Stock Market LIVE: Sensex reclaims 59k; Nifty above 17,600; Auto, Metal tank

Noon Update: Indices claw back and trim their losses; Sensex is now 180 points down and Nifty 50

Shree Cement shines in today’s trading with a gain of around 6%. Autos and Metal indices drag.

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Why Adani Power share price is skyrocketing today — explained

Adani Power share price has been in uptrend for the last one year, delivering multibagger return. The Adani Group stock hit upper circuit in Wednesday’s early deals after Gautam Adani’s recent tweet of committed to supplying power to Bangladesh from December 2022. The stock has risen by near ₹390 to ₹416 apiece levels on NSE in last two days, logging near 6.50 per cent rise in two straight sessions. Adani Power share price today opened downside but went on to hit intraday high of ₹415.7 apiece.

According to stock market experts, fundamentals of Adani Power are favourable as demand supply constraint is in favour of the power company and market is expecting better quarterly numbers from the company in upcoming results. However, recent reason for rise in Adani Power share price is Gautam Adani’s announcement to initiate power supply to Bangladesh from December 2022. They said that the stock has made bullish engulfing pattern on daily chart, which signals further upside in this multibagger Adani group stock. (Full Report)

Bharti Airtel drags, sheds around 2% in today’s trading

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Vaibhav Jewellers files IPO papers with SEBI

Vaibhav Gems N’ Jewellers Ltd has filed draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). Vaibhav Jewellers IPO will comprise of fresh issue of equity shares aggregating up to ₹210 crore and OFS of 43 lakh equity shares. (Full Report)

China’s export growth sinks in August, imports shrink

China’s export growth weakened in August and imports shrank as high energy prices, inflation and anti-virus restrictions weighed on global and Chinese consumer demand.

Exports rose 7% over a year ago to USD 314.9 billion, barely one-third of July’s 18% expansion, customs data showed Wednesday. Imports contracted by 0.2% to USD 235.5 billion, compared with the previous month’s already weak 2.3% growth.

Demand for Chinese exports has softened as economic activity in Western markets slowed and the Federal Reserve and central banks in Europe and Asia raise interest rates to cool surging inflation. At home, repeated closures of cities to fight virus outbreaks has weighed on consumer spending.

“The slowdown in China’s export sector is adding to headwinds for the Chinese economy,” said Rajiv Biswas of S&P Global Market Intelligence in a report. Lack of import growth highlights “continued weakness of Chinese domestic demand.” (AP)

India’s digital revolution offers investment opportunities to US: FM Sitharaman

India’s digital revolution offered investment opportunities for the United States, Finance Minister Nirmala Sitharaman said today.

“India’s Open Network for Digital Commerce has revolutionised the retail and manufacturing sector,” Nirmala Sitharaman said today at a business conference in New Delhi, Reuters reported. (Full Story)

India aims to halve road accidents by end-2024

India aims to halve road accidents and related deaths by the end of 2024, the road and transport minister said on Wednesday, days after the former chairman of the Tata conglomerate died in a car crash.

Nitin Gadkari also said the government hoped to finalise a draft for a mandatory six airbags in all cars this year. (Reuters)

Dixon Tech shares rise 25% in 3 months. Jefferies sees further upside

Dixon Technologies share price has risen 25% in three months on improving margin outlook and global brokerage Jefferies said it stays bullish on Dixon and expects it to post the highest EPS growth in its coverage, at 67% compound annual growth rate (CAGR) in FY22-25 – led by 5 PLI upsides, new categories & clients.

Jefferies has maintained its Buy rating on the stock with a target price of ₹5,305 apiece. Though, it sees market share loss for key customers, supply chain issues, demand slowdown, lag in pass-on of costs, as key risks. (Full Story)

India now aspiring to take international trade to USD 2 trn by 2030: Goyal

India’s goods and services exports have already crossed USD 675 billion in last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said.

Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a USD 30 trillion economy.

“…by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy on a business as usual scenario and possibly a USD 35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That’s the kind of opportunity that I bring to the table,” Goyal said. (PTI)

Dolly Khanna portfolio stock jumps as stock trades ex-dividend today

Dolly Khanna portfolio: Despite weakness on Dalal Street, Nitin Spinners shares have managed to attract bulls’ interest in early morning deals on Wednesday. Nitin Spinners share price today opened downside but soon buying began in the counter and it went on to hit intraday high of ₹234.70 apiece levels on NSE, recording more than 3 per cent rise in comparison to its Tuesday’s close of ₹225.65 apiece levels. The board of directors of the textile company has approved and declared final dividend of ₹2.50 per equity share in May 2022, which was in addition to the interim dividend of ₹1.50 per equity share given by the company in February 2022. The board of directors also fixed 8th September 2022 as record date for final dividend payment for the financial year 2021-22 that means the Dolly Khanna share is trading ex-dividend today. (Full Report)

Shree Cement gains 3% in early trading

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Rupee falls 11 paise to 79.93 against US dollar in early trade

The rupee depreciated by 11 paise to 79.93 against the US dollar in opening trade on Wednesday, tracking the strength of the American currency overseas.

At the interbank foreign exchange market, the rupee opened at 79.93 against the greenback, registering a decline of 11 paise over its last close. In initial deals, the local unit also touched 79.86 against the dollar.

On Tuesday, the rupee depreciated 4 paise to close at 79.82 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.37 per cent to 110.62. (PTI)

Hyundai eyes record sales in 2022 on robust demand

The second-largest carmaker, Hyundai Motor India, expects to log its best-ever sales in the domestic market this year, by leveraging sustained demand for the new sport utility vehicles (SUV), the Venue and Tucson, as well as its flagship mid-sized SUV Creta.

The local arm of the South Korean auto major is stepping on the gas to retain its number two spot in the domestic market and increase production as chip supplies eased just before the festivals. (Full Report)

IndusInd Bank drags in today’s session; sheds 1.5%

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Ashika Stock Broking on Nifty: Index is likely to open on a negative note due to weak global cues

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a high wave doji candle suggesting indecision after a rise. There is evidence of reversal pattern in weekly time frame hence in coming sessions, key thing to watch will be a faster retracement above August highs of 18000 that will signal end of the ongoing corrective phase. Else, prolonged consolidation in 17200-17800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a…