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The one-hour <keyword id="23618998" type="General" weightage="100" keywordseo="Muhurat-trading" source="keywords">muhurat trading</keyword> session, which marks <keyword id="20963892" type="General" weightage="20" keywordseo="Diwali-2024" source="keywords">Diwali 2024</keyword> and the onset of Hindu Samvat 2081 on both NSE and BSE, is set to commence at 6 pm today and will conclude at 7 pm. Generally, investors and traders make symbolic stock buys during this hour-long session, since it is believed that purchases made during this time herald wealth and prosperity for one’s investments for the year to come. If you are looking for <keyword id="19910146" type="General" weightage="20" keywordseo="stock-recommendations" source="keywords">stock recommendations</keyword> to add to your portfolio, here are a few value picks by SAMCO and Kotak Securities you can consider: <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> Ltd Holding period: 1 year Last Traded Price: Rs 1,734.30 Per the firm, “The bank has maintained a robust 10-year profit CAGR of 21.74%, operating with a NIM (net interest margin) of 3.5% and a low net NPA (non-performing assets) of 0.3%. Advances and deposits have shown steady growth. Currently, the stock trades below its 10-year average price-to-book value and at a price-to-earnings ratio of 19, offering a favorable risk-reward profile with a substantial downside buffer”. <keyword id="22086440" type="General" weightage="20" keywordseo="Vindhya-Telelinks" source="keywords" meta.keywordsubtype="org" meta.entityname="Vindhya Telelinks" meta.hostid="261" meta.entityid="Vindhya Telelinks">Vindhya Telelinks</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 1,992.55 SAMCO notes that this key cable manufacturing, which is a joint venture between Universal Cables Limited and Madhya Pradesh State Industrial Development Corporation, has shown robust growth over the last 5 years, nearly doubling revenues with a 14.3% CAGR. The company holds significant investments in Birla Cable Ltd, Birla Corporation Ltd, and Universal Cable Ltd, totaling Rs 3,618 crore—surpassing its market capitalization of Rs 2,545 crore. This solid investment base underscores Vindhya Telelinks’ strong fundamentals and financial potential. <keyword id="23763358" type="General" weightage="20" keywordseo="Ramco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ramco Industries" meta.hostid="261" meta.entityid="Ramco Industries">Ramco Industries</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 244.89 SAMCO observes that over the past decade, sales grew at a 7% CAGR, while the share price rose at a 14% CAGR. Known for its financial stability, Ramco Industries boasts a low debt-equity ratio of 0.07 and has consistently paid dividends since FY17, currently yielding 0.31%. The stock’s attractive price-to-book multiple of 0.5 offers a solid margin of safety, highlighting its investment appeal. <keyword id="22786675" type="General" weightage="20" keywordseo="Gravita-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Gravita India" meta.hostid="261" meta.entityid="Gravita India">Gravita India</keyword> Holding Period: 12 months Last Traded Price: Rs 2,119 Kotak explains that Gravita India is the market leader in India’s emerging recycling industry with a focus on lead recycling. Gravita India is increasing its recycling capacity by a massive 72% to 500 ktpa by FY27E. “We expect the company’s earnings per share to grow by 31.8% in FY25E &amp; 31.6% in FY26E. We also expect an upside of 15% or more on this stock over the next 12 months”, adds Kotak’s note. <keyword id="23763359" type="General" weightage="20" keywordseo="S-H-Kelkar" source="keywords" meta.keywordsubtype="org" meta.entityname="S H Kelkar" meta.hostid="261" meta.entityid="S H Kelkar">S H Kelkar</keyword> and Company (SHKL) Holding Period: 12 months Last Traded Price: Rs 289.90 The company is a flavors &amp; fragrances (F&amp;F) supplier and has started to make inroads into the global market. SHK is well-placed to drive double-digit revenue growth. The company is a small but emerging contender in the vast F&amp;F market, with potential for margin expansion—higher-margin geographies &amp; operating leverage—allowing for over 15% return upside in the next 12 months. Kotak Securities further notes that FY25 will likely see more broad-based growth across sectors. However, the OMCs (oil marketing companies) may likely drag down overall profits. Most sectors and stocks are quite overvalued, with the degree of overvaluation ranging from: (1) low for most large-cap consumers, IT services, and pharmaceuticals (2) medium in the investment space (3) high in the case of several low-quality companies. "As the broader market valuations are rich, opportunities arising from market correction can be used to add quality stocks (with attractive valuations) from a long-term investment perspective," explains the research firm's note. SAMCO further advises adding a little glitter to your portfolio using GoldBees and SilverBees ETFs since there are recessionary fears in the US and geopolitical tensions across the world. Even central bankers like RBI have been adding gold to their vaults like never before. At present, markets are looking to secure their return on capital rather than seeking a return on capital. "Thus all of these make a strong case to add gold and silver to the portfolio. They will give stability to your portfolio this Samvat," adds SAMCO's note.

