Sensex closes 15 pts lower, Nifty at 16,635; realty, media top drags; IT gains

Indian indices closed flat on Wednesday. Finance minister Nirmala Sitharaman met public sector bank leaders for a review and made announcement related to their role during the pandemic as well as in the near future. She refrained from commenting on bank privatisation. Meanwhile, commerce minister Piyush Goyal announced a fair and remunerative price of 290 a quintal for sugarcane purchased by mills for the 2021-22 season.  

25 Aug 2021, 03:54:30 PM IST

Table of Contents

Market closing quote: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“The markets have once again closed above the 16,600 level which is a good sign. We should be able to scale higher to 16,800-16,850. That would be the next target for the Nifty. It is not advisable to buy at current levels simply because the index has witnessed a one-way rally. Hence a “buy on dips” approach would be the best way to address this market. Intra day corrections can be utilized to accumulate long positions.”

25 Aug 2021, 03:53:41 PM IST

Rupee slips 5 paise to close at 74.24 (provisional) against US dollar

25 Aug 2021, 03:52:30 PM IST

Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

“Nifty traded in a small range today . It made a new all time high of 16712 and took resistance there. It closed flat at 16,635 up by 10 points. Nifty has resistance in 16,700-16,720 range above which it can test 16,850 levels. Nifty has strong support in 16,550 – 16580 range. Traders can consider a buy on dips strategy for the current market scenario.”

25 Aug 2021, 03:47:53 PM IST

Market closing

The Sensex closed at 55,944.21, down 14.77, or 0.03%, while Nifty, which briefly crossed the 16,700-mark, closed at 16,634.65, up 10.05 points, or 0.06%. Realty, banks, pharma, and auto were top drags, while IT, media, and FMCG were the top gainers on Wednesday. On the 30-share Sensex, TCS, Infy, RIL, and six other stocks closed in green, while Bajaj Finserv, Titan, Maruti, and 18 other stocks closed in red.

Sensex at close

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Sensex at close
25 Aug 2021, 03:30:07 PM IST

Govt launches schemes to support 300 start-ups for creating 100 unicorns

The government on Wednesday launched a programme to support 300 IT start-ups under which it will provide seed funding, mentorship and market access with a view to creating 100 unicorns out of the selected start-ups. Ministry of Electronics and IT special secretary Jyoti Arora said that the concept of the Startup Accelerator of MeitY for Product Innovation, Development & Growth (SAMRIDH) has been developed on the lines of silicon valley based accelerator YCombinator.

25 Aug 2021, 03:26:57 PM IST

CCEA approves ₹15,000-cr FDI proposal of Anchorage Infrastructure Investment Holding

The government on Wednesday cleared a 15,000-crore foreign direct investment (FDI) proposal of Anchorage Infrastructure Investment Holding Ltd, a subsidiary of Canada-based pension fund, for the investment in the infrastructure sector. The Cabinet Committee of Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the FDI proposal specifically for the purpose of investment in infrastructure and the construction-development sectors. These may include transport and logistics, along with downstream investment in the airport sector and aviation-related businesses and services.

25 Aug 2021, 03:21:32 PM IST

Sequoia-Backed Indian Beer Maker Plans Fifth Brewery Before IPO

B9 Beverages Pvt., the owner of Indian craft-beer brand Bira 91, will open its fifth local brewery before the end of the year as it seeks to capture swelling demand in the country for more flavorsome tipples before a planned initial public offering. The new brewery in Madhya Pradesh — Bira’s second in the central Indian state — will initially add 400,000 hectoliters a year, Ankur Jain, the 41-year-old chief executive officer, who established the brewer in 2015, told Bloomberg News in an interview.

25 Aug 2021, 03:16:20 PM IST

Cipla enters joint venture deal with Kemwell Biopharma



25 Aug 2021, 03:15:02 PM IST

Mangalam Cement gains

Mangalam Cement was trading at 466.25 each, up 0.48% at 3:14 pm. The company said that the Kiln-II at Morak Plant shut down for about 40 days.



