Nifty futures on the Singapore Exchange traded 19 points, or 0.11 per cent, lower at 17,949, signaling that Dalal Street was headed for a negative start on Thursday.
The consistent buying by FIIs, positive Asian cues and fall in oil prices helped the market reach a nearly four-and-a-half-month high in the previous session. Technology, banking and financial services, FMCG, and select metal and pharma stocks aided the market rally. The benchmark indices maintained an uptrend for the seventh consecutive session as the BSE Sensex climbed 418 points to 60,260, while the Nifty50 rose 119 points to 17,944.
“Consistent participation by FIIs is the backbone of the current rally in the domestic market. This reversal in the FII trend is owed to the resilience showcased by the Indian economy even as inflation continues to plague the western markets,” said Vinod Nair, Head of Research at Geojit Financial Services.
Declining commodity and oil prices also instilled confidence in foreign investors, while western markets were weak ahead of the release of the minutes of the US Federal Reserve Open Market Committee meeting, he added.
Stocks in News
Oil and Natural Gas Corporation
ONGC will be in focus as it has signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil for deepwater exploration on the East and West coasts of India. The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore.
Natco Pharma
The company in its BSE filing said it has received tentative approval for its abbreviated new drug application (ANDA) for Trabectedin for injection for the 1mg/vial. Trabectedin is a generic drug for Yondelis. According to industry sales data, Yondelis generated annual sales of $49.7 million for 12 months ending June 2022 in the US market.
M&M
Mahindra & Mahindra has initiated talks with various state governments in India to set up manufacturing infrastructure for its upcoming range of electric sports utility vehicles, according to a top company official. The automaker, which has lined up five new electric Sports Utility Vehicles (SUVs) with the first four expected to hit the roads between December 2024 and 2026, will evaluate incentives offered by different state governments before finalising the strategy for the production of these EVs.
Wipro
Wipro holds back April-June quarterly variable payouts for mid, senior-level employees, according to reports. Wipro said there were no changes in the salary increase and hikes and they will be effective from September. Wipro’s move to pause variable pay and defend margins comes amid fears of a possible recession in the US. The tech firm said it has completed its first cycle of quarterly promotions.
Indo Amines
The company has received environmental clearance for the expansion of ‘synthetic organic chemical’ production at its manufacturing plants in Thane and Dhule, Maharashtra.
Infibeam Avenues
Infibeam shares will be in focus after the company in its BSE filing said the board of directors on August 25 will consider fundraising.
Craftsman Automation
The company has commenced the commercial operations of its new plant at Pune, Maharashtra.
GAIL (India)
The company received the board approval for additional fundraising of $3.125 billion via external commercial borrowing and up to Rs 25,000 crore via non-convertible debentures. This is on top of Rs 25,000 crore already borrowed by the company.
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