Muhurat trading 2024: 5 stock picks you can consider this time around

<keyword id="20599258" type="General" weightage="20" keywordseo="Indian-consumers" source="keywords">Indian consumers</keyword> demonstrated a significant increase in their <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword> in July this year, marking a 19% increase compared to the same month last year. According to a report released by <keyword id="19945737" type="General" weightage="20" keywordseo="SBI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Securities" meta.hostid="261" meta.entityid="SBI Securities">SBI Securities</keyword>, the total expenditure by credit card users across the country reached an impressive Rs 1.7 trillion. This substantial uptick highlights the growing reliance on credit cards for transactions, reflecting broader economic trends and <keyword id="20740758" type="General" weightage="20" keywordseo="consumer-confidence" source="keywords">consumer confidence</keyword>. The report also highlighted a considerable increase in <keyword id="21118324" type="General" weightage="20" keywordseo="transaction-volumes" source="keywords">transaction volumes</keyword>, which surged by 39% year-on-year, reaching a total of 38.4 crore transactions in July 2024. This increase in the number of transactions underscores the widespread adoption and usage of credit cards as a preferred <keyword id="20632158" type="General" weightage="20" keywordseo="payment-method" source="keywords">payment method</keyword> among Indian consumers. "Credit card spending in India increased 19% YoY to Rs 1.7 trillion in Jul'24. The transaction volume during the month was 38.4 crore, up 39% YoY" said the report. The report also noted that among the banks, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> emerged as the leader in terms of transaction volumes, with its credit cards facilitating 9.9 crore transactions during the month. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> followed closely with 7.1 crore transactions, while SBI secured the third position with 6.3 crore transactions. In terms of transaction value, HDFC Bank again led the way, with a total spend of Rs 44,369 crore through its credit cards in July. ICICI Bank and SBI followed with Rs 34,566 crore and Rs 26,878 crore, respectively. The report said "In Jul'24, transaction volumes was led by cards issued by HDFC Bank (9.9 crore) followed by ICICI Bank (7.1 crore) and SBI (6.3 crore)". Additionally, the <keyword id="22988051" type="General" weightage="20" keywordseo="average-transaction-value" source="keywords">average transaction value</keyword> (ATV) also saw a marginal increase of 1.4% month-on-month in July 2024. This marks the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards higher-value transactions after a period of stagnation. Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience offered by credit card transactions.

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

Focused <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which invest in a concentrated portfolio of <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, are gaining traction among investors with the <keyword id="22748135" type="General" weightage="20" keywordseo="asset-base" source="keywords">asset base</keyword> of the category growing to Rs 1.43 lakh crore in three months ended June 2024, marking an increase of 31% from a year ago. Interestingly, some of the focused funds offered by the mutual fund houses such as <keyword id="22748136" type="General" weightage="20" keywordseo="Invesco-India-Focused-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Invesco India Focused Fund" meta.hostid="261" meta.entityid="Invesco India Focused Fund">Invesco India Focused Fund</keyword>, Mahindra Manulife Focused Fund, JM Focused Fund, and <keyword id="19896378" type="General" weightage="20" keywordseo="hdfc" source="keywords">HDFC</keyword> Focused 30 Fund delivered a remarkable return of 40-60% in the past year, industry data showed. Focused funds are a type of mutual fund where the fund manager selects a concentrated portfolio of stocks, typically limited to a maximum of 30 due to regulatory constraints. This requires the fund manager to be highly skilled in stock selection, as they need to identify the best investment opportunities across the market without bias toward any specific market cap or sector. According to data from the <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi), the assets under management (AUM) of the focused funds were at Rs 1.43 lakh crore in the June quarter 2024-25 as compared to Rs 1.09 lakh crore in April-June FY24. This growth highlights the appeal of focused funds as an alternative to portfolio management services (<keyword id="19950020" type="General" weightage="20" keywordseo="pms" source="keywords">PMS</keyword>), especially with recent tax changes that make PMS less attractive due to higher costs and tax implications, Feroze Azeez, Deputy CEO, of Anand Rathi Wealth Ltd, said. "With the increase in taxation on both small-term capital gain tax and long-term capital gain tax, PMS portfolios are expected to see a drop in post-tax returns. For example, a PMS portfolio generating a pre-tax return of 14 % could see post-tax returns drop from 11.73 % to 11.29 %. This shift could lead to fund managers churning portfolios less frequently, which in turn will be affecting returns for investors," he added. Focused funds follow a similar concentrated portfolio strategy where the fund manager picks the top stocks and offers flexibility across market caps. Thus, becoming a more attractive option for investors looking to optimize their returns. Industry experts recommend investing in focused funds through systematic investment plans (SIPs) as a smart strategy in the current market environment of sector rotation and high valuations. Since these funds invest in a small number of stocks, SIPs can help reduce risk by spreading out investments over time. Overall, there are 31 focused schemes offered by different mutual fund houses in the category. These schemes have given returns of 19-60% in the last one year. In terms of returns, smaller funds have performed exceptionally well. The Invesco India Focused Fund delivered a remarkable return of over 60% in the past year, while Mahindra Manulife Focused Fund provided around 50% returns and JM Focused Fund offered a return of 45% during the period. With a corpus of Rs 1,552 crore as of June 2024, Mahindra Manulife Focused Fund has consistently performed well, securing the second rank for 1, 2, and 3-year periods. The fund delivered returns of 50%, 32%, and 26% over these periods, respectively. HDFC Focused 30 Fund achieved the top rank over the 3 years with a return of 28.63 %, while JM Focused Fund secured the third rank with a 25 % return during the same period. "The success of focused funds underscores the importance of skilled fund management and strategic stock selection," an industry expert said. Focused funds opt for a more targeted strategy rather than the broad diversification typical of traditional mutual funds. This approach helps fund managers make investments in a carefully selected group of stocks, reflecting their strongest investment beliefs. The concentrated nature of these portfolios requires careful selection of each stock, as the fund's performance heavily depends on these choices. Although these funds hold a limited number of stocks, they are structured to be sufficiently diversified to effectively manage risk. Overall, the assets of the equity mutual funds rose to Rs 27.6 lakh crore in June 2024 from Rs 17.43 lakh crore in June 2023.

Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year

New Delhi, Gold prices on Thursday jumped by Rs 500 to Rs 65,650 per 10 grams in the national capital amid a rally in precious metal's rates in international markets, according to <keyword id="19969290" type="General" weightage="20" keywordseo="hdfc-securities" source="keywords">HDFC Securities</keyword>. Maintaining its upward march for the third straight day, the precious metal touched a fresh lifetime high of Rs 65,650 per 10 grams. The yellow metal had closed at Rs 65,150 per 10 grams in the previous trade. Silver prices also rallied by Rs 400 to Rs 74,900 per kg. In the previous session, it closed at Rs 74,500 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,650 per 10 grams, up by Rs 500, taking bullish cues from the overseas markets," <keyword id="19969287" type="General" weightage="20" keywordseo="saumil-gandhi" source="keywords">Saumil Gandhi</keyword>, senior analyst of commodities at HDFC Securities, said. In the global markets, spot gold at Comex was trading at USD 2,152 per ounce, up by USD 30 from the previous close. Comex spot gold reached a new high of USD 2,161.50 per ounce in Asian trading hours on Thursday after Federal Reserve Chair <keyword id="20058769" type="General" weightage="20" keywordseo="jerome-powell" source="keywords">Jerome Powell</keyword> reiterated that the US central bank will most likely lower interest rates this year, Gandhi added. In his semiannual Humphrey-Hawkins testimony to Congress, Powell said that the US Fed remains squarely focused on its mandate to promote maximum employment and stable prices for the American people. The policy rate is likely at its peak and it will likely be 'appropriate' to cut rates at some point this year, he added. However, he observed that the Federal Open Market Committee (FOMC) still needs 'greater confidence' before cutting rates. Silver was trading higher at USD 24.10 per ounce. In the previous trade, it had closed at USD 23.75 per ounce. "Looking ahead, the market focus shifts to the upcoming US Consumer Price Index (CPI) data for February, which is poised to be a key trigger for gold prices next week. "Additionally, non-farm payroll and unemployment data to be released on Friday will provide further direction for gold trends," <keyword id="20865684" type="General" weightage="20" keywordseo="jateen-trivedi" source="keywords">Jateen Trivedi</keyword>, VP Research Analyst at <keyword id="19956971" type="General" weightage="20" keywordseo="lkp-securities" source="keywords">LKP Securities</keyword>, said.