25 Aug 2021, 03:09:09 PM IST

59% Indian shoppers will switch retailers for fast, flexible delivery: report

People emerging from the once-in-a-lifetime pandemic are “reimagining” their behaviour and values as consumers — a move that is set to shift their expectations from brands and companies, Accenture said in a new report, released on Wednesday. Accenture surveyed over 25,000 consumers in 22 countries of which 2,000 were surveyed in India for its 16th annual research report titled “Life Reimagined: Mapping the motivations that matter for today’s consumers”. (Read more)

25 Aug 2021, 02:56:39 PM IST

Kaveri Seed gains

Kaveri Seed Co’s share was trading at 587.40 apiece, up 1.38% at 2:54 pm. The company’s board has approved a share buyback priced at 850 per share.



25 Aug 2021, 02:51:21 PM IST

Family members of deceased PSB bankers will now get pension of 30% of last drawn salary as against earlier ₹9,284: DFS Secy

25 Aug 2021, 02:42:18 PM IST

Direct overseas listing for cos continues to be under discussion, we also need to ensure success of such issues: Revenue Secy

25 Aug 2021, 02:39:59 PM IST

Why poultry stocks are surging today? Experts see more gain in these shares

Stock market today: On account of Indian government announcing to import 12 lakh tones of GM soya cake, poultry stocks are rising today. Among the major poultry stocks Venky’s, Apex Frozen and Avanti Feeds are seeing strong buying attraction today. Venky’s share price today shot up over 8 per cent while Avanti Feeds shares went up more than 5.50 per cent in the intraday trade session. According to stock market experts, some of the poultry stocks may further go northward as this decision is going to dilute the demand-supply constraint in poultry industry company’s favour. (Read more)

25 Aug 2021, 02:23:30 PM IST

Filatex India gains

Filatex India’s stock was trading at 91.90 each, up 2.34% at 2:23 pm. The company says it has approved issue of 2.8 million shares on preferential basis.



25 Aug 2021, 02:20:48 PM IST

FM: Have requested banks to work with state govts to push ‘one district, one export’ agenda

25 Aug 2021, 02:20:26 PM IST

FM: Have urged banks to extend assistance to the fintech sector

25 Aug 2021, 02:20:12 PM IST

FM: Deposits piling up in states of eastern India, but credit needs to be expanded

25 Aug 2021, 02:19:46 PM IST

FM: Banks have been asked to create state-wise plans for north-east focusing on logistics, exports from the area

25 Aug 2021, 02:18:39 PM IST

FM’s presser

25 Aug 2021, 02:17:22 PM IST

FM’s presser

-PSBs have done well

-Amalgamation just prior to pandemic was seamless, despite pandemic

– No comments on bank privatisation

25 Aug 2021, 01:54:59 PM IST

IOC to use drones to check fuel thefts from pipelines

Indian Oil Corp (IOC) is deploying drones to monitor its vast network of pipelines across the country as it doubles down on the use of technology to thwart attempts to steal fuel, helping not just save the commodity but also avoid accidents. The country’s top oil company already uses a combination of sophisticated technology and patrolling to detect any leakage from the pipeline network spanning over 15,000-kilometers. And now, it is adding drones to monitor the vast network, officials said.

