SBI Life Insurance, HDFC Life Insurance, Bajaj Finserv, Shriram Finance, and IndusInd Bank were the top gainers in the Nifty 50. Meanwhile, ONGC, Bharti Airtel, Adani Enterprises, Cipla, and Apollo Hospitals were the major losers in the Nifty 50 on August 20.

The stock of Prestige Estates Projects fell 4% to an intraday low of Rs 1,765.80 from its previous close of Rs 1,841.60. It hit its 52-week low of Rs 554.20 on August 21, 2023. The lower band for the stock is placed at Rs 1,473.30.

Shares of Torrent Power rose 7.3% to an intraday high of Rs 1,795 from its previous close of Rs 1,672.80. The company touched its 52-week high of Rs 1,908 on July 31, 2024. The upper band for the stock is placed at Rs 2,007.35.

“We expect Rupee to trade with a slight positive bias on the rise in risk appetite in global markets and a weak US Dollar. Softening of crude oil prices may also support the Rupee. However, geopolitical tension in West Asia may cap a sharp upside. Investors may remain cautious ahead of PMI data from the US and Fed Chair Powell’s speech at the Jackson Hole Symposium for any cues on rate cuts by the central bank. USDINR spot price is expected to trade in a range of Rs 83.50 to Rs 84,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Shares of SBI Life rose almost 5% to an intraday high of Rs 1,753.90 from its previous close of Rs 1,671.55. The stock was the top gainer in the Nifty 50. The stock touched its 52-week high of Rs 1,791.15 on August 01, 2023. The upper band for the stock is placed at Rs 1,838.70.

HDFC Bank, Reliance Industries, ICICI Bank, Axis Bank, and Bajaj Finance are the top contributors to the Nifty 50 on August 20.

Courtesy: NSE

“Today, spot gold has hit a fresh record high as it rose past the previous record high of around $2510. Risk appetite remains healthy in anticipation of the Fed rate cuts as Jackson Hole Symposium event looms. Consequently, the US yields and the Dollar Index continue to remain under pressure. Today’s major data releases include the Euro-zone CPI inflation. Markets may take clues from the Fed’s Bostic’s speech as well. The Fed Chair Powell’s speech on August 23 is the major factor moving the markets as he is widely expected to signal a Fed rate cut starting from September. Gold is eyeing $2600-$2650 in the near term. Support is at $2478/$2450. Interim resistance is at $2550,” said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

On the second day of its IPO, Interarch Building Services was subscribed 6.25 times the number of shares offered. This follows a strong debut, where the IPO was subscribed over 3 times on the first day. The retail segment was fully booked on day one, with subscriptions reaching 2.8 times the available shares.

Read More: Interarch Building Services IPO Day 2: Check Subscription, GMP, and other details

Granules India Limited has received ANDA approval for its Glycopyrrolate Oral Solution. Following the announcement, the company’s stock rose 1.68% on the NSE, trading at Rs 674.75.

Hindustan Zinc has approved a second interim dividend of Rs 19 per share, amounting to a total payout of Rs 80.28 billion. The company has set August 28 as the record date for the payment of this dividend.

Shares of Angel One climbed as much as 9.5% on Tuesday, marking the stock’s fourth consecutive day of gains. Over the last four trading sessions, the stock has risen by 22%. Despite this recent rally, Angel One’s stock remains 33% below its all-time high of Rs 3,896, reached in January this year.

AXISCADES shares surged 4.5%, trading at Rs 567 on the NSE, following the announcement that its subsidiary, Epcogen, has secured a long-term contract with Highview Power Limited, a British energy storage technology company.

Orient Technologies IPO will be opened to investors for subscribing from August 21 onwards and it will collect bids till August 23. The company which is an IT solutions provider will be collecting a sum of Rs 214.76 crore, through a combination of fresh shares and an offer for sale. The company specialises in IT infrastructure, IT-enabled services (ITeS), and cloud and data management services.

Read More: Orient Technologies IPO to open on August 21; Check price band, GMP and other details before you subscribe

“We expect the rupee to trade between 83.60 and 84.10 in the near term. It may find support from easing US recession concerns and the approaching Fed rate cuts. However, FPI outflows and any escalation of geopolitical tensions could weigh on the rupee. The RBI is likely to intervene on both sides, as needed, to keep rupee volatility in check,” said Mihika Sharma, Associate Economist at CareEdge Rating.

