Stock Market Live Updates: Asian stocks open higher amid tech sector strength from Wall Street

Stock Recommendations: Broker’s call: Triveni Turbine (Buy)

Our interaction with Triveni Turbine Limited (TTL) reinstates our faith in its strong growth trajectory, driven by increasing industrial demand for energy-efficient turbines. Management is confident of achieving strong order inflows in FY2024 and expects about 35 per cent revenue growth in the next couple of years.

Stocks to Watch: KKR to invest ₹2,069.5 crore in Reliance Retail Ventures

Private equity firm KKR will invest ₹2,069.5 crore in Reliance Retail Ventures for a 0.25 per cent stake, valuing the retail arm of Reliance Industries at ₹8.36-lakh crore, said a company statement.

Stocks to Watch: India, Saudi Arabia to expedite $50-billion west coast refinery project

India and Saudi Arabia will set up a joint task force to explore early implementation of the west coast refinery project for which the Arabian nation will invest $50 billion. A monitoring committee will also be created to ensure that the progress is as per plans.

Kharif Watch: Kharif rice production unlikely to fall but pulses, oilseeds output may drop on lower acreage

The government is confident of meeting the rice production target of 111 million tonnes (mt) in current kharif season after the surge in sowing area and a conducive weather in main growing regions. However, pulses and oilseeds production may drop, officials said, adding that surplus production in chana during the rabi season this year may help in meeting the shortfall in pulses while import may marginally go up in case of edible oils.

Economy Watch: Bank deposit rates to remain elevated, say experts

To support the current strong uptick in credit growth, bank deposit rates are expected to remain at elevated levels for a few months, say experts..

The reason for this is that year-on-year (y/y) credit growth is outpacing deposit growth. As on August 25, 2023, the y/y credit and deposit growth was 19.39 per cent and 12.93 per cent, respectively, per RBI data.

Stocks to Watch: L&T raises buyback price to Rs 3,200 per share amid favourable market sentiments

To complete the proposed buyback plan, and considering the present market sentiments, L&T has decided to increase the buyback price to Rs. 3,200 per equity share from the earlier announced price of Rs. 3,000

Stocks to Watch: Bharat Forge in talks with at least 10-12 countries for defence exports: Baba Kalyani

Bharat Forge Limited, one of the leading defence private company, is in talks with at least ten to twelve countries, including with the US), for exports of its artillery guns, armoured and protective vehicles, and components, its Chairman and Managing Director Baba Kalyani told businessline in an exclusive interview.

Stocks to Watch: Legal troubles hover around SpiceJet

Credit Suisse alleges non-payment of dues, while the Delhi High Court has granted an extension to settle a ₹100 crore arbitral award in favour of the Maran family

Stock to buy today: Rashtriya Chemicals & Fertilizers (₹132.75)

The short-term outlook is bullish for Rashtriya Chemicals & Fertilizers (RCF). The stock has begun the week on a strong note by surging 5 per cent. Strong support is now in the ₹129-127. Read more

Technical Analysis: Day trading guide for September 12, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Stock Market Live Today: “Nifty’s all-time high driven by strong local flows amid global gautions

Pratik Gupta, CEO & Co-Head, Kotak Institutional Equities

“What is really impressive about India’s NIFTY reaching this all-time high level is that it has been driven mainly by local flows in recent months, while FPI flow has been relatively subdued, partly due to limited global interest in Asia funds given the weak outlook for China which has a very high weightage in the region”.

Stock Market Live Today: Nifty hits 20,000: A ailestone on the journey with technical caution

Nilesh Shah MD Kotak Mahindra Asset Management Company Ltd-

“NIFTY at 20,000 is part of a journey and not a destination. Sitaron se aage jahan aur bhi hai. Where yesterday Sensex was, today NIFTY is. Where today Sensex is, tomorrow NIFTY will be there for the long term investors. However in a momentum market one has to be cautious.”

Stock Market Live Today: Technical Analysis: Nifty breaks 20K, potential targets and caution ahead

Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd

India’s resilient growth compared to global macroeconomic headwinds has given investors the confidence to maintain bullish bets and propelled benchmark Nifty past the 20K mark. The 7th consecutive session of gains has come despite persisting selling by foreign institutional investors and other vagaries like inflation, rising dollar, spiking US treasury yields and interest rate hike concerns. While undertone appears bullish, the market seems to be in an overbought position and hence caution may prevail going ahead. Technically, for the short-term period benchmark Nifty is holding a strong formation. On daily charts, the index has formed a bullish candle and on intraday charts it is consistently forming a higher high and higher low series formation, which is largely positive. For the trend following traders, 19935 could act as a key support level, above which the index could move up till 20100-20175. On the flip side, below 19935, traders may prefer to exit from long positions and below the same, we could see a one quick intraday correction till 19850-19825.

Stock Market Live Today: Kotak Cherry CEO cautions amid Nifty 50’s record high

Srikanth Subramanian, CEO, Kotak Cherry said “Its a liquidity driven rally due to positive sentiments around India that has help Nifty 50 index scale new all time high of 20000. However investors should exercise caution when treading in the market. Nifty 50 PE now goes closer to 25, which by any standard isn’t cheap. While markets are aggresive in terms of valuation, midcap and small cap stocks in particular, investors should clearly stay away from noise and make an informed choice. Meanwhile, the trajectory for broader markets from here onwards will depend on corporate earnings, inflation and interest trajectory, Oil Prices and of course the geopolitical situation, all of which, at this stage, augurs well for India”

Stock Market Live Updates: Kotak research stops recommendations on mid-, small-cap stocks

Kotak Institutional Investors has dropped recommendation on the mid-cap space as it cannot see too many options beyond the BFSI space that offer decent potential upside from their fair value.

There are limited points in trying to find fundamental reasons behind the steep increase in stock prices of several mid- and small-cap stocks with no meaningful changes in the fundamentals of most companies and, in fact, they have worsened in many cases.

Economy Watch: Retail inflation expected to range from 6.8% to 7.1% for August

The government will release the retail inflation number based on the Consumer Price Index (CPI) for August and the industrial growth number for July on Tuesday. While the expectation is that retail inflation could range from 6.8 to 7.1 per cent, the industrial growth rate could be 5 per cent.

Retail inflation for July was 7.44 per cent. The industrial growth rate in June was recorded at 3.7 per cent.

Stock Market Live Today: Japanese stocks open higher amid tech sector strength from Wall Street

Japanese stocks started the day with gains, mainly driven by the strong performance of technology shares on Wall Street. As of 6:30 am, the Nikkei 225 index was up by 0.56%, equivalent to 182.76 points, reaching 32,651.75, and the broader Topix index increased by 0.44%, or 10.10 points, standing at 2,370.58. In contrast, South Korea’s Kospi index showed weakness, declining by 0.21% to 2,551.59. The previous night on Wall Street saw the Nasdaq rising by 1.1%, the S&P 500 gaining 0.7%, and the Dow Jones Industrial Average increasing by 0.3%.