25 Aug 2021, 01:49:32 PM IST

Sector Watch: Sugar stocks surge

Commerce minister's FRP announcement boosts stocks

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Commerce minister’s FRP announcement boosts stocks
25 Aug 2021, 01:46:21 PM IST

FRP for sugarcane increased to ₹290/ quintal: Piyush Goyal

25 Aug 2021, 01:26:22 PM IST

Sensex heatmap

Bajaj Finserv, Axis Bank, Titan top drags

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Bajaj Finserv, Axis Bank, Titan top drags
25 Aug 2021, 01:08:00 PM IST

Winvesta raises funds in seed round from Speciale Invest, Blume Founders Fund, Kunal Shah

Financial services startup Winvesta on Wednesday said it has raised funds as part of its seed round from Speciale Invest, Blume Founders Fund and CRED’s Kunal Shah. The company, however, did not disclose the amount raised. The fresh funding will help the startup to scale its operations including hiring fresh talent to build a world-class team as well as bolstering technology, Winvesta said in a statement. The new investors join existing advisors and investors of the company that include the likes of Umang Bedi of DailyHunt, Bahram Vakil of AZB & Partners, Rama Bijapurkar, renowned board member and Andre Mohamed, former head of Wealth and Trading for Revolut.

25 Aug 2021, 12:52:22 PM IST

RIL, TCS drive Sensex gains

Index contribution

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Index contribution
25 Aug 2021, 12:47:03 PM IST

Borosil Renewables gains

Borosil Renewables’ stock was trading at 305.95 each, up 4.17% at 12:45 pm. The company’s board has approved raising up to 500 cr via various securities.



25 Aug 2021, 12:41:09 PM IST

Indian automobile industry facing many immediate, medium-term challenges: Kenichi Ayukawa

The Indian automobile industry is going through a deep structural slowdown and the COVID-19 pandemic has further impacted the sector pushing it back by many years, SIAM President Kenichi Ayukawa said on Wednesday. Speaking at industry body SIAM’s 61st Annual Convention, Ayukawa noted that all auto segments like passenger vehicles and two-wheelers have witnessed a drastic drop in growth rates over the last 5-10 years.

25 Aug 2021, 12:27:38 PM IST

FM chairs PSB review in Mumbai

25 Aug 2021, 12:24:26 PM IST

Allied Digital surges

Allied Digital Services’ stock was trading at 65.40 each, up 9.36% at 12:23 pm. The IT firm has secured a six-year contract worth 650 crore from a global automotive company.



25 Aug 2021, 12:16:19 PM IST

Metals, FMCG gain

Nifty sectoral indices

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Nifty sectoral indices
25 Aug 2021, 12:02:04 PM IST

Jet Airways case: NCLAT agrees to hear employees’ plea against Kalrock-Jala resolution plan

25 Aug 2021, 11:45:48 AM IST

Authorities ask sugar mill owners in UP’s Muzaffarnagar to clear dues of cane growers

District authorities have warned of strict action if sugar mill owners fail to clear the dues of cane growers by 31 August. District Magistrate Chander Bhushan Singh reviewed the payments of dues to sugarcane farmers with senior officials on Tuesday night. District cane officer RD Trivedi said four of the eight sugar mill owners have cleared the dues of the farmers. (PTI)

25 Aug 2021, 11:40:56 AM IST

Crude Oil commentary: Prathamesh Mallya, AVP- research, non-agri commodities and currencies, Angel Broking

On Tuesday, WTI Crude rose over 2.9% to close at $67.5 per barrel. Oil prices extended gains from the earlier session as hopes over revival in global demand amid fire cutting near Mexico’s quarter Oil production pushed prices higher. Optimism over revival in Oil demand following the approval to the Pfizer Inc/BioNTech SE covid-19 vaccine by US drug regulator supported Oil prices. Moreover, the fire on a platform off Mexico earlier in the week halted about quarter of Mexico’s Oil output i.e. around 421,000 barrels per day of production. However, demand worries for Oil persist as escalating worries over the wide spread of the delta variant led to increased restrictions across border affecting global supplies as well as demand. Optimism over revival in Oil demand following the approval to the Pfizer Inc/BioNTech SE covid-19 vaccine by US drug regulator and large production outage at Mexico following a fire on an oil platform is expected to continue supporting crude prices. However, worries over widespread of the Delta variant of the covid-19 virus might keep the prices in check. Official US crude inventory data due later in the day.