Gold jumps ₹500 to scale record high of ₹65,650 per 10 grams

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in red. While Sensex slipped around 692 points during the day to close at 78,956.03, Nifty dipped by 0.85% to close the day at 24,139.00, as on August 13th, 2o24. <keyword id="20007884" type="General" weightage="20" keywordseo="Titan" source="keywords" meta.keywordsubtype="org" meta.entityname="Titan" meta.hostid="261" meta.entityid="Titan">Titan</keyword> (up by 1.93%), Apollo Hospitals (up by 1.50%), Tata Consumers (up by 0.86%), Dr Reddy (up by 0.78%) and HCL Tech (up by 0.55%) were amidst the day's gainers. On the other hand, <keyword id="44555" type="General" weightage="20" keywordseo="BPCL" source="Orion">BPCL</keyword> (down by 3.54%), <keyword id="6357149" type="General" weightage="20" keywordseo="HDFC-Bank" source="Orion">HDFC Bank</keyword> (down by 3.26%), <keyword id="472962" type="General" weightage="20" keywordseo="HDFC-Life" source="Orion">HDFC Life</keyword> (down by 2.78%), Shri Ram Finance (down by 2.53%) and <keyword id="6354737" type="General" weightage="20" keywordseo="ONGC" source="Orion">ONGC</keyword> (down by 2.14%) were amongst the day's laggards. Out of the 2,813 stocks traded during the day, 757 saw advances, while 1,978 declined, and another 78 remained unchanged. 121 stocks hit their 52-week high price, while 31 stocks also hit their 52-week low prices. 92 stocks hit their upper circuit, or the maximum permissible trading price during a singular session, while 104 stocks remained in the lower circuit. Amidst broad market indices, Nifty Next 50, small cap 100, small cap 50, small cap 250 and micro cap 250 plunged by over 1% each in day's trade, while India VIX rose by 1.89%. Amidst sectoral indices, bank, financial services, metal, private banks, oil and gas and PSU banks closed the day in red, shedding over 1% each, while consumer durables gained over 1%, along with healthcare and IT, which also notched up marginal gains. Says Rajesh Bhosale, Equity Technical Analyst, Angel One, "Today, prices steadily declined throughout the session, and the sell-off intensified in the afternoon with no signs of a rebound. Eventually, Nifty ended down by 0.83%, a tad below the 24,150 mark". "Recent sessions have seen prices struggling around the 20-day EMA (Exponential Moving Average), and it now appears likely that prices will test the 50-day EMA support in the 24,040 - 24,000 range and potentially dip below the recent low of 23,900. With the upcoming weekly expiry for both Nifty and Bank Nifty, increased <keyword id="19908008" type="General" weightage="20" keywordseo="volatility" source="keywords">volatility</keyword> is expected. Traders should avoid complacency, keep positions light, and prepare for potential market fluctuations ahead of the mid-week holiday. Conversely, the 24,350 - 24,500 range remains a critical hurdle only beyond which the momentum would favor back for the bulls. Traders are advised to monitor these levels closely and adjust their strategies accordingly", he continued. Shrikant Chouhan, Head Equity Research, Kotak Securities is of the view that the intraday texture of the market is weak but 50 day SMA (Simple Moving Average) or 24,000/78,800 would be the trend decider level for the day traders. Above 24,000/78,800, we could see one pullback rally till 24,250-24,300 / 79,500-79,700. On the flip side, below 24,000/78,800 selling pressure is likely to accelerate. Below the same, the market could slip up to 23,850-23,775 / 78,500-78,100. Ajit Mishra – SVP, Research, Religare Broking Ltd highlights that the markets continued their downward trend today, losing nearly a percent as the correction phase persisted. Despite a flat start, the Nifty gradually declined, closing near the day's low at 24,140.70. "The pressure was primarily due to a drop in banking and financial heavyweights, while IT majors attempted to limit the losses. Broader indices also struggled, with declines ranging from 0.8% to 1.3%. Nifty is under pressure after failing to surpass the 20-day EMA resistance and appears poised to retest the 24,000 support zone. The decline in banking majors has disrupted the recovery, while other sectors are trading mixed. We recommend monitoring leveraged positions closely and waiting for clearer market signals", said Mishra.

Stock market closing: Nifty, Sensex close in red, Sensex dips over 650 points during the day

The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has approved <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword>'s proposal to acquire an up to 9.5% stake in <keyword id="19901053" type="General" weightage="100" keywordseo="indusind-bank" source="keywords">IndusInd Bank</keyword>. "Pursuant to Regulation 30 of the <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Listing Regulations, we would like to inform you that the Reserve Bank of India vide its letter dated February 5, 2024 has accorded its approval to HDFC Bank Limited ("applicant") for acquiring "aggregate holding" of up to 9.50% of the paid-up share capital or voting rights in IndusInd Bank Limited. The aforesaid RBI approval has been granted with reference to the application made by the applicant to the RBI," IndusInd Bank said in a stock exchange filing. The approval also stipulates that if the "aggregate holding" of HDFC Bank falls below 5%, prior approval of the RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights. The RBI approval is subject to compliance with the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword>, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended), provisions of the Foreign Exchange Management Act, 1999, regulations by the Securities and Exchange Board of India (SEBI), and other applicable statutes, regulations, and guidelines, the filing noted. --IANS sps/dpb

