NIFTY50: 19,347 ▲ 4 (+0.02%)
SENSEX: 65,087 ▲ 11 (+0.02%)
- Benchmark indices closed flat, as last-hour profit booking reversed early gains
- In all, 30 of the NIFTY50 stocks closed in the green
- Brent crude oil futures rose nearly 1%, to $85.3 per barrel, amid a fall in the US dollar and concerns about the potential impact of Hurricane Idalia on oil supply.
Among the NIFTY sectoral indices, Realty (+1.4%) and Metal (+0.9%) were the top gainers, while Bank (-0.5%) and Financial Services (-0.5%) were the top losers.
| Top gainers | Today's change |
| Jio Financial | 231 ▲ 11 (+4.9%) |
| Tata Steel | 122 ▲ 2.5 (+2.0%) |
| Maruti | 9,790 ▲ 168 (+1.7%) |
| Top losers | Today's change |
| BPCL | 351 ▼ 5.3 (-1.4%) |
| Power Grid | 247 ▼ 3.7 (-1.4%) |
| Hero MotoCorp | 2,945 ▼ 42 (-1.4%) |
What’s trending
⭐ Oil marketers slip amid LPG price cut
Shares of oil marketing companies (OMCs), including IOC, BPCL and HPCL, declined 1.2% to 2.5% after the government slashed domestic LPG cylinders prices by ₹200. The sell-off was triggered by the lack of clarity on whether or not the OMCs will be compensated by the government. Further, investors fear after LPG, the government may reduce prices for petrol and diesel ahead of state assembly elections, which could shrink margins for these companies.
⭐ BSE shares soar amid buyback buzz
Shares of BSE Ltd soared on 30 August, hitting a fresh 52-week high intraday. The company had announced a buyback of ₹375 crore in July, its third buyback since going public in 2018. The stock closed 6.2% higher today and has risen over 19% so far in August. Interestingly, the stock is already trading 20% higher than its buyback price of ₹816. The company is yet to announce the timelines for the buyback
⭐ Indiabulls Housing gains on debt repayment
Indiabulls Housing Finance shares jumped 2.4% today. This comes after the company repaid bonds worth ₹1,112.5 crore and dollar-denominated external commercial borrowings worth ₹2,323 crore last week. The stock has rallied almost 23% in the last one week since the announcements were made. The company said that going forward, its loan portfolio inflows will exceed debt repayments by ₹1,300 crore to ₹1,800 crore per quarter, all of which will be available for asset growth.
⭐ Titagarh Rail Systems zooms on order win
Shares of the railway-coach maker rose 1.9% today after it announced an order win worth ₹350 crore from the Gujarat Metro Rail Corporation. The order is for the design, manufacture, supply, testing, commissioning and training of 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. According to the company management, the prototype metro car has to be built in 70 weeks and the entire contract has to be delivered in 94 weeks.
In Focus
How China is trying to revive its economy
In the past few weeks, the Chinese government has taken several steps to boost economic recovery. This comes amid fall in country's economic growth, which nosedived to 0.8% in the second quarter of 2023 from 2.2% in the first quarter. What are these new measures and will it boost the Chinese economy? Let’s explore.
Surprise rate cut
In a surprise move, the Chinese central bank slashed its 1-year loan prime rate by 0.1% to record low of 3.45%. This comes amid tepid consumer spending, declining investment and rising unemployment.
Steps to boost equity market
The Chinese government has cut stamp duty on stock trades to 0.05% from 0.1%, to boost the country's equity market. Further, Chinese authorities have asked many investment funds to buy back shares and avoid becoming net sellers of equities. This move is aimed at enhancing investor trust, stabilise share prices and arrest the sell-off across China’s stock markets.
Measures to boost household demand
To boost household demand, government departments have outlined plans and local authorities are encouraging residents to refurbish their homes. Consumers are also being given better access to credit to buy household products. Further, steps are being taken to boost manufacturing of small consumer goods, which makes up more than a quarter of China’s exports.
Easing curbs on tech companies
In July 2023, the government pledged to improve conditions for private businesses, after nearly two years of regulatory crackdown on the technology sector. Authorities announced over 30 measures, including promises to treat private companies at par with state-owned enterprises and removal of entry barriers for firms. Also, the central bank has asked banks and financial markets to provide more support for innovation and tech-related acquisitions.
Impact of China’s slowdown on India
The current slowdown in China has both positive and negative effects on India. A prolonged slowdown in the Chinese economy could lead to lower investments in the country. This could help India potentially emerge as the next manufacturing hub. On the flip side, China is one of the biggest importers of iron ore from India. Hence, slow economic growth in China could further reduce these imports.
On the whole, the Chinese government is doing everything possible to revive economic growth. But will these measures give a much needed boost to the economy? For that we have to wait and watch.
Powerful buying made simple!
Markets often see sharp price movements triggered by positive news or technical patterns. In such situations, you may want to double down on certain high-conviction trades. However, having limited capital could be an obstacle in leveraging such opportunities. With Margin Trading Facility (MTF) on Upstox, you can increase your trading capacity instantly. Click here to know more about MTF.
Benefits of MTF:
🔹 Get 2X leverage on equity delivery orders
🔹 Borrow up to ₹25,00,000 at a time
🔹 Hold stocks bought via MTF for up to 365 days.