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Share Market Closing Note

Sensex down 200 pts, Nifty at 21,400; realty drags, pharma gains:

Indian benchmark indices broke 3-day winning run and ended in the red with Nifty around 21,400.

Top losers on the Nifty were Power Grid Corporation, JSW Steel, ICICI Bank, ITC and ONGC, while gainers were Bajaj Auto, Adani Ports, Sun Pharma, Hindalco Industries and Reliance Industries.

Among sectors, pharma index up 1 percent, capital goods index up 0.7 percent, while realty index down 1 percent and bank index down 0.5 percent

Broader indices outperformed the main indices with BSE Midcap index rose 0.3 percent and smallcap index gained 0.5 percent.

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Topic :- Time:3.00 PM

Nifty spot if manages to close above 21440 level then expect some pull back in coming sessions and if it closes below above mentioned level then some sluggish move is further expected in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

SILVER Trading View:

SILVER is trading at 74675. If it manages to trade and sustain above 74760 level then expect some upmove in it and if it breaks and trade below 74550 level then some decline can be seen in Silver.

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Topic :- Time:2.20 PM

Just In:

NSE has to be glitch-free for at least a year to get IPO approval, says SEBI

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Topic :- Time:2.15 PM

Just In:

TCS hits 52-week high on partnership with Switzerlands SIX to modernise its post-trade platform

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Topic :- Time:2.00 PM

Nifty is still rangebound and is waiting for some cues to show further movement. Overall trend is up so all dips should be used as an opportunity to go long. Good stock specific action expected now.

Stocks to watch out for

1. Dlf

2. Sbin

3. Jindalstel

4. Indhotel

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Topic :- Time:1.40 PM

Just In:

RIGHT BEFORE LIQUIDATION

Go First creditors get last-minute interest from two overseas bidders, SpiceJet.

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Topic :- Time:1.20 PM

Just In:

Bonus Shares: Sandur Manganese to issue five free shares for every one held

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Topic :- Time:1.05 PM

Just In:

Yes Bank shares hit 52-week high.

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Topic :- Time:1.00 PM

Completely rangebound market right now. Nifty spot if manages to trade and sustain above 21460 level then expect some upmove in the market and if it breaks and trade below 21420 level then some decline can be seen in the Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 723.80.If it manages to trade and sustain above 724.70 level then expect some upmove in it and if it breaks and trade below 722 level then some decline can be seen in the Copper.

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Topic :- Time:12.00 PM

Nifty is trading sideways and VIX is increasing now. Nifty spot if manages to trade and sustain above 21490 level then expect some upmove in the market and if it breaks and trade below 21430 level then some decline can follow. Currently Nifty spot is trading at 21451.

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Topic :- Time:11.50 AM

Just In:

Ambuja Cements to invest ₹6,000 crore in renewable power projects in Gujarat and Rajasthan

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex rises 50 points, Nifty above 21,460

2. Banks may share more defaulters info to stop whipping boys cries

3. TVS in talks with an insurance star for a stake

4. Muthoot Microfins Rs 960-crore IPO opens

5. Mid-cap MF gave 29.2% returns in 3 yrs

6. Borrowing costs rise for NBFCs

7. Telecom Bill to be tabled today in LS

8. Ambuja Cements unveils Rs 6K cr green plan

9. Suraj Estate Developers to continue to focus on luxury segment, reduce debt

10. Sugar stocks to get sweeter as India reverses sugarcane juice ban for ethanol

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 18 Dec,2023:

IPO boom is going on and many companies are coming up with IPOs. Retails clients are also getting tempted to apply for it due to recent huge returns by most of the new listings.

Sentiments are still positive and one should use dips for going long.

Nifty spot if manages to trade and sustain above 21480-21500 levels then expect some further upmove in the market and if it breaks and trade below 21400 level then some decline can be seen in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

Keep on checking this section during live trading hours for live updates related to Nifty, Stocks and Commodities.

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 Share Market Closing Note

Sensex, Nifty end mildly higher amid fag-end buying ahead of Fed outcome:

Markets erased losses in the last few minutes of the session with the S&P BSE Sensex ending at 69,585 levels, up 34 points or 0.05 per cent, and the Nifty50 shutting shop 20 points, or 0.1 per cent, higher at 20,926 levels.

