Nifty50: 15,780 ▼ 18 (-0.1%)
Sensex: 53,018 ▼ 8 (-0.01%)
Howdy, folks!
Do you ever wish that the markets would keep going up and never come down? Well, it may not happen in the markets, but if you’re an adventurous tourist, you may soon be able to board a flying hotel that never lands!
- Markets traded in a narrow range before closing nearly flat.
- In all, 36 of the Nifty50 stocks closed in the red.
- Investors await the Eurozone Consumer Price Index (CPI) figure to be released on Friday.
Among the Nifty sectoral indices, Bank (+0.4%) and Financial Services (+0.4%) were the top gainers, while Metal (-1.9%) and Auto (-1.2%) were the weakest.
| Top gainers | Today's change |
| Axis Bank | 634 ▲ 9.3 (+1.4%) |
| SBI | 465 ▲ 6.5 (+1.4%) |
| Divi's Lab | 3,630 ▲ 46 (+1.3%) |
| Top losers | Today's change |
| Eicher Motors | 2,784 ▼ 102 (-3.5%) |
| Cipla | 914 ▼ 33 (-3.5%) |
| BPCL | 307 ▼ 8.8 (-2.7%) |
What’s trending
⭐ Minda Industries buys stake in German co 👍
MINDAIND (NSE): 924 ▼20.9 (-2.2%)
Auto components maker Minda Industries has acquired a 5% stake in Germany-based FRIWO AG for €14.99 million. Recently, Minda Industries has strengthened its presence in the electric vehicles (EV) sector. FRIWO specialises in the design, development and manufacturing of power supply, chargers, motor control units, and other products for various sectors.
⭐ SEBI opens commodity door for FPIs 💰
MCX (NSE): 1,306 ▲ 31 (+2.4%)
Market regulator SEBI has allowed foreign portfolio investors (FPIs) to participate in the commodity derivatives market. However, FPIs will only be allowed to trade in non-agricultural and cash-settled contracts such as crude oil and natural gas. Following the announcement, shares of India’s largest commodity exchange MCX rose by nearly 4% intraday.
⭐ India to have 100% 2W EVs by FY27? 🤯
BAJAJ-AUTO (NSE): 3,701 ▼166 (-4.3%), TVSMOTOR (NSE): 844 ▲ 11.6 (+1.39%)
According to a new report, electric two-wheelers will have 100% penetration in the Indian market by FY27. The report by NITI Aayog and Technology Information, Forecasting and Assessment Council (TIFAC) suggested that the sale of electric 2Ws may cross 2.2 crore units by FY29. However, the report said that to increase penetration, a higher ratio of charging points to electric vehicles will be required to instil confidence in the minds of customers.
⭐ Wonderla coming soon to Odisha 🎡
WONDERLA (NSE): 232 ▲ 5.6 (+2.4%)
Shares of Wonderla Holidays rose by over 5% intraday. This comes after the company signed agreements with the Odisha government for leasing nearly 50 acres of land to develop a new amusement park in Bhubaneswar. As per the management, the project will require investment of ₹100 crore and will be operational within two years.
⭐Lenskart expands biz in Asia market 👓
Lenskart is buying a majority stake in Japanese eyewear retailer Owndays Inc. The deal values the Japanese chain at about reportedly $400 million. This deal will make Lenskart one of Asia's biggest online eyewear retailers, and help expand its operations to more than a dozen markets in Southeast Asia.
In Focus
Deregulating oil sales: Big boost to oil producers
The government said on Wednesday that it will deregulate the sale of domestically produced crude oil starting from 1 October. This is expected to benefit oil producers like ONGC (-1.2%), Oil India (-1.1%) and Reliance Industries (+1%). But how? Here's 'oil' you need to know.
Deregulation here refers to the freedom given to domestic oil producers to sell petroleum to any company in the Indian market. Earlier, these companies were only allowed to sell crude oil to the government or PSU oil marketing companies like HPCL (-2.7%) and BPCL (-3.3%).
Industry experts believe this is a step in the right direction, as producers would get to decide whom they want to sell to. According to Hindustan Oil Exploration Company (-3.8%), this would increase the pricing power for the seller. Further, it could also lead to a new trend like e-auction of crude oil. This can potentially boost the revenues of oil producers.
The deregulation of oil would also spur investments in the oil exploration and production sector. Investments and entry of new players could boost the domestic output of crude oil, which has declined from 35.7 million tonnes in FY18 to 29.7 million tonnes in FY22. Vedanta (-3.8%) has committed to invest $4 billion into oil exploration and production. It aims to contribute 50% to India’s domestic crude production.
The government said that it will continue to regulate oil exports. However, according to information and broadcast minister Anurag Singh Thakur, the move will cut down imports of the expensive crude oil in the long run.
ICYDK India imports 85% of its crude oil requirements, and the country’s crude oil import bill stood at $119 billion in FY22. Perhaps, this move could be rev-oil-utionary.
Ready-made Option Strategies on Upstox
Options offer traders the potential to make a profit whether the markets are moving up, down or sideways. However, options are complex instruments, and option strategies can be even more complicated. If not used in a disciplined way, they could lead to severe capital losses.
To solve such problems and to make options trading easier, Upstox has introduced Ready-made Option Strategies, which allow traders to:
- Choose from pre-curated option strategies
- Know profit probability, maximum profit & loss, and funds required for each strategy
- Trade with unique one-click entry and exit orders
Click here to know more about Ready-made Option Strategies.
Good to know
What is an index option?
An index option is a derivative instrument that utilises a stock market index like Nifty, Bank Nifty, etc., as an underlying asset. This contract gives the holder the right (but not the obligation) to buy (call option) or sell (put option) the underlying index at a predetermined price. Index options allow traders to bet on the direction of an entire index, rather than a single stock.
Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!