $4,455.30. The US dollar was under pressure while US Treasury yields slipped from multi-year highs. A softer dollar makes greenback-priced metals less expensive for holders of other currencies.

Top picks by market analysts include BEML Ltd., Aegis Vopak Terminals Ltd., and Punjab National Bank. The suggested trading strategies encompass entry levels, price targets for upside potential and stop-loss limits to manage downside risk.

BEML: Target Price: Rs 2,160

Mangalore Refinery and Petrochemicals: Target Price: Rs 180 and Rs 190

The New India Assurance Company: Target Price: Rs 240\

Aegis Vopak: Target Price: Rs 350

Punjab National Bank: Target Price: Rs 128
 

Bank Nifty continues to exhibit a weak technical structure after slipping below its key 20-day and 50-day EMAs. On the upside, the 57,500–57,600 region remains the key resistance zone. A sustained move above this band would be required to stabilize the near-term structure and could pave the way for an advance towards the 58,000 mark. Until the index reclaims this zone decisively, recovery attempts are likely to face selling pressure, said Ponmudi R, CEO of Enrich Money. 

On the downside, the 56,800–56,600 region remains the important support band and a crucial downside cushion. A decisive break below 56,600 could intensify selling pressure and expose the index to further lower levels. Overall, the near-term technical outlook remains cautious-to-weak, he added.

From a Derivatives perspective, the option chain continues to reflect a call-heavy structure, with total Call Open Interest at 14.77 crore compared with Put Open Interest of 10.75 crore. Call writers remain active at higher strikes around 24,000-24,200, creating an immediate supply zone for the index. Meanwhile, put writers have built notable positions around 23,800, followed by 23,500, providing a support base beneath the current recovery zone, said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Overall, Nifty’s sharp recovery and hammer formation indicate buying interest from lower levels, but the sustainability of this rebound will depend on follow-through strength. A sustained move above yesterday’s high could trigger short covering towards 24,150 – 24,200, while failure to maintain the recovery may keep the index within its broader corrective structure, he added.

Nifty 50 formed a small green candle on the daily chart with minor lower shadow, and the opening downside gap has been filled partially. 

“Technically, this market action signals minor buying at the lower support of 23,800 (previous opening upside gap of 27th July), but still there is no confirmation of any bottom reversal in the market. The overall trend of Nifty remains weak. The ongoing bearish pattern like lower tops and bottoms signal sell on rise opportunity on any pullback from here,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Hence, he believes any bounce back from here could find strong overhead resistance around 24,100 – 24,200 levels. However, further weakness below 23,800 could drag Nifty 50 down to the next important support of 23,600 in the near term.

US stock market ended higher on Wednesday, on value buying at lower levels, after three straight sessions of losses.

The Dow Jones Industrial Average gained 295.01 points, or 0.56%, to 53,061.89, while the S&P 500 rose 35.16 points, or 0.46%, to 7,666.63. The Nasdaq Composite closed 118.05 points, or 0.45%, higher at 26,217.83.

Asian stock market traded mixed. Japan’s Nikkei 225 rose 0.23%, while the Topix gained 0.85%. South Korea’s Kospi rallied over 1%, while the Kosdaq traded lower. Hong Kong’s Hang Seng index futures indicated a slightly higher opening.

The trends on Gift Nifty also signal a positive start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 24,084 level, a premium of nearly 84 points from the Nifty futures’ previous close. 

The Indian stock market is likely to open in the green on Thursday, September 3, tracking gains in global equities. Asian markets traded higher, while the US stock market ended in the green, snapping three-day losing streak.