2025-03-16 03:47:00
Latest Post
Bio Green Papers Limited approves 67:83 rights issue at Rs. 52 per share- Vantage Knowledge Academy Limited enters into MOU with NEEV Credit Ltd
Alkem Medtech to acquire 100% stake of Bombay Ortho
Dalmia Bharat Ltd's subsidiary commences commercial production of 2.4 MTPA grinding capacity
Ritesh International Ltd deposits advance tax of Rs. 25 lakhs
Market Commentary
Daily Market Wrap - Sep 3, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Posted On : 2021-09-03 18:19:13( TIMEZONE : IST )
Nifty rose for the second consecutive day on Sept 03 and closed at another record high. Nifty opened gap up, corrected mildly in the early part of the session to make an intra day low at 1135 am. Sentiments improved as August services PMI rose to the highest in 18 months. Nifty later rose and ended almost at the intra day high. At close the Nifty was up 0.52% or 89 points at 17324.
On a day when the volumes on the NSE were in line with recent averages, Oil & Gas, Metals, Consumer Durables and Realty indices rose the most while Telecom and Banks declined. Broad market indices minorly underperformed the Nifty.
Asian markets were mixed on Friday on softer Chinese data. European stocks slipped on Friday ahead of U.S. employment data that could influence the Federal Reserve's policy outlook, while fresh concerns about slowing Chinese growth (services) dented the mood.
HDFC Life Insurance Co. will fully acquire Exide Life Insurance Co. for Rs 6,687 crore. Of this, Rs 726 crore will be payable in cash and the balance by way of issuing its 8.7 crore equity shares at Rs 685 apiece to Exide Industries Ltd., the holding company for Exide Life.
A gauge of India's services sector rose to its highest since February on account of inflows of new work and improving demand. The India Services Business Activity Index, compiled by IHS Markit, stood at 56.7 in August compared with 45.4 in July. The gauge expanded after four months. The Composite PMI Output Index, too, rose to 55.4 in August from 49.2 in the preceding month.
Nifty gained 3.7% over the week, its second consecutive weekly gain and the largest in 7 months. The broader market however swings from negative to positive to even - day after day as investors try to find a clue about the direction of the mid and smallcaps even as the largecaps are back in favour of institutions - both foreign and local. Nifty could take support from 17153 while 17480 could act as a resistance in the near term.