25 Aug 2021, 11:34:03 AM IST

Global Update: Heena Naik, research analyst – currency, Angel Broking 

– The US Food & Drug Administration (FDA) has fully approved the Pfizer/BioNTech covid-19 vaccine, allowing institutions and companies more leeway in requiring immunization.

– India’s July crude oil imports slumped to their lowest in a year and are likely to rebound in August as refiners are expected to boost runs after maintenance of units.

– PBOC injects CNY40 billion via Reverse Repos to give booster to small businesses and is likely to extend more funding measures in the months ahead.

– Markets remain upbeat after the FDA fully approved Pfizer’s covid vaccine and as expectations of Fed tapering wane. Concerns about Afghanistan and the virus are pushed away, sending the safe-haven dollar down.

– Germany published the second estimate of its Q2 GDP, which came in better than anticipated, upwardly revised from 1.5% q/q to 1.6%.

– As per Economist Intelligence Unit report, the slow rollout of coronavirus vaccines will cost the global economy $2.3 trillion in lost output.


25 Aug 2021, 11:32:20 AM IST

Cadila, Cipla top drags

Nifty pharma index

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Nifty pharma index
25 Aug 2021, 11:19:04 AM IST

Chemplast Sanmar commentary: Jyoti Roy – DVP- equity strategist, Angel Broking 

“Chemplast Sanmar Ltd made a tepid listing on the bourses and closed below the issue price on the first day of trading. This was mostly in line with our expectations given the lukewarm response to the IPO which was subscribed by just 2.17x. We had given a NEUTRAL rating to the IPO given our concerns due to high debt on books and negative net worth despite having a positive outlook on the chemicals. Given that the stock is trading below the issue price we would recommend investors who had been allotted shares in the IPO to exit the stock closer to the issue price.”

25 Aug 2021, 11:09:13 AM IST

Rupee falls 5 paise to 74.24 against US dollar in early trade

The Indian rupee declined 5 paise to 74.24 against the US dollar in opening trade on Wednesday, tracking the firm American currency. At the interbank foreign exchange, the rupee opened at 74.20 against the dollar, then fell further to 74.24, registering a fall of 5 paise over its previous close. On Tuesday, the rupee had settled at 74.19 against the US dollar.

25 Aug 2021, 11:02:04 AM IST

Alert: Delhivery acquires Bengaluru-based Spoton to strengthen B2B Express Logistics business

25 Aug 2021, 10:46:56 AM IST

JSPL gains

JSPL’s stock was up 1.18% to 377.25 apiece at 10:44 am. The company aims to be net debt free and aims to expand production capacity to 15.9 million tonnes from 8.6 million tonnes currently.



25 Aug 2021, 10:29:28 AM IST

Midcaps outperform

BSE midcap index

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BSE midcap index
25 Aug 2021, 10:27:36 AM IST

Byju’s eyes $500 mn fundraise: report

Byju’s is in talks to raise $500 million in debt via term loan B route from global investors, reported, citing people familiar with the matter.

25 Aug 2021, 10:21:39 AM IST

Gold slips as dollar claws up, risk appetite improves

Gold prices fell on Wednesday as an uptick in the dollar and buoyant risk appetite dimmed the safe-haven metal’s appeal, while investors awaited Federal Reserve Chairman Jerome Powell’s speech this week for guidance on the central bank’s taper plans. Spot gold slid 0.5% to $1,793.59 per ounce by 0348 GMT, while U.S. gold futures dipped 0.7% to $1,795.90. The dollar index inched 0.1% higher, denting gold’s appeal for those holding other currencies, while Asian shares held onto their recent gains. 

25 Aug 2021, 10:20:55 AM IST

Tatva Chintan Pharma Chem CFO resigns, co says in process to appoint his successor

Specialty chemical manufacturing company Tatva Chintan Pharma Chem said that Mahesh Tanna, Chief Financial Officer (CFO) of the company has tendered his resignation from the post of Chief Financial Officer and Key Managerial Personnel on 24″ August, 2021.