HDFC gets RBI nod to acquire 9.5% stake in IndusInd Bank

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in the red, recording marginal losses. While Sensex was down by around 581 points and was trading at 78,886.22 points at the close, Nifty was down by 0.74%, or around 180 points to close at 24,117.00 points. <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> (up by 1.63%), <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> (up by 1.57%), SBI Life (up by 1.22%), Cipla (up by 1.06%) and HDFC Bank (up by 1.03%) were amongst the leading gainers during the day. On the other hand, LTI Mindtree (down by 4.09%), Grasim (down by 3.60%), Asian Paints (down by 3.37%), Apollo Hospitals (down by 3.09%) and Infosys (down by 2.94%) were amidst the day's leading laggards. Out of the 2,783 stocks traded during the day, 1,186 saw advances, while 1,528 declined and another 69 remained unchanged. 122 stocks hit their 52-week high, while 27 stocks also hit their 52-week low price. 115 stocks remained in the upper circuit today, while 57 stocks hit the lower circuit during the day's trade. W<keyword id="19989715" type="General" weightage="20" keywordseo="IT" source="keywords">it</keyword>h the exception of India VIX, which rallied 2.67% during the day, all other broad market indices closed the day in reds. Amidst sectoral indices, bank, financial services, media, pharma, private bank and healthcare recorded marginal gains, while IT, <keyword id="20102108" type="General" weightage="20" keywordseo="metal" source="keywords">metal</keyword>, realty and <keyword id="20051327" type="General" weightage="20" keywordseo="oil-and-gas" source="keywords">oil and gas</keyword> indices corrected over 1% each. In other news, <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s MPC (Monetary Policy Committee) decided to leave the repo rate unchanged at 6.5%, making this the 9th consecutive time that the benchmark interest rates have not been hiked or slashed since February 2023. Said Anu Aggarwal, Head – Corporate Banking, Kotak Mahindra Bank said, “RBI's decision to hold the repo rate at 6.5% for the ninth consecutive time was on expected lines amid persistent inflationary pressures with June inflation coming in at 5.1%, and food in particular running away at 8.4%. We need to watch out for Fed action in September when a rate cut is near certain which will set the stage for our own likely cut by December. RBI's commitment to inflation target of 4% while our GDP growth is on track seems the right thing to do.” <h2>IT, Metal indices witness correction </h2>Aditya Gaggar, director of Progressive Shares notes that amid extreme volatility on either sides, Nifty50 settled the weekly expiry day on a weak foot at 24,117.00 with a loss of 180.50 points. Among the sectors, pharma was the best performer while IT and metal corrected the most. With a marginal loss of over 0.30% ,mid and small caps outperformed the frontline Index. "The index is oscillating in a wide range where the downside seems to be protected at 23,965 (near 50DMA) while the higher side is capped at 24,330 (bearish gap zone) and a breakout on either side is a must for a clear picture", he noted. Shrikant Chouhan, Head Equity Research, Kotak Securities says that today, the benchmark indices witnessed a volatile trading session, after a roller coaster activity the Nifty ends 197 points lower while the Sensex was down by 582 points. "Among Sectors, IT and Metal indices lost the most shed over 1.5%, whereas some buying was seen in selective media and pharma stocks. Technically, market consistently facing selling pressure at higher levels from the day highest levels Nifty/ Sensex shed over 250/800 points. A bearish candle on daily charts and double top formation on intraday charts indicates further weakness from the current levels. For the day traders intraday texture is non-directional hence level based trading would be the ideal strategy", said Chouhan.

Stock market closing: Sensex, Nifty close the day in red, IT, metal, realty and oil and gas indices dip 1% each

<keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in the red. While Sensex dipped around 166 points to close at 78,593.07, well below the 80,000 mark it had breached recently, Nifty closed 0.26% down at 23,992.55, marginally below the 24,000 mark, as of August 6th, 2024. <keyword id="20107252" type="General" weightage="20" keywordseo="Britannia" source="keywords" meta.keywordsubtype="org" meta.entityname="Britannia" meta.hostid="261" meta.entityid="Britannia">Britannia</keyword> (up by 2.81%), <keyword id="19971670" type="General" weightage="20" keywordseo="JSW-Steel" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Steel" meta.hostid="261" meta.entityid="JSW Steel">JSW Steel</keyword> (up by 2.35%), <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> (up by 1.74%), <keyword id="20531945" type="General" weightage="20" keywordseo="Larsen-and-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen and Toubro" meta.hostid="261" meta.entityid="Larsen and Toubro">Larsen and Toubro</keyword> (up by 1.70%) and <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindustan Unilever" meta.hostid="261" meta.entityid="Hindustan Unilever">Hindustan Unilever</keyword> (up by 1.54%) were amongst the top gainers during the day. On the other hand, <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> (down by 4.28%), SBI Life (down by 2.43%), BPCL (1.84%), Shri Ram Finance (down by 1.71%) and SBI Life (down by 1.47%) were the leading laggards. Out of the 2,813 stocks traded during the day, 1,031 stocks saw advances, while 1,703 saw declines, and another 79 remained unchanged. 72 stocks hit their 52-week high price, while 51 stocks also hit their 52-week low price today. 108 stocks hit the upper circuit, or maximum permissible price in a single trading session, while 131 stocks remained in the lower circuit. All broad market indices closed the day in red. India VIX dipped 7.97%, and amidst sectoral indices, financial services and PSU banks dropped over 1% each at the close of day's trade. With the exception of FMCG, IT, media, metal and realty, which managed marginal gains, all other sectors closed in the reds. Aditya Gaggar, director of Progressive Shares explains that although a strong opening reaching higher levels was seen in the opening trade; the index failed to hold its gains and gradually erased it. In the 2nd half of trading, selling pressure intensified, and the index wiped off all its gains to end the session at 23,992.55 with a loss of 63.05 points. "A mixed trend was seen across the board, where realty and IT were the top gainers, while PSU Banks corrected the most, followed by auto. From the broader markets, midcaps and small caps corrected by 0.61% &amp; 0.39% respectively, and underperformed the frontline index. The near-term outlook for Nifty50 turned bearish, unless it gives a convincing move above 24,400 while on the downside, 23,880 will be considered as immediate support", Gaggar continued. Shrikant Chouhan, Head Equity Research, Kotak Securities noted that while today, the markets opened higher due to positive Asian markets, they failed to sustain these levels and closed at the day's lowest point. "Although the market did not break the previous day's lows, it closed below the closing of the previous day. Apart from Nifty realty, metal, and IT, other indices closed in the red. Based on the short-term market structure, the trend-setting levels are 23,900/78,290. If the market falls below this, it may decline to 23,700 or 23,600/78,000-77,800, where it has support from retracements and long-term averages. It's advisable to consider selective buying around this level. On the upside, the major resistance levels are 24,150/79,000 and 24,400/79,700. It's recommended to reduce weak long positions around 24,300/24,400", he said. Rajesh Bhosale, Equity Technical Analyst, Angel One highlighted that the momentum favored the bears, and that the possibility of intermittent rebounds cannot be ruled out. "Therefore, any such bounces, similar to today, should ideally be viewed as selling opportunities. As for key levels, 24,250 appears to be immediate resistance, while the 24,350 - 24,400 range remains a challenging barrier for the bulls. Only a close above this range could potentially revive some positive momentum in the market. On the downside, immediate support is seen at 23,900 - 23,850, below which the Nifty may slip towards the 23,600 - 23,550 levels. Traders are advised to monitor these levels closely and adjust their trades accordingly, while also keeping an eye on global developments, as our markets are particularly influenced by global momentum", Bhosale continued. On the global front, oil prices rose by over 1% today, bouncing back from yesterday's losses, due to supply concerns stemming from the escalating Middle East conflict and strong U.S. services data. However, the fear of Iran retaliating against recent attacks in the region has increased fears of a broader war, threatening global supply stability and impacting oil forecasts. Furthermore, the US ISM Services PMI for July came in at 51.4, slightly above the month's forecast (51) and higher than June's reading (48.8). This is a positive sign, since it indicates a rebound in services sector, improvement in business activities, new orders and employment across industries like finance, healthcare and more. "With the Federal Reserve’s interest rate strategy under scrutiny, any positive US economic data could support the case for rate cuts", continued Chouhan. In response, global indices were seen trading in green. Nikkei 225 in particular, which had dropped around 12.4% yesterday, witnessing its worst crash since 1987, sharply rebounded about 3,217.04 points, or 10.23% to close at 34,675.46 points.

