Market Bizzz

The Sensex and Nifty saw substantial gains as US recession concerns eased, driving a global stocks rally. Pravesh Gour from Swastika Investmart recommended strategies for stocks like CDSL, Hindustan Zinc, and Paras Defence based on their recent performances and technical indicators. Specific resistance and support levels were also identified for these stocks.

Neeraj Seth from BlackRock believes the US is experiencing a gradual economic slowdown, with expected rate cuts possibly benefiting selective Asian markets. He remains positive on India’s growth, highlighting strong corporate balance sheets and potential for future capex to drive earnings. He anticipates the RBI may start rate cuts by the end of the year.

Wall Street’s rapid descent into volatility has been matched by an equally swift recovery. The S&P 500 saw its largest weekly gain since November, junk bonds made a week of gains, and Treasury yields stabilized. Illustrating this dramatic turnaround, the VIX Index, a key measure of market fear, experienced both the quickest surge of 25 points or more and the fastest recovery from that peak, according to UBS Group AG.

The company announced to the stock exchanges that it has allocated 1,994,288 shares to anchor investors at Rs 900 per share on Friday. Out of these, 716,592 shares, valued at approximately Rs. 64.49 crore, were allocated to 3 domestic mutual funds across 8 schemes. This represents 35.93% of the total anchor investor allocation.

The market is anticipated to open steady on Monday, with potential resistance levels at 24,700 and 24,850. On the downside, support levels are expected at 24,250 and 24,050. The weekly Relative Strength Index currently sits at 69.71, indicating a neutral market sentiment without any divergence from the price. The MACD remains bullish, although the narrowing histogram suggests a slowdown in upward momentum despite the index’s continued rise.

Rivian suspended the production of its commercial delivery vans due to parts shortages, impacting their output for Amazon. A spokesperson indicated the company aims to recover the missed production. The shortage did not affect Rivian’s other models. Amazon holds a 16% stake in Rivian, ordering 100,000 vans to be deployed by 2030.

The new rules mandate that quarterly financial results must be approved by the board of directors before submission. These results, when sent to the stock exchange, need the signature of either the chairperson, managing director, or a whole-time director. If none of these are available, any other director authorized by the board can sign the financial results.

Gold prices jumped by 1.7% or Rs 1,200 per 10 gram on Friday taking cues from prices in the international market. The rally was on the back of growing hopes of the September interest rate cut by the US Federal Reserve following a benign July inflation number.

Raymond’s Chairman Gautam Singhania discussed the company’s decision to focus on menswear due to negative male feedback on entering women’s wear. He highlighted a merger with Maini Engineering, bringing opportunities in titanium and aerospace sectors. Singhania also pointed out the potential in Mumbai’s real estate market, emphasizing timely project deliveries.