Benchmark indices ended with little change in a highly volatile session on September 12 despite selling across the sectors, barring Information Technology. Top gainers on the Nifty included TCS, L&T, Infosys, Divis Labs and UltraTech Cement, while BPCL, Power Grid Corp, NTPC, Adani Enterprises and Coal India were among the top losers.
"The level of pessimism has risen in the stock market leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale. The correction is happening on midcaps while large caps are maintaining their strength. This cautious trend can prevail in the short-term, but the end-game is on the rise of the domestic economy, surprising upside in corporate earnings, and change in domestic investment patterns, which is expected to continue on a long-term basis,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Apart from the domestic factors, traders should keep a close watch on the US markets for cues,” said Ajit Mishra, SVP - Technical Research, Religare Broking. Infosys, Gokaldas Exports, Bajaj Finance, Hindalco, Vijaya Diagnostic, other stocks in focus on Wednesday.
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Shares of Gokaldas Exports will be trading ex-dividend on September 13. The company announced a final dividend of Re 1 per equity shares.
Infosys has announced that it has entered a strategic multi-year collaboration with STARK Group, Europe’s largest retailer and distributor of building materials, to power its digital transformation journey leveraging the recently launched Infosys Topaz.
Bajaj Finance is planning to enter the micro, SME, four-wheeler and tractor finance areas, apart from adding 1,000 more branches over the next two to three years. The company will expand its network from 4,000 cities and towns to more than 5,000 going ahead.
Hindalco Industries announced that it has signed a technology partnership with Italy-based Metra SpA known for its expertise in producing structured and value-added aluminium extrusions. The partnership aims to enable the production of large-size aluminium extrusion and fabrication technology for building high-speed aluminium rail coaches in India.
Angel One has announced that it has undertaken a business restructuring initiative. As part of this reorganization, the company’s business from the assisted channel will be consolidated under Angel Securities Limited, while that from the direct channel will be housed under Angel Crest Limited. Angel One has also onboarded Nishant Jain as the Chief Business Officer overseeing the assisted channels.
Shares of Vijaya Diagnostic will be trading ex-dividend on September 13. The company announced a final dividend of Re 1 per equity share.
"The sharp sell-off in broad market indices are indicating more weakness ahead for the benchmark Nifty in the coming sessions. A decline below 19850 levels could confirm a short-term top reversal pattern for the market. Any upside rally from here could find strong resistance around 20,100 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty has also witnessed a sell-off past opening higher and closed negative for the day. We believe that there could be a consolidation in the range of 45,800-45,000 from short-term perspective. Daily and hourly momentum indicator are providing divergent signals which could lead to a consolidation in the near term," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
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