Positive signs of likely India - US trade talks will boost sentiments
In
the early morning session, the GIFT Nifty was up 91 points or 0.37% at
25,015.50, indicating a higher open for the benchmark Nifty 50. Earlier,
President Trump indicated that he was looking forward to speak to Prime Minster
Modi in coming weeks. The positive response after a month long tariff on Indian
goods is a positive sign for trade development. US index futures were subdued
while European contracts dipped amid poloitical turmoil in France. S&P 500
futures were up 0.20%. The NSE Nifty 50 settled 95.45 points higher at 24,868.6
and the BSE Sensex closed 314.02 points up at 80,101.32.
Markets
in Asia-Pacific gained, tracking an overnight record rally on Wall Street. The
CSI 300 was trading 0.13% higher after data showed that inflation in China 0.4%
on the year in August. The Nikkei 225 and KOSPI were trading 0.35% and 1.51%
higher, respectively in the morning. Gold prices skyrocketed to hit an all-time
high of Rs 1,12,750 per 10 grams in the national capital on Tuesday in line
with strong global trends.
Fundamental Update
- Cupid - The company has entered into a term
sheet to acquire a strategic stake in Mansam, a Saudi Arabian luxury fragrance
brand founded in 2022. Positive
- Mamata Machinery - The company has received a
second export order for a 9-layer blown film plant in its Co-Extrusion product
segment. The order is valued at approximately $1.17 million. Positive
- Muthoot Capital Services - The company
has redeemed its commercial paper by making a payment of Rs 15 crore. Positive
- Mahindra & Mahindra - The
company's August exports rose 15% at 3,575 units year-on-year and sales were
down 1% at 74,027 units year-on-year. Positive
- NIFTY – Nifty continued upward journey with
95 points gain to settle at 24,868 on Tuesday. Index has crossed 50 day EMA at
24,785 and likely to move towards 25K. Today’s range 24,750 – 25,000.
- BANKNIFTY – Bank nifty is still trading subdued
and closed marginally up at 54,216 on Tuesday. Index still lacks momentum to
move towards 17 day EMA at 54,640. Today’s range – 54,000 – 54,650.
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