After clear indications of a cut in interest rates in the US, the Indian stock market saw a great rally. After crossing 25,000 on Monday, now the hope has increased that the market will soon reach a new record high. In yesterday's session, the benchmark index saw a great rally as compared to the broader market. Nifty saw a rise of about 200 points yesterday. IT, realty and metal stocks saw a great rally yesterday.
Signals from global markets
Talking about the Asian markets, today the focus will be on China's industrial profits data for the month of July. Before this, Asian markets are witnessing a decline. Japan's Nikkei index was seen operating with a slight decline. South Korea's Kospi index is seeing a decline of about half a percent. Hong Kong's Hang Seng index and China's Shanghai Composite index are also showing signs of weakness.
FIIs - DIIs figures
Institutional investors have made purchases in the cash market on the first day of the week. These figures may also be affected due to block deals in AU Small Finance Bank and MedPlus Health. FIIs have made net purchases of ₹482 crore in the cash market on Monday. On the other hand, DIIs have made purchases of ₹1,870 crore in the cash market on this day. These figures are provisional.
The gap between 24,850 - 24,600 will be a support for Nifty. Whereas, there will be resistance at the level of 25,100 and 25,400 on the upside. The indicators are not in the overbought zone but are showing negative divergence.
Outlook on Nifty Bank for today
Om Mehra of SAMCO Securities says that Nifty Bank is above the 20-DMA and the level of Fibonacci Retracement of 38.2% is showing an uptrend. Nifty Bank's 50-DEMA is at 51,500, where a mild resistance zone is visible. A breakout above this level can take the index to 51,800. Downside support in Nifty Bank is at 50,700 level. After this, the next support is at 50,600 level.
Which stocks will be in focus today
Paytm: Paytm has issued its clarification on Moneycontrol's report regarding SEBI's show cause notice. The report quoted sources as saying that SEBI has issued a show cause notice to One 97 Communications Ltd founder Vijay Shekhar Sharma and board members working during its IPO in November 2021 for allegedly misrepresenting facts. The company said in its clarification that SEBI's notice is not a new but an old matter. The company is committed to compliance with the rules and transparency. The results of Q4FY24 and Q1FY25 will not be affected.
UltraTech Cement
The company raised $500 million through sustainability linked financing.
HCL Technologies
The company signed an agreement with Xerox for digital engineering.
Imagicaaworld Entertainment
The company said that the company has installed a captive solar plant to reduce expenses.
Medi Assist Healthcare Services
The company's unit Paramount has announced the purchase of healthcare and insurance TPA. It has bought 100% stake in the company. This deal has been done for Rs 311.8 crore.
Mazagon Dock Shipbuilders
The company said that Sanjeev Singhal has got additional charge. He has also been made chairman.
PI Industries
The board approved the appointment of Sanjay Agarwal as CFO.
Vijay Diagnostics
The company's Chief Operating Officer Sheshadri Vasan has resigned.
Religare Enterprises
The company said that other approvals are being taken for the open offer. Approval will also be taken from the shareholders in 3 months in the AGM. Dabur India's founder Burman family had increased its stake in the company to about 25% last year, after which the rule of open offer came into force to buy additional stake. In September 2023, the Burman family made an open offer of Rs 235 per share to buy up to 26% stake in the company. However, objections were raised on the open offer from Religare. The Burman family approached SEBI after Religare did not support the open offer. After which, in its order dated June 19, SEBI has directed the company to apply for approval of the open offer. The open offer is yet to get approval from the Reserve Bank, IRDAI and SEBI.
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