Weekly Trading Diary: 19th August to 23rd August 2024

[Tradingqna]

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

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Nifty and Sensex opened higher but ended the session flat, supported by positive global cues and expectations of U.S. Fed rate cuts. US futures are showing mixed trends.

Brent Crude: 79.58 -0.13%
USD INR Spot: 83.9201 0.01%.
India 10Y Bond yield: 6.978 1.62%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Voltas was the top gainer.

Mahindra And Mahindra was the top loser.

News

India purchased USD 2.8 billion worth of crude oil from Russia in July, making it the second-largest importer after China, PTI reported. India is the world’s third-largest oil consumer and importer.

Adani Power is in talks to acquire the 600 MW Butibori thermal power project in Nagpur, previously owned by Reliance Power, from CFM Asset Reconstruction for Rs 2,400-3,000 crore, Mint reported.

Aurobindo Pharma’s Eugia Unit-3 injectable facility near Hyderabad received a warning letter from the USFDA, the company informed stock exchanges. The site is crucial to Aurobindo’s future growth in its injectable business.

TVS Motor Company plans to expand electric vehicle sales to developing and developed markets, leveraging India’s potential as an export hub and its plant in Indonesia to serve ASEAN markets, according to CEO KN Radhakrishnan.

Apple’s fourth iPhone assembly factory in India, built by Tata Electronics in Tamil Nadu’s Hosur, is set to begin production in November, according to the Business Standard. This will be Tata’s second iPhone plant after acquiring Wistron’s unit.

[Tradingqna]

Benchmark indices gained in the final hour to close in green, after trading flat for most of the session. Dow and Nasdaq futures are trading higher.

Brent Crude: 77.48 0.36%
USD INR Spot: 83.9183 0.16%.
India 10Y Bond yield: 6.976 0.44%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

RBL Bank was the top gainer.

Balrampur Chini Mills was the top loser.

News

The SEBI has proposed major changes to the rights issue framework, including shortening the timeline to as few as three days and allowing shareholders to renounce rights entitlements to investors of their choice, Business Standard reported.

Tata Steel is exploring the feasibility of installing 200 Bharat Small Reactors, totalling 45 GW, to generate electricity for green hydrogen production, replacing coking coal in steelmaking.

Maruti Suzuki India is adjusting production to manage dealer inventories after slower-than-expected demand for passenger vehicles in Q1 FY2024-25. High stock levels have led the Federation of Automobile Dealers Associations to raise concerns with the industry body.

Saurabh Gupta, CFO of Dixon Technologies, said the iSmartU acquisition was completed on August 13th. He expects the business to generate Rs 7,000-8,000 crore in annual revenue starting next financial year, with proportionate earnings for the remaining months this year.

[Tradingqna]

Benchmark indices traded sideways throughout the session, closing with slight gains. US futures are trading higher.

Brent Crude: 78.39 1.52%
USD INR Spot: 83.8746 -0.04%.
India 10Y Bond yield: 6.973 1.77%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Interglobe Aviation was the top gainer.

Deepak Nitrite was the top loser.

News

Adani’s family sold a 2.8% stake in Ambuja Cements in a pre-market block deal valued at Rs 4,200 crore.

HDFC Bank’s board rejected a $2 billion deal for a 20% stake in HDB Financial Services by Mitsubishi UFJ Financial Group, opting instead to proceed with a listing to meet RBI regulations.

Alkem Laboratories has partnered with US-based Exactech to manufacture and market its joint replacement implants in India, marking Alkem’s entry into the medical devices sector.

Bikaji Foods acquired a 55% stake in Ariba Foods for Rs 60.49 crore, enhancing its export capacity and supporting entry into the Quick Service Restaurant segment.

Dabur India will set up its first plant in South India with an initial investment of Rs 135 crore, scaling up to Rs 400 crore over five years. The plant is expected to be operational within a year.