NTPC, Power Grid, M&M, L&T, Sun Pharma, SBI, Titan, Tata Steel, Tata Motors, ITC, and Maruti Suzuki were the top gainers on the Sensex index as they rose up to 3.6 per cent. 

TCS, Infosys, Ultratech Cement, Bajaj Finserv, Axis Bank, Tech M, HCL Tech, Wipro, Bajaj Finance, JSW Steel, and ICICI Bank, meanwhile, were the top laggards, down up to 2 per cent.

Meanwhile, the broader market space remained upbeat with the BSE MidCap and SmallCap indices ending 1.06 per cent and 0.73 per cent higher, respectively. 

Among sectors, the Nifty IT index declined 1.3 per cent, followed by the Nifty Private Bank index (down 0.07 per cent). On the upside, the Nifty Pharma, and Auto indices gained 1 per cent each. 

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Topic :- Time:3.00 PM

Nifty spot if holds above 20860 level on closing basis then expect some further upmove in the market in coming sessions and if it closes below above mentioned level then some sluggish movement can follow. Avoid open short positions for tomorrow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5680. If it holds above 5640 level then expect it to rise till 5940-5960 levels soon and once it breaks and trade below 5640 level then some decline can follow in it.

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Topic :- Time:2.15 PM

Just In:

Major security breach inside Lok Sabha. House adjourned till 2 pm

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Topic :- Time:2.00 PM

Nifty is showing strong recovery and has recovered sharply from its day lows. Nifty spot if manages to trade and sustain above 20900 level then expect some further upmove in the market and if it breaks and trade below 20860 level then some decline can happen.

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Topic :- Time:1.55 PM

Just In:

Gnfc Buy Back 42% Accepted

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Topic :- Time:1.30 PM

SILVER Trading View:

SILVER is trading at 71700. If it breaks and trade below 71580 level then expect some decline in it and if it manages to trade and sustain above 71800 level then some upmov can follow in it.

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Topic :- Time:1.00 PM

Nifty spot if manages to trade and sustain above 20840 level then expect some upmove in the market and if it breaks and trade below 20800 level then some decline can be seen in the market.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 713. If it breaks and trade below 712 level then expect some decline in it and if it manages to trade and sustain above 714.50 level then some upmove can be seen in it.

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Topic :- Time:12.00 PM

After flat opening nifty is now trading 120 points in negative zone. Nifty spot if breaks and trade below 20760 level then expect some further decline in the market and if it manages to trade and sustain above 20800 level then some upmove can be seen in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off lows, down 200 pts; NTPC, ITC lend support

2. Indian developer community cheers Epic Games win against Google in the US

3. Axis Bank falls after ₹3,400-crore worth block deals

4. DOMS IPO sails through in 1 hr of bidding process

5. Adani to invest $100 billion on green energy shift

6. Retail inflation quickens 5.5% in November 

7. Aye Finance to raise Rs 310 crore in equity

8. ITCs cigarette sales volume nears old peak

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The IPO comprises only a fresh issue component of 2.74 crore equity shares. Hence, the entire issue proceeds will go the company.

aipur-based Motisons Jewellers has finalised December 18 as the opening date for its upcoming initial public offering (IPO). The company may be planning to raise around Rs 151 crore via public issue, if the offer price is considered as Rs 55 per share reported at the time of fund raising via pre-IPO placement.

The price band for the offer will be announced in coming days.

The public issue will be closing on December 20, while the anchor book will be opened for a day on December 15.

The IPO comprises only a fresh issue component of 2.74 crore equity shares. Hence, the entire issue proceeds will go the company.

The Jaipur-based Chhabra family-owned jewellery retail company will utilise the net fresh proceeds for repaying debts amounting to Rs 58 crore, and working capital requirements of Rs 71 crore. And the remaining funds will be kept for general corporate purposes.

Before filing the red herring prospectus, the company has raised Rs 33 crore via pre-IPO placement of 60 lakh equity shares at a price of Rs 55 per share. And accordingly, the issue size as disclosed in the draft red herring prospectus, up to 3.34 crore equity shares has been reduced by 60 lakh equity shares to 2.74 crore equity shares.

