The Nifty opened gap up of 30 points registering the high at 5580 and then was sold off quickly. This was expected due to the overbought state of the market. So I was expecting bank nifty to out perform the nifty while rest of the nifty stocks consolidated. But with the wrong news flow from the middle eastern US-Syrian tussle the already weary and nervous markets sold of closing 4% from the top of the day. The banks again disappointed with leading rally downward. The IT and pharma stocks tried best to hold on but the efforts were in vain. The IT index was down 2% even though the rupee has depreciated 3%, indicating a negative correlation surfacing. This means that the IT index is close to topping out or already has a top in place. Nifty has clearly retraced more than 60% of its rally from 5120 to 5580. As long as 5300-5275 is protected the rally upward is intact. A break of this level would indicate resumption of downward rally. There was no unwinding of 5300 PE, which was a silver lining of sorts.
The
support for nifty is at 5295-5270-5235 and the resistance lies at 5370-5405-5470.
Nifty September Future has been trading at 3-4 points premium to the spot. The
implied volatility on the Nifty September Options of ATM strike calls were at
28.19 and for puts were at 35.87. India VIX closed at 32.49. PCR for Nifty
based on open interest was at 1.4 and PCR for the day based on volumes was at
1.13 for the market.
Cash
Market:
FII 2065.95 - 2782.11 = (716.16) Cr.
DII 1400.58 - 804.15 = 596.43 Cr.
FII
Derivatives Market:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2529.51 | 4380.38 | -1850.87 |
| INDEX OPTIONS | 20951.09 | 19945.59 | 1005.50 |
| STOCK FUTURES | 2855.38 | 2631.22 | 224.16 |
| STOCK OPTIONS | 741.48 | 722.51 | 18.97 |
Corporate
Action:
| Ex-Date | Company | Purpose |
| 04-Sep-13 | National Fertilizers Limited | Annual General Meeting |
| 04-Sep-13 | Kothari Products Limited | Annual General Meeting / Dividend - Rs 20/- Per Share |
| 04-Sep-13 | Jindal Drilling And Industries Limited | Annual General Meeting / Dividend - Re 0.50/- Per Share |
| 04-Sep-13 | Maharashtra Seamless Limited | Annual General Meeting / Dividend - Rs 6/- Per Share |
| 04-Sep-13 | Kriti Industries (India) Limited | Annual General Meeting And Dividend Re.0.15 Per Share |
| 04-Sep-13 | SJVN Limited | Annual General Meeting/Dividend Re 0.96/- Per Share |
| 04-Sep-13 | Repco Home Finance Limited | Annual General Meeting / Dividend - Rs 1.1/- Per Share |
| 04-Sep-13 | OCL India Limited | Annual General Meeting / Dividend - Rs 1.50/- Per Share |
Stocks
In News:**
Raghuram Rajan to take over RBI governor today
National Spot Exchange (NSEL)
-Defaults for the third time in a row
-Declares third pay-out amounting to Rs 15.37 crore
-Issues notices against 14 defaulters
NSEL says
-To recover money from borrowers via sale of their assets
Vikram Akula exits SKS Microfinance
-SKS Trust Advisors ups stake in SKS Microfinance to 12.60 percent from 9.91 percent
-Vikram Akula sells 9.06 lakh shares of company at Rs 132/share
-SKS Mutual Benefit trust Medak buys 10.25 lakh shares
-SKS Mutual Benefit Trust Medak buys shares at Rs 130.79/share
-Sequoia Capital also sells 15 lakh shares at Rs 132/share
Cabinet Committee on Economic Affairs okays Mylan's USD 1.6 billion deal to buy Strides Arcolab 's unit-Mylan says transaction is expected to close in Q4 of 2013: Reuters
Mylan deal has now cleared all domestic clearances-Is now pending only US Federal Trade Commission approval
-Is expected in September
Cabinet approves India-UAE aviation bilateral pact India-UAE bilaterals:
-Proposal to up seats to 12,800 per week in 2014 winter schedule
-Proposal to up seats to 12,870 per week in 2015 winter schedule
On CNBC-TV18 Kapil Kaul, CEO- South-Asian region, CAPA says
-Cabinet move to okay bilateral pact is on expected lines
-India-UAE bilateral pact to primarily help Etihad
-Do not see any regulatory challenges to Jet-Etihad deal
Gujarat Gas in pact to buy 0.85 mcmd gas from Gujarat State Petroleum Corporation (GSPC)
- GSPL to supply gas to Gujarat Gas from January 2014 to June 2025
RBI to issue circular on 80/20 gold import rule: Sources
-RBI circular to amplify current provisions
-Customs dept to also issue circular on implementation of 80/20 rule
-RBI issues clarification on 20/80 gold import norms
RBI says:
-Gold sale to SEZs not considered sale to exporter
-Gold sale to export units not considered sale to exporter
-Gold sale to trade houses not considered sale to exporter
-SEZ, export units can import gold exclusively for exports
-Trading houses can also import gold exclusively for exports
SEBI says:
-Bourses to revise index-based circuit breaker limits daily
-Index circuit breaker limits to be based on previous close
-Post circuit halt, trading to resume with 15 minutes call auction
-New index-based circuit limits effective from October 1
RBI tightens norms for disbursal of home loansRBI says
-Upfront disbursal of home loan for incomplete projects a risk
-Banks must link disbursal of home loan to stage of construction
AGMs today- IDBI Bank
- Tara Jewels
Future Ventures
-PE fund Warburg Pincus set to buy a Rs 350 crore minority stake in Indian ethnic wear brand Biba: ToI