Stock market closing: Nikkei makes a sharp rebound, Sensex ends below 79k and Nifty slips below 24k

Both indices, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> saw a bloodbath on Friday, with Sensex dipping around 885.6 points to close at 80,981.95 points, while NSE dipped 1.17% to close at 24,717.70 points on August 2, 2024. <keyword id="20103302" type="General" weightage="20" keywordseo="Divis-Labs" source="keywords" meta.keywordsubtype="org" meta.entityname="Divis Labs" meta.hostid="261" meta.entityid="Divis Labs">Divis Labs</keyword> (up by 1.74%), <keyword id="6357149" type="General" weightage="20" keywordseo="HDFC-Bank" source="Orion">HDFC Bank</keyword> (up by 1.17%), Dr Reddy (up by 0.84%), <keyword id="44642" type="General" weightage="20" keywordseo="Sun-Pharma" source="Orion">Sun Pharma</keyword> (up by 0.80%) and Britannia (up by 0.63%) were amongst the top gainers during the day, while Eicher Motors (down by 5.15%), Tata Motors (down by 4.32%), <keyword id="6912" type="General" weightage="20" keywordseo="Maruti" source="Orion">Maruti</keyword> (down by 4.06%), <keyword id="45609" type="General" weightage="20" keywordseo="JSW-Steel" source="Orion">JSW Steel</keyword> (down by 3.91%) and Hindalco (down by 3.89%) were amongst the leading laggards during the day. Out of the 2,771 stocks traded during the day, 1,059 saw advances, while 1,630 saw declines, while another 82 remained unchanged. 152 stocks hit their 52-week high price and 32 stocks hit their 52-week low price as well. 108 stocks remained in the upper circuit during the day, while 81 stocks remained in the lower circuit, or hit their minimum permissible trading price during a singular trading session. Amidst broad market indices, Nifty next 50 was down by 1.30%, Nifty 100 was down by 1.10%, Nifty 200 dipped by 1.08%, Nifty 500 was down by 1.05% and midcap 50 was down by 1.43%. With the exception of India VIX, which rose 11.4% during the day, all other indices closed the day in red. As for sectoral indices, IT was down by 2.41%, metal was down by 2.70%, PSU banks were down by 1.72%, <keyword id="20304716" type="General" weightage="20" keywordseo="realty" source="keywords">realty</keyword> was down by 3.53% and oil and gas dipped by 1.24% during the day. Only healthcare and pharma indices closed the day in green. <h2>What are the experts saying?</h2>Ajit Mishra – SVP, Research, Religare Broking Ltd noted that today, the markets traded under pressure and lost over a percent due to weak global cues. After a gap-down start, Nifty fluctuated within a range and eventually closed near the day's low. Most sectors mirrored the benchmark's decline, with realty, auto, and metal being the top losers. The broader indices also fell, each losing over half a percent. "Nifty struggled to surpass the hurdle at 25,100, and Friday's close suggests a potential further dip toward the immediate support zone around the 20-day EMA around 24,500 level. Besides earnings, participants are also taking cues from the global front, particularly the US, which has been experiencing significant volatility recently. Given this scenario, it is advisable to limit overnight leveraged positions and opt for hedged trades", he continued. Amol Athawale, VP-Technical Research, Kotak securities explained that today, our markets followed the trend of world equity markets, which closed with a massive drop in the last few days. They were down due to weak economy-related data as well as disappointing quarterly numbers. However, our markets held up relatively better than world markets, which fell by over 1.50%. Weekly, Nifty fell by 0.40%, while Sensex was down by 300 points. "Realty, auto, and IT fell by over 2% weekly, while the Nifty pharma index was up nominally. We saw particular buying interest in new-age companies after Zomato's Q1 numbers. Technically, the market managed to climb to new highs during the week. Nifty and Sensex achieved major milestones by crossing 25000 on the Nifty and 82000 on the Sensex. However, currently, most stocks and indices are close to important resistance levels, and we may see consolidation for a few days or weeks", said Athawale. "On an immediate basis, the market is finding support between 24,600/80,900 and 24,500/80,600 levels. On the other hand, until the market crosses 25,100/82,200, we may see a range-bound movement in the market. The strategy should be to buy selective stocks between 24,600 and 24,500/80,900 and 80,600 levels. A close below 24,500/80,600 may take the market towards 24,250/79,900 or 24,100/79,500 levels. Any bounce towards 24,900-25,000/81,700-82000 levels will be an opportunity to reduce long positions", he continued.

