Weekly trading diary: 11th to 15th September 2023

Welcome to the weekly trading diary, a thread for discussing your trades, strategies, ideas, news, stories, etc.



A quick overview of market performance in the week ended September 8:



Things to look forward to in the coming week;

Macroeconomic events

11th September 12th September 13th September 14th September 15th September
India CPI Inflation (August) UK Manufacturing Production (July) India WPI Inflation (August) US Industrial Prouction (July)
Industrial Production (July) Industrial Production (July) ECB Interest Rate Decision
Eurozone Industrial Production (July) US Retail Sales (August)
US CPI Inflation (August) PPI Inflation (August)
Crude Oil Inventories
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Nifty and Sensex rose for the seventh straight session, with Nifty crossing the 20,000 mark for the first time. Dow and Nasdaq futures are trading higher.

:oil_drum:Brent Crude: 91.25 0.66%
:heavy_dollar_sign:USD INR Spot: 82.8809 -0.36%.
:scroll:India 10Y Bond yield: 7.209 0.14%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

:chart_with_upwards_trend: Adani Ports and Special Economic Zone was the top gainer.

:chart_with_downwards_trend: BHEL was the top loser.

:newspaper: News

Ratnaveer Precision Engineering made a strong debut on Dalal Street, listing at Rs 128 on BSE (31% above the issue price) and at Rs 123.20 on the NSE (a 26% premium), becoming the first Indian entity to debut with a T+3 settlement.

Debit card payments grew by just 11.96% from Rs 2.81 lakh crore in July 2020 to Rs 3.15 lakh crore in July, while UPI transactions saw a remarkable 428% increase, soaring from Rs 2.9 lakh crore to Rs 15.33 lakh crore during the same period, as per RBI data.

India will review recommendations from the IMF and Financial Stability Board regarding cryptocurrency regulation and digital asset integration into the financial system before taking a stance, according to Economic Affairs Secretary Ajay Seth.

TPG, Tokyo Electric Power Company, and Brookfield are in advanced talks to acquire a minority stake in JSW Neo Energy, a subsidiary of JSW Energy, with a target fundraising of $500 million. An agreement is anticipated in the coming weeks.

UK’s JC Bamford Excavators plans to manufacture hydrogen-powered engines at its Haryana factory following UK adoption. The Ballabhgarh plant, already producing diesel engines for the parent company’s global operations, will facilitate this shift.

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Nifty and Sensex concluded the choppy session on a mixed note, with Nifty hitting an all-time high at 20,110 before closing lower at -0.02%. US futures are trading lower.

:oil_drum:Brent Crude: 91.22 0.64%
:heavy_dollar_sign:USD INR Spot: 82.976 0.11%.
:scroll:India 10Y Bond yield: 7.2 -0.12%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

:chart_with_upwards_trend: TCS was the top gainer.

:chart_with_downwards_trend: BHEL was the top loser.

:newspaper: News

Auto stocks fell today after Union Minister Nitin Gadkari proposed a 10% extra GST on diesel vehicle purchases. The minister, however, denied that there is no such proposal currently under consideration by the government

Midcap and smallcap indices fell 3%, owing primarily to profit booking ahead of the release of CPI-based inflation data.

KKR to invest Rs 2,069.5 crore in Reliance Retail, taking its stake to 1.42%. The fresh round values Reliance Retail at Rs 8.36 lakh crore.

L&T rose by 4% before closing nearly 2% higher after the company increased the buyback price from Rs 3,000 to Rs 3,200 per share.

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Benchmark indexes ended the day up nearly 0.4%, boosted by positive macroeconomic data. Dow and Nasdaq futures point to a weak opening for US markets.

:oil_drum:Brent Crude: 92.53 0.51%
:heavy_dollar_sign:USD INR Spot: 82.9527 -0.03%.
:scroll:India 10Y Bond yield: 7.175 -0.39%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

:chart_with_upwards_trend: Indiabulls Housing Finance was the top gainer.

:chart_with_downwards_trend: Info Edge (India) was the top loser.

:newspaper: News

Inflation in India eased to 6.83% in August from 7.44% in July, but remained above the RBI’s target of 6%. Industrial output growth accelerated to 5.7% in July, the highest in five months.

IndiGo is grounding A320 Neos due to safety concerns with Pratt & Whitney engines. The airline is looking to lease 22 planes from the secondary market to mitigate the impact.

Coffee Day shares increased nearly 20% after a settlement was reached between Coffee Day Global Ltd (CDGL), the company that operates the coffee chain CCD, and its financial creditor IndusInd Bank.

The government approved Berhyanda Ltd’s foreign investment of up to Rs 9,589 crore in Suven Pharmaceuticals for a 76.1% stake acquisition through share transfers from existing promoters and public shareholders via a mandatory open offer.

Samsung is considering India and Vietnam as potential hubs for 5G equipment production, exploring options beyond China. They have existing agreements to supply 5G equipment to Reliance Jio and Bharti Airtel, in addition to their long-standing suppliers Nokia and Ericsson.

Nifty and Sensex fell from the day’s highs to close the session marginally higher in a volatile session. Dow and Nasdaq futures point to a good opening.

:oil_drum:Brent Crude: 93.03 1.25%
:heavy_dollar_sign:USD INR Spot: 82.976 0.03%.
:scroll:India 10Y Bond yield: 7.106 -0.92%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

:chart_with_upwards_trend: NMDC was the top gainer.

:chart_with_downwards_trend: Torrent Pharmaceuticals was the top loser.

:newspaper: News

Grasim Industries, with a prior commitment of Rs. 10,000 crore for its paint business, will introduce it as “Birla Opus” in the fourth quarter of this fiscal year.

Bombay Dyeing and Manufacturing Company (BDMC) saw a 20% surge before closing with a 9% gain after the board approved the sale of a 22-acre land parcel in Worli, Mumbai, for approximately Rs 5,200 crore.

Sugar stocks surged following reports of a 14% reduction in Maharashtra’s state output forecast for the 2023-24 crop year, marking the lowest in four years due to a dry August.

CPI inflation in the United States increased to 3.7% in August from 3.2% in July, owing primarily to rising gasoline prices.

Nifty and Sensex maintained their positive momentum, achieving new all-time highs and closing the session with nearly half a percent gains. US futures indicate a mixed opening for US markets.

:oil_drum:Brent Crude: 94.09 0.42%
:heavy_dollar_sign:USD INR Spot: 83.0557 0.10%.
:scroll:India 10Y Bond yield: 7.166 0.92%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

:chart_with_upwards_trend: Vodafone Idea was the top gainer.

:chart_with_downwards_trend: Interglobe Aviation was the top loser.

:newspaper: News

The European Central Bank has increased interest rates to 4% from 3.75%, marking the 10th consecutive rate hike in an effort to combat persistent inflation. However, the bank also indicated that it may have concluded its policy-tightening measures.

India’s trade deficit stood at $24.16 billion in August 2023, as exports fell 6.86% to $34.48 billion and imports fell 5.23% to $58.64 billion.

Tata Steel and the UK government have entered into a joint agreement to invest £1.25 billion in Electric Arc Furnace steelmaking at the Port Talbot site. The UK government is contributing up to £500 million toward this initiative.

Infosys has inked a 15-year contract valued at $1.5 billion with a global company. The deal entails providing digital transformation and modernization of business operations services using Infosys’ platforms and AI solutions.

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