25 Aug 2021, 10:03:07 AM IST

Affle India dips 20% in 6 months. Should you buy?

Affle India share price has been under huge selloff pressure for the last six months. In the last six months, Affle India shares have dipped around 20% while in the last one month, Affle India share price went down near 7%. However, after the company management informed BSE about its board meeting to approve stock split, Affle India stock price shot up 5% on Tuesday and on Wednesday it has opened 2.60% upside. According to stock market experts, Affle India shares may give strong breakout at 4,050 per stock levels and hence one should buy the counter above 4,050. (Read more)

25 Aug 2021, 10:02:07 AM IST

Oil dips after two-day rally with covid lingering over market

Oil dipped after the biggest two-day gain since November, with the fast-spreading delta variant of the virus still clouding the demand outlook. Futures in New York edged toward $67 a barrel after advancing more than 8% over the previous two sessions. Top crude importer China has brought its latest outbreak under control, but Covid-19 continues to spread across other regions, prompting restrictions on mobility. The dollar also rose for the first time in three days, making commodities priced in the currency more expensive. (Bloomberg)

25 Aug 2021, 10:01:04 AM IST

Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“The markets are trading well above the 16,600 level which is a positive sign. We should scale higher to levels closer to 16,800-168,50. Dips or intra day corrections can be considered as buying opportunities. 16,400 is a good support for the index and as long as that holds, there is no threat to the current trend.”

25 Aug 2021, 09:56:29 AM IST

India reports 37,593 new covid19 cases

25 Aug 2021, 09:49:20 AM IST

Banks, pharma drag

NIfty sectoral indices

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NIfty sectoral indices
25 Aug 2021, 09:48:33 AM IST

HDFC, Infosys drive Sensex gains

Index contribution

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Index contribution
25 Aug 2021, 09:23:23 AM IST

Market opening

The Sensex opened at 56,046.23, up 87.25 points, or 0.16%, while Nifty was at 16,654.00, up 29.40 points, or 0.18%. All stocks opened in green. On the 30-share Sensex, the Bajaj twins, Tata Steel, and 18 other stocks opened in green, while Tech Mahindra, HUL, Power Grid, and six other stocks opened in red.

Sensex at open

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Sensex at open
25 Aug 2021, 09:01:53 AM IST

NTPC looking to sell stake in JV with SAIL

India’s largest power generation utility NTPC Ltd is in talks with state-run Steel Authority of India Ltd (SAIL) to sell its stake in NTPC-SAIL Power Co. Pvt. Ltd (NSPCL), the 50:50 joint venture to the steel maker, two people aware of the development said, seeking anonymity. The development comes at a time when NTPC is pivoting towards green energy with a growing focus on environmental, social and governance (ESG) investing. “NTPC is looking to offload its stake in NSPCL and is in talks with SAIL,” said one of the two people cited above. (Read more)

25 Aug 2021, 09:01:28 AM IST

Blackstone buys 74% in ASK Group for $1 bln

25 Aug 2021, 08:56:54 AM IST

Finance ministry exploring insurance bonds as alternative to bank guarantees

The government is considering introducing insurance bonds as an alternative to bank guarantees, Finance Secretary T V Somanathan said in Mumbai on Tuesday. Somanathan made the announcement during a meeting between industry captains and Finance Minister Nirmala Sitharaman, who is on a two-day visit to the financial capital. (Read more)

25 Aug 2021, 08:44:33 AM IST

India’s liquidity-driven stock market rally to dry out next year: poll

India’s liquidity-driven stock market rally is expected to cool next year as global and domestic monetary policy starts to tighten, according to a Reuters poll of analysts who expect corporate earnings to rise further. Despite slumps during two damaging waves of the COVID-19 pandemic, the benchmark BSE Sensex Index has surged nearly 120% from a record low of 25,638.9 hit in late March last year, when the country’s first lockdown started.