Stock market closing: Sensex, Nifty close the week in red, Sensex tumbles over 800 points

Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by <keyword id="174045" type="General" weightage="20" keywordseo="hdfc-amc" source="Orion">HDFC AMC</keyword> to RBI, according to a regulatory filing on Thursday. "...the Reserve Bank of India (RBI) vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights of Federal Bank," the bank said in the filing. In a separate filing, Equitas Small Finance Bank said HDFC AMC got RBI's approval on September 20 to raise 'aggregate holding' of up to 9.5 per cent of the paid-up equity capital or voting rights in the small finance bank. HDFC AMC holds a 4.49 per cent stake in Kerala-based Federal Bank, and a 4.68 per cent stake in Equitas Small Finance Bank as of June 30, 2023. The approval granted by the <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> is subject to compliance with the relevant provisions of the <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">Banking</keyword> Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India (Sebi), and any other guidelines, regulations and statutes as applicable, the filing said. As per the RBI intimation, it said HDFC AMC must ensure that the aggregate holding in the bank does not exceed 9.5 per cent of the paid-up share capital or voting rights of the bank at all times. Further, it said, if the aggregate holding falls below 5 per cent, prior approval of RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights of the bank.

HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day with significant gains, and in greens. While Nifty closed at 24,502.15 up by 186.20 points or 0.77%, <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword> Sensex crept past the 80,000 mark to close at 80,519.34, inching up by around 622 points. During the day, <keyword id="22163816" type="General" weightage="20" keywordseo="Shri-Ram-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Shri Ram Finance" meta.hostid="261" meta.entityid="Shri Ram Finance">Shri Ram Finance</keyword> (up by 2.96%), TCS (up by 2.42%), Wipro (up by 1.73%), <keyword id="13852548" type="General" weightage="20" keywordseo="LTI-Mindtree" source="Orion">LTI Mindtree</keyword> (up by 1.44%) and ONGC (up by 1.2%) gained significant ground and were amongst the top gainers. On the other hand, Maruti (down by 1.06%), <keyword id="472962" type="General" weightage="20" keywordseo="HDFC-Life" source="Orion">HDFC Life</keyword> (down by 0.52%), <keyword id="6359432" type="General" weightage="20" keywordseo="Britannia" source="Orion">Britannia</keyword> (down by 0.40%), Asian Paints (down by 0.30%) and Divis Labs (down by 0.28%) were amongst the leading laggards. Most broad market indices, except for Nifty next 50, midcap 50, midcap 150 and small cap 250 closed the day in green. India VIX saw a significant drop of 1.92% during the day. As for sectoral indices, auto, metal, PSU banks, consumer durables and realty ended the day in red, with realty down by 1.5%. IT, which jumped up 4.53%, financial services and media (up by 2.08%) registered gains during the day. Out of the 2,765 stocks traded during the day, 1,108 saw advances while another 1,577 saw declines. About 80 stocks remained unchanged. 164 stocks hit their 52-week high price while 11 stocks also reached their 52-week low prices. 101 stocks managed to touch the upper circuit during the day, while 78 stocks remained in the lower circuit. As Shrikant Chouhan, Head Equity Research, Kotak Securities highlighted, the Nifty-50 index and Sensex gained around 0.7% each in the past week, scaling new all-time highs as market expectations turned further bullish over the past week. On the other hand, the mid-cap index gained around 0.2% and small-cap index lost 0.1% underperforming large-caps. "As such, India, already at record highs, underperformed global markets, especially other EMs, which witnessed a strong rally on expectations of improvement in the growth outlook. The markets were steady ahead of Q1FY25 earnings season and the <keyword id="6360189" type="General" weightage="20" keywordseo="Union-Budget" source="Orion">Union Budget</keyword> for FY2025. Markets remained optimistic about strong government support for the economy, especially for the manufacturing sector, in the upcoming Union Budget. Sectoral indices were mixed on a week-on week basis. IT, FMCG and Oil and Gas gained the most, gaining between 2 to 3%, while Bank Nifty was flat during the week", said Chouhan. <h2>Sectors in action</h2>"On the other hand, Metal Reality, Auto and Power index lost around 2% each during the week. Within the Nifty Index, ONGC (+6.5%), ITC (+5.3%) and HDFC Life (+4.5%) gained the most, while M&amp;M (-6.4%), Tata Steel (-3.4%) and Shriram Finance (-2.5%) lost the most on a weekly basis. Meanwhile, both FPIs and DIIs were net buyers in the same period. Going forward, D-street will focus on the macro trends, inflation and global situation including geo-political concerns", he continued. Ajit Mishra – SVP, Research, Religare Broking Ltd. recommends that traders continue with a “buy on dips” approach, focusing on stock selection and trade management. Besides domestic factors, they should also closely monitor global indices, especially the US markets, for cues. "Markets resumed their uptrend after a brief pause, gaining nearly one percent. Initially, a slight increase in IT majors and select heavyweights from other sectors sparked a sharp rise in the morning hours. However, some profit-taking at higher levels tempered the gains as the day went on. Ultimately, the Nifty index closed at 24,502, up by 0.77%. In addition to the strong performance in the IT sector, the energy and FMCG sectors also performed well, while the realty and auto sectors lagged. The broader indices underperformed the benchmark, ending flat to slightly positive. The rotational buying across heavyweights is helping the Nifty index maintain its positive momentum, but sustained levels above 24,500 are needed to reach the new milestone of 25,000", he noted.

