Indian markets sentiments remain positive amid likely fiscal boost
Most
of the markets in Asia Pacific region trade lower tracking weakness in US
markets. US index futures fell during Asian trade after minutes of the Federal
Open Market Committee’s July 29-30 meeting showed most officials highlighted
inflation risks as outweighing concerns over the labor market at their meeting
last month. S&P 500 futures trades down 0.2% in the morning.
The
GIFT Nifty is trading flat at 25,085 in the early morning, indicating a muted
start for the benchmark Nifty 50. The NSE Nifty 50 ended 69.9 points or 0.28%
higher at 25,050.55 and the BSE Sensex closed 213.45 points or 0.26% up at
81,857.8. The Nifty recorded the longest winning streak since June 11, while
the Sensex posted the best winning streak since April 23. The FPIs sold stocks worth
approximately Rs 1,100 crore, according to provisional data from the National
Stock Exchange. The DIIs, who have been buyers for the 32th straight session,
mopped up stocks worth Rs 1,806 crore.
Fundamental Update
- Shree Cement - The Company’s income tax demand for
fiscal year 2021-22 has been reduced from Rs 588.65 crore to Rs 221.72 crore
following a rectification order. Positive
- Thermax - The Company has completed its
acquisition of 23.03% stake in Thermax Bioenergy Solutions from Everenviro
Resource Management making it a wholly owned subsidiary. Positive
- UltraTech Cement - The
Company’s MPS Committee has approved the sale of up to 2.01 crore equity
shares. Negative
- AGI Greenpac - The
Company has received a disputed demand notice of Rs 40.61 crore from
Telangana's Southern Power Distribution for surplus power procured between 2002
and 2022. Negative
Technical Update
- NIFTY – Nifty continued upward momentum
towards 25,100 on Wednesday. Index has hold recent gains indicating bullishness
among investors. Today’s range 24,950 – 25,200.
- BANKNIFTY – Bank nifty traded in narrow range
and settled marginally lower at 55,695 on Wednesday. Index is hovering near 17
day EMA 55,720 while 55, 850 is near term resistance. Today’s range – 55,500 –
56,000.
Disclaimer: This report is prepared by an analyst who has exercised due diligence in
checking the correctness and authenticity of the information before publishing
research report. We shall not be in any way responsible for any loss or damage
in analysis or views obtained from the use of information contained in this
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the user of this report.
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