-Move to also include purchase of the stake held by Kishore Biyani’s Future Ventures
LIC Housing Finance
-Has raised interest rates on home loans by 35 basis points but has spared its existing customers from a rate hike: ET
-To raise Rs 200 crore via 3-year bonds at 10.60 percent
Dhanlaxmi Bank
-Planning to raise Rs 60 crore in the next couple of months through preferential allotment
-Bank is also planning to raise Rs 200 crore through right issue or QIP, all these funds will be raised through NRI’s: BS
Dalmia Bharat
-August cement production 759,000 tonne versus 692,000 tonne Y-o-Y
-August cement despatches 768,000 tonne versus 699,000 tonne Y-o-Y
Mindtree
-Plan two more delivery centres in US
-Looking to acquire companies in package application, infrastructure management to build scale in some domains
Other stocks and sectors that are in news today:
- GMR Infrastructure promoter GMR holdings get 1.9 crore pledge shares released from MOFSL
- Lanco Infratech : Lanco Group has retrenched about 50 percent of its 8000 workforce during the last 15 months: ET
- Wipro bagged USD 125 million (Rs 850 crore) order from Deutsche Bank for providing application maintenance service: BS
-Ex-Dividend - Maharashtra Seamless : Rs 6/share
National Spot Exchange (NSEL)
-Defaults for the third time in a row
-Declares third pay-out amounting to Rs 15.37 crore
-Issues notices against 14 defaulters
NSEL says
-To recover money from borrowers via sale of their assets
Vikram Akula exits SKS Microfinance
-SKS Trust Advisors ups stake in SKS Microfinance to 12.60 percent from 9.91 percent
-Vikram Akula sells 9.06 lakh shares of company at Rs 132/share
-SKS Mutual Benefit trust Medak buys 10.25 lakh shares
-SKS Mutual Benefit Trust Medak buys shares at Rs 130.79/share
-Sequoia Capital also sells 15 lakh shares at Rs 132/share
Cabinet Committee on Economic Affairs okays Mylan's USD 1.6 billion deal to buy Strides Arcolab 's unit-Mylan says transaction is expected to close in Q4 of 2013: Reuters
Mylan deal has now cleared all domestic clearances-Is now pending only US Federal Trade Commission approval
-Is expected in September
Cabinet approves India-UAE aviation bilateral pact India-UAE bilaterals:
-Proposal to up seats to 12,800 per week in 2014 winter schedule
-Proposal to up seats to 12,870 per week in 2015 winter schedule
On CNBC-TV18 Kapil Kaul, CEO- South-Asian region, CAPA says
-Cabinet move to okay bilateral pact is on expected lines
-India-UAE bilateral pact to primarily help Etihad
-Do not see any regulatory challenges to Jet-Etihad deal
Gujarat Gas in pact to buy 0.85 mcmd gas from Gujarat State Petroleum Corporation (GSPC)
- GSPL to supply gas to Gujarat Gas from January 2014 to June 2025
RBI to issue circular on 80/20 gold import rule: Sources
-RBI circular to amplify current provisions
-Customs dept to also issue circular on implementation of 80/20 rule
-RBI issues clarification on 20/80 gold import norms
RBI says:
-Gold sale to SEZs not considered sale to exporter
-Gold sale to export units not considered sale to exporter
-Gold sale to trade houses not considered sale to exporter
-SEZ, export units can import gold exclusively for exports
-Trading houses can also import gold exclusively for exports
SEBI says:
-Bourses to revise index-based circuit breaker limits daily
-Index circuit breaker limits to be based on previous close
-Post circuit halt, trading to resume with 15 minutes call auction
-New index-based circuit limits effective from October 1
RBI tightens norms for disbursal of home loansRBI says
-Upfront disbursal of home loan for incomplete projects a risk
-Banks must link disbursal of home loan to stage of construction
AGMs today- IDBI Bank
- Tara Jewels
Future Ventures
-PE fund Warburg Pincus set to buy a Rs 350 crore minority stake in Indian ethnic wear brand Biba: ToI
-Move to also include purchase of the stake held by Kishore Biyani’s Future Ventures
LIC Housing Finance
-Has raised interest rates on home loans by 35 basis points but has spared its existing customers from a rate hike: ET
-To raise Rs 200 crore via 3-year bonds at 10.60 percent
Dhanlaxmi Bank
-Planning to raise Rs 60 crore in the next couple of months through preferential allotment
-Bank is also planning to raise Rs 200 crore through right issue or QIP, all these funds will be raised through NRI’s: BS
Dalmia Bharat
-August cement production 759,000 tonne versus 692,000 tonne Y-o-Y
-August cement despatches 768,000 tonne versus 699,000 tonne Y-o-Y
Mindtree
-Plan two more delivery centres in US
-Looking to acquire companies in package application, infrastructure management to build scale in some domains
Other stocks and sectors that are in news today:
- GMR Infrastructure promoter GMR holdings get 1.9 crore pledge shares released from MOFSL
- Lanco Infratech : Lanco Group has retrenched about 50 percent of its 8000 workforce during the last 15 months: ET
- Wipro bagged USD 125 million (Rs 850 crore) order from Deutsche Bank for providing application maintenance service: BS
-Ex-Dividend - Maharashtra Seamless : Rs 6/share
Stocks
in Ban Period:
NIL
Source:**moneycontrol.com , nseindia.com
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