Shares of E2E Networks jumped 5% to hit the upper circuit after the company’s Board of Directors approved the issuance of 24.8 lakh equity shares at Rs 1,695 per share, totaling Rs 420 crore. The subscribers to this issuance include the Promoter and Promoter Group, Ashish Kacholia, RBA Finance and Investment Company, and NAV Capital VCC.

Sundaram Clayton’s stock declined by 1.27% on the NSE, trading at Rs 1,674, after the company received an order from the Joint Commissioner (ST) of the Commercial Tax Department, Chennai. The order, issued under the relevant provisions of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20, raised a demand of Rs 53,038, with an interest of Rs 41,850, and imposed a penalty of RS 5,304.

Shares of Godfrey Phillips surged 6.04% on the NSE, trading at Rs 5,555, after the company received an order from the Office of the Commissioner, Central GST (Appeals), Delhi. The order confirmed a demand for interest (amount yet to be determined) and a penalty of ₹21,94,517 under the Central Goods and Services Tax Act, 2017 (CGST).

On August 20, 2024, stocks advancing on the BSE outnumbered decliners, with 2,187 stocks rising compared to 1,581 that declined, while 128 stocks remained unchanged. A total of 3,896 stocks were traded, with 251 hitting 52-week highs and 18 reaching 52-week lows. Additionally, 295 stocks traded in the upper circuit, while 172 stocks hit the lower circuit

As of noon, the top gainers on the NSE were SBI Life, up 3.07%, IndusInd Bank, up 2.89%, HDFC Life, up 2.82%, Bajaj Finserv, up 2.57%, and Shriram Finance, up 2.43%.

Meanwhile, the top losers included ONGC, down 1.55%, Bharti Airtel, down 1.02%, Adani Enterprises, down 0.98%, Cipla, down 0.91%, and Tata Consumer Products, down 0.75%.

Commenting on the Derivative outlook Anand James, Chief Market Strategist, Geojit Financial Services said that Nifty weekly contract has highest open interest at 25000 for Calls and 24000 for Puts while monthly contracts have highest open interest at 24500 for Calls and 24000 for Puts. Highest new OI addition was seen at 24600 for Calls and 23900 for Puts in weekly and at 24400 for Calls and 23900 for Puts in monthly contracts.

James also added that FIIs decreased their future index long position holdings by 1.56%, increased future index shorts by 0.09% and in index options by 3.08% increase in Call longs, 1.53% decrease in Call short, 22.54% increase in Put longs and 1.83% increase in Put shorts.

CEAT has received a GST demand notice from the Superintendent of CGST Range, Motphran, Shillong, for the Financial Year 2017-18. The notice disallows Input Tax Credit of Rs 0.13 lakhs due to ineligible credit in TRAN-1, confirming the tax demand along with applicable interest and a penalty of Rs 0.13 lakhs each. Despite this, the stock traded flat on the NSE at Rs 2,705.85.

The Nifty 50 was up 0.57% at 24,712.40 while the Sensex was up 0.56% at 80,872.45.

All the constituents of FinNifty were trading in the green. The sectoral index was led by HDFC Bank, ICICI Bank, Axis Bank, Kotak Bank, and Bajaj Finance.

Courtesy: NSE

The stock of Mazagon Dock Shipbuilders fell 9.4% to an intraday low of Rs 4,281 from its previous close of Rs 4,724.75. The stock is down 12% in the last five trading sessions. The brokerage house ICICI Securities gave a “Sell” rating with a target price of Rs 1,165 per share.

Shares of OLA Electric fell 4.8% to an intraday low of Rs 139.35 from its previous close of Rs 146.38. The stock closed steam after hitting the upper circuits for three consecutive days. The IPO was listed for Rs 76 on NSE.

Nifty IT is at an all-time high level of 41,746.55. Infosys contributed most to the rally, which TCS and Tech Mahindra followed.

Courtesy: NSE

IndusInd Bank, Bajaj Finserv, UltraTech Cement, Axis Bank, and Kotak Bank were the top contributors to the Sensex.

Courtesy: BSE

Geojit Financial Services a Portfolio Management Services provider, announced the launch of its Flexi cap portfolio, the BEACON Fund, designed to guide investors through the complex waters of the Indian equity markets.

As a Flexi cap portfolio, BEACON offers a unique blend of stability and growth potential by investing across all market capitalizations and thus will help in wealth creation for the investors.

Hi-Tech Pipes has secured orders worth Rs 105 crore for supplying ERW steel pipes to key customers in the renewable energy sector. Following the announcement, the company’s stock rose by 2.06% on the NSE, trading at Rs 186.45.