25 Aug 2021, 08:29:28 AM IST

Stocks to Watch

Adani Ports, Bajaj Finserv, Tata Power, Infosys, Canara Bank, among other stocks may be in the news today. (Read more)

25 Aug 2021, 08:14:08 AM IST

Market outlook

Markets are likely to consolidate on Wednesday while trends in SGX Nifty suggest a marginally higher of Indian benchmark indices. On Tuesday, the Sensex ended at 55,958.98, up 403.19 points or 0.73%. The Nifty was at 16,624.60, up 128.15 points or 0.78%. (Read more)

25 Aug 2021, 08:03:21 AM IST

MFIs, Assam govt sign MoU for Assam Microfinance Incentive and Relief scheme

Microfinance Institutions Network (MFIN) on Tuesday said 37 microlenders and the Assam government have signed an MoU for joint implementation of the Assam Microfinance Incentive and Relief Scheme (AMFIRS), 2021. AMFIRS is aimed at providing financial relief from the government to the microfinance borrowers in Assam to help them continue maintaining good credit discipline in COVID times. The MOU lays down duties and responsibilities of the two parties – Assam government and lenders including six universal banks, 25 NBFC MFIs, two NBFCs, and four small finance banks – for ensuring successful implementation of the scheme, a release said.

25 Aug 2021, 07:54:39 AM IST

REITs, InvITs to be included in Nifty indices from Sep 30

Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts will be included in the Nifty indices from September 30, according to new eligibility criteria announced by the NSE. Vinod Rohira, CEO, Mindspace Business Parks REIT called it a very encouraging step from NSE. “This would enable wider investor participation in REITs and consequently increased volumes, liquidity and better price discovery. REITs merit to be on the Nifty indices, and this move will assist in widening investor participation for REITs at par with other equity options in India,” he added.

25 Aug 2021, 07:42:34 AM IST

Asian markets open higher

Asian stocks rose Wednesday after another record for U.S. shares on improving confidence in the economic recovery from the pandemic. Treasuries were steady and the dollar edged higher. Equities advanced in Japan and Hong Kong, including a further rebound in Chinese technology stocks. In commodity markets, oil and iron ore retained gains in part on China’s success in stamping out virus flare-ups, which is easing some of the concerns about the impact of the delta variant on demand. In the latest steps following China’s regulatory crackdown, the Securities and Exchange Commission said it will demand that the more than 250 Chinese companies trading in US markets better inform investors about political and regulatory risks. The Nasdaq Golden Dragon China Index surged overnight after solid results from Inc. lured investors including Cathie Wood.

S&P 500 futures were steady as of 10:52 a.m. in Tokyo. The S&P 500 rose 0.2%

Nasdaq 100 futures were little changed. The Nasdaq 100 added 0.3%

Japan’s Topix index rose 0.4%

Australia’s S&P/ASX 200 Index gained 0.3%

South Korea’s Kospi index added 0.1%

Hong Kong’s Hang Seng Index increased 0.7%

China’s Shanghai Composite index was little changed

SGX Nifty was up 0.12%

25 Aug 2021, 07:32:00 AM IST

US indices close higher

U.S. equities rose to record highs as strong corporate earnings and a rally in commodity prices outweighed lingering concerns about the threat of Covid-19 to the global economy. The S&P 500 and Nasdaq 100 gained as Best Buy Co. became the latest U.S. retailer to report robust consumer demand while the price of oil and iron ore similarly gained on improving sentiment. Energy, consumer discretionary and materials stocks were among the best performers as investors also awaited insights from Federal Reserve Chairman Jerome Powell’s address from Jackson Hole this week.

The S&P 500 rose 0.2% as of 4 p.m. New York time

The Nasdaq 100 rose 0.3%

The Dow Jones Industrial Average was little changed

The MSCI World index rose 0.6%

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