Market Today: Nifty50 closed above 11400, Zee Entertainment gained 13% post Q1

 

It was a positive start for the Indian stock market today. The positive global cues indicated a gap up opening for the Indian markets in the morning. The market traded a range-bound session during the day after opening higher. Nifty was moving around 30-40 points in most of the sessions today. At close, there were 24 stocks in advance and 26 in declines today in the Nifty50 index.

The traders took some support with Nasscom’s report that driving utilization of data and artificial intelligence (AI) could play a crucial role in realizing India’s 2025 vision of inclusive development and deliver over $500 billion value to the economy. According to the industry body, this segment could account for 10% of the country’s GDP growth by 2025.

On the global front, Asian markets today closed in the mixed after opening in strong notes. The European markets are trading marginally higher today. The US Dow and Nasdaq futures are also trading marginally higher.

 

Market Today- Nifty50, Sensex, and Bank Nifty on spot

 

At close, the Nifty50 gained 23.05 points or 0.21% and at 11408.40 while Sensex gained 86.47 points or 0.23% and at 38614.79 levels. The Bank Nifty on spot gained 115.30 points or 0.53% and closed at 22285.90 levels.

The Nifty midcap and smallcap 100 indices also closed in the green. The Nifty midcap gained 103.75 points or 0.62% and closed at 16763.80. The Smallcap index of Nifty was up by 68 points or 1.24% and closed at 5565 levels.

The top five Nifty50 gainers for the day are Zee Entertainment, GAIL, Tech Mahindra, Bharti Airtel, and Maruti Suzuki. The losers in the Nifty50 are Bajaj Auto, ONGC, Nestle, Coal India, and Wipro. The most active stocks in the Nifty50 were Reliance, Zee Entertainment, and Bajaj Finance.

In the midcap space, the top gainers for the day are Future Retail, and Nalco and the losers are Amara Raja Batt and Varun Beverages. In the smallcap space the top gainers are CSB Banks, and Himadri Special and the top losers are DCM Sriram and Indiabulls Real.

On a sectoral basis, Banking & Finance, Manufacturing, Capital Goods, Chemicals, and Electricals are closed in the green. On the losing side, IT & Software and FMCG closed in the red today.

 

Stocks in the news today

 

Dilip Buildcon received a letter of acceptance (LOA) from Rail Vikas Nigam for the new project in Uttrakhand in India for construction tunnel, yards, bridges, etc. The NSE share price of Dilip Buildcon has gained 6.52% and closed at Rs 404.90 per share.

The Yes Bank has offloaded an 8.27% equity stake in CG Power via an open market transaction on 18th August. The CG Power and Industrial Solutions NSE share price has gained 5% and closed at Rs 15.30 per share.

BASF India has acquired a 100% stake in Performance Polyamides India Private Ltd from BASF Nederland B.V and BASF SE for an aggregate value of Rs 302.90 cr. The NSE share price of BASF India gained 0.16% and closed at Rs 1316.25 per share.

H.G Infra Engineering has got an offer letter from Adani Road and Transport Ltd on 17th AUG for the four laning projects in Telangana. The NSE share price of HG Infra and Engineering gained 2.60% and closed at 197.15 per share

Man Industries has received a new export order of approx Rs 405 cr. The company’s order book shows Rs 1800 cr unexecuted order with 80% for exports in the current financial year. The NSE share price gained 6.60% and closed at Rs 64.65 per share.

The CSB bank reported Q1FY21 results and its net profit came at Rs 53.6 cr against Rs 19.5 cr on YoY basis. Other income came at Rs 74.3 cr as compared to Rs 30.3 cr on YoY. Net NPA of the bank stood at 1.7% against 1.9% QoQ and provision stood Rs 57.5 cr. the NSE share price of CSB Bank gained 11.57% and closed at Rs 222.35 per share.

 

Conclusions:

Indian markets today opened in strong notes and later traded a range-bound session. Profit booking at higher levels was seen in the selected stocks. Nifty is looking positive and gradually moving towards 11500-11600 levels. The midcap and smallcap stocks continued to trade higher as Q1 results of some companies are better than expected.

You can also follow our Daily Nifty and Bank Nifty futures live trading views in the morning.

 

You may be interested to read, Nifty & Bank Nifty-Key factors that will influence the market next week 

Hedging: Meaning, Risk, Strategies, and types of Hedge

 

Happy Investing!!

Editor’s Desk