Stock market closing 12 July: Sensex closes past 80k, IT and media sectors make most gains

Both <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in green, with Sensex also crossing the 80,000 mark for the first time. While Nifty closed at 24,286.50 points, up by 0.67%, Sensex closed at 79,986.80 points, having inched up by 0.69%. As for broad market indices, all of them, except India VIX closed the day in green. While VIX ended the day 3.18% down, Nifty next 50 gained 1.08%, and Nifty small cap 100 added 1.03%. As for sectoral indices, <keyword id="722345" type="General" weightage="20" keywordseo="Nifty-Bank" source="Orion">Nifty Bank</keyword> was up by 1.77%, and financial services was up by 1.80%. PSUs jumped up 1.06%, while private banks inched up by 2.02%. <keyword id="6354777" type="General" weightage="20" keywordseo="Media" source="Orion">Media</keyword> was down by 0.39%, and metal jumped by 1.06 to end the day in green. During the day, Tata Consumers (up by 3.55%) and <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> (up by 2.39%) took the lead, but it was private banks who led the top gainers rally during the day, with <keyword id="19991962" type="General" weightage="20" keywordseo="Kotak" source="keywords">Kotak</keyword> bank up by 2.23%, <keyword id="19896378" type="General" weightage="20" keywordseo="HDFC" source="keywords">HDFC</keyword> bank up by 2.14% and Axis bank rising up 1.82%. On the other hand, TCS lost 1.23%, Titan lost 1.11%, Reliance shed 0.68%, Tata Motors lost 0.41% and Hindalco lost 0.40%, making them amongst the top losers of the day. Out of the 2,797 stocks traded during the day, 1,745 saw advances, while 970 saw declines. 215 stocks hit their 52-week high price, while 16 stocks hit their 52-week low. Around 201 stocks hit the upper circuit during the day's trade, while 44 hit the lower circuit. Geojit financial service's share rallied 4.02% to end day at Rs 100.37, after it registered a sharp fall yesterday, following SEBIs orders on uniform charging, and not taking trading volume into play. The firm reported that during FY 23-24, approximately Rs.40 lakhs, which was the difference between the amount recovered from clients and the charges paid to Exchange, had been recorded as income for the year. However, this amount constitutes 0.067% of the total income and 0.22% of profit before tax for FY 23-24. <h2>Experts advise caution as Sensex hits 80,000</h2>According to Mr. Aditya Gaggar, director of Progressive Shares, "Indian bourses commenced the session on a strong note at a fresh high of 24,290 but due to lack of follow-through, the Index oscillated in a well-maintained range to end the session at 24,286.50 with gains of 162.65 points. Barring media, all other sectors ended the day in green with Bank Nifty being the top performer followed by metal and PSU Banks. Broader markets outperformed the frontline index as mid and smallcap gained by 0.79% &amp; 1.03% respectively". Shrikant Chouhan, Head Equity Research, Kotak Securities noted that today, the benchmark indices registered a fresh all time high of 24,309/80,074. The Nifty ends 162 points higher while the Sensex was up by 545 points. Almost all the major sectoral indices were traded in to the positive territory but private bank index outperformed rallied over 2 percent. Technically, after a gap up opening market comfortably trading above 24,200/79,600 resistance level which is largely positive. "In addition, on intraday charts it is holding higher high and higher low formation, which supports further uptrend from the current levels. We are of the view that, as long as the index is trading above 24200/79600 the bullish structure is likely to continue". Arvinder Singh Nanda, Senior Vice President of Master Capital Services noted that BSE Sensex today touched the 80,000 mark for the first time, setting a new all-time high. "This milestone comes after the index added the last 10,000 points in under seven months, having first hit 70,000 on December 11, 2023". But while the long-term outlook remains positive, he advised caution at current levels.

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