PremiumWall Street and the Asian markets welcomed the positive economic data, upbeat corporate guidance and easing geopolitical concerns boosted investor risk appetite. Indian indices, encouraged by the response, might continue to rally and stay in green on Thursday.
Only one stock has been put under the ban for trade on Thursday, August 4, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The counter has been put on ban under the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Auto stock Escorts continues to be part of F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade everyday. Escorts Group is among the leading tractor manufacturing company in India pioneers in manufacturing mobile cranes, tractors, railway equipment's, construction, etc.
Cryptocurrencies prices today surged with Bitcoin trading above the $23,000 mark. The world's largest and most popular cryptocurrency Bitcoin was trading nearly 2% higher at $23,179. The global crypto market cap today was above the $1 trillion mark, as it was up more than 2% in the last 24 hours at $1.12 trillion, as per CoinGecko. (Full Report)
Foodgrain supplies in the nation are adequate to satisfy demand, according to Agricultural Minister Narendra Singh Tomar's written response to Parliament on August 2. In reference to Centrally-owned food inventories held by the Food Corporation of India and quantities held by states on the Centre's behalf, the minister said there were sufficient stocks in the "central pool." (Full Report)
STOCK IN FOCUS
Engineers India (CMP Rs.70)
Considering its asset-light business model, strong clientele base, foray into newer segments and healthy execution track record, we have a BUY rating on ENGR, with a Target Price of Rs107.
Intraday Picks
MARUTI (PREVIOUS CLOSE: 8959) SELL
For today’s trade, short position can be initiated in the range of ₹9050-9125 for the target of Rs.8750 with a strict stop loss of ₹9190.
IRCTC (PREVIOUS CLOSE: 642) BUY
For today’s trade, long position can be initiated in the range of ₹633- 639 for the target of Rs.660 with a strict stop loss of ₹625.
TECHM (PREVIOUS CLOSE: 1053) BUY
For today’s trade, long position can be initiated in the range of ₹1035- 1045 for the target of Rs.1085 with a strict stop loss of ₹1085
Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak U.S. fuel demand.
Brent crude futures rose 53 cents, or 0.6%, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6% gain, to $91.21. Both benchmark fell to their weakest levels since February in the previous session.
Asset Reconstruction Co. of India (ARCIL) has emerged as the single challenger bidder to acquire Yes Bank’s ₹48,000 crore bad loan portfolio, two people aware of the matter said. The Avenue Capital-backed ARC has also tied up with private equity firm Cerberus Capital to finance the bid, the people said on the condition of anonymity.
The Directorate of Revenue Intelligence (DRI) has detected customs duty evasion of around ₹2,217 crore by smartphone maker Vivo India, a subsidiary of China-based Vivo Communication Technology, a Finance Ministry statement issued Wednesday said.
During the investigation, searches were conducted by DRI officers at the factory premises of Vivo India, which led to the recovery of incriminating evidence indicating wilful misdeclaration in the description of certain items imported by it for use in the manufacture of mobile phones, it said.
The Indian government on Wednesday informed the Lok Sabha that India's share in the estimated USD 360-billion global space economy is approximately two per cent. Minister of State in the Prime Minister's Office Jitendra Singh has reportedly said that India has acquired indigenous capabilities in the space sector across all domains, including space transportation systems, and space assets comprising a fleet of satellites catering to the needs of earth observation, satellite communication, meteorology, space science and navigation, according to news agency PTI report. (Full Report)
Recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.
Reliance Industries jumped 51 places to 104 on the 2022 list.
This is the first outing of LIC on the list, which ranks listed companies by sales.
Gold in the national capital on Wednesday declined by ₹208 to ₹51,974 per 10 grams, according to HDFC Securities.
The yellow metal had closed at ₹52,182 per 10 grams in the previous trade.
Silver also fell sharply by ₹1,060 to ₹57,913 per kg from ₹58,973 per kg in the previous trade.
IT industry players have appreciated the government's move to withdraw the personal data protection bill and sought participation in the consultation process of the fresh draft.
The industry was critical of the data protection bill tabled in Parliament by the Joint Committee on Personal Data Protection Bill.
The Joint Committee on Personal Data Protection Bill, 2019, headed by BJP member P P Chaudhary had tabled its report in Lok Sabha on December 16, 2021 which had a number of different points than the draft protection data bill (PDP) Bill prepared by the Ministry of Electronics and IT.
India’s central bank is expected to deliver another half-point increase in its main policy rate on Friday to signal it’s not letting up in its fight against inflation while fending off further attacks on the rupee.
Thirteen of 27 economists surveyed by Bloomberg as of Wednesday see the Reserve Bank of India’s six-member monetary policy committee increasing the repurchase rate by 50 basis points to 5.40%, a level last seen in August 2019. One predicted a 40 basis-point move, nine expect 35 basis points, and the remaining a quarter-point hike, which is enough to return borrowing costs to pre-pandemic levels of early 2020. (Full Report)
Tokyo stocks opened higher Thursday following gains on Wall Street, with investors eyeing corporate earnings.
The benchmark Nikkei 225 index climbed 0.69 percent, or 191.39 points, to 27,933.29 at the open, while the broader Topix index rose 0.34 percent, or 6.50 points, to 1,937.27.
U.S. stocks jumped to a sharply higher close and Treasury yields touched two-week highs on Wednesday as robust economic data, upbeat corporate guidance and easing geopolitical concerns boosted investor risk appetite.
Front-month crude futures dropped following a report that U.S. stockpiles of crude and gasoline unexpectedly surged last week.
All three major U.S. stock indexes advanced and the tech-laden Nasdaq ended the session at a three-month high.
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