Half of the offer size has been reserved for qualified institutional buyers, 15 percent for high networth individuals and the remaining 35 percent shares for retail investors.

Motisons Jewellers that started its jewellery business in 1997 with a single showroom in Jaipur and later expanded network to 4 showrooms under the Motisons brand has reported better financial numbers in the past years, with net profit in the year ended March FY23 rising 50.5 percent to Rs 22.2 crore and revenue increasing 16.5 percent to Rs 366.2 crore compared to previous year.

Profit in the first quarter ended June FY24 reported at Rs 5.5 crore on revenue of Rs 86.7 crore.

Meanwhile, after closing the issue on December 20, the company will finalise the basis of allotment of IPO shares by December 21 and the equity shares will be credited to demat accounts of eligible investors by the end of December 22.

Motison will make its debut on the bourses on December 26 due to Christmas holiday on December 25, as per the IPO schedule.This will be the third jewellery retailer coming out with the IPO and listing in the current calendar year, after Senco Gold and Vaibhav Jewellers.

Holani Consultants is the only merchant banker to the issue, while Link Intime India is the registrar to the offer.

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Share Market Closing Note

Nifty hits 21,000, Sensex gains 300 pts as RBI holds rates:

Indian benchmark indices ended higher in the volatile session on December 8 with Nifty around 20,950.

At close, the Sensex was up 303.91 points or 0.44 percent at 69,825.60, and the Nifty was up 68.20 points or 0.33 percent at 20,969.40. About 1441 shares advanced, 1796 shares declined, and 73 shares unchanged.

HCL Technologies, JSW Steel, LTIMindtree, Apollo Hospitals and Infosys were among the top gainers on the Nifty, while losers were Adani Enterprises, ITC, Adani Ports, Hero MotoCorp and Britannia Industries.

On the sectoral front, FMCG, oil & gas and power indices down 1 percent each, healthcare and auto down 0.5 percent each. On the other hand, bank, Information Technology, Bank and Realty up 0.5-1 percent.

BSE midcap index ended marginally lower, while smallcap index fell 0.4 percent.

Market records biggest weekly gain since July 2022

Sensex & Nifty rise more than 3% each, Nifty Bank gains over 5%

Midcap index rises over 2%, posts weekly gain for 6th straight week

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Topic :- Time:3.20 PM

Just In:

Equity fund inflows fall 22% in Nov; small, mid-cap schemes stay in favour: AMFI

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Topic :- Time:3.10 PM

Nifty spot if manages to close above 20980 level then expect some further dominance by bulls in coming sessions and if it closes below above mentioned level then some sluggish movement can happen. Avoid open short positions for Monday.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5940. If it holds below 5975 level then expect it to test 5890-5880 level again and once it manages to trade and sustain above 5975 level then some upmove can further follow in it.

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Topic :- Time:2.10 PM

Just In:

Sebi looking at creating new asset class between mutual fund and PMS, says Madhabi Puri Buch

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Topic :- Time:2.00 PM

Nifty is likely to turn more volatile now. Nifty spot if manages to trade and sustain above 20920 level then expect some upmove in the market and if it breaks and trade below 20860 level then some decline can follow in the Nifty.

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Topic :- Time:1.05 PM

Just In:

Paytm share price up 2.5% today after a 19% fall in previous session

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Topic :- Time:1.00 PM

Nifty spot is trading at 20921. If it manages to trade and sustain above 20940 level then expect some upmove in the market and if it breaks and trade below 20900 level then some decline can be seen.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 715.25. If it manages to trade and sustain above 716.20 level then expect some quick upmove in it and if it breaks and trade below 714 level then some decline can be seen in it.

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Topic :- Time:12.15 PM

Just In:

IIFL Securities gains 14% to hit 52-week high after SAT sets aside SEBI order

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Topic :- Time:12.00 PM

Nifty is still trading strong but movement is less as it is waiting for some cues for further upmove. Nifty spot if manages to trade and sustain above 21000 level then expect some further upmove in the market and if it breaks and trade below 20940 level then some decline can be seen in it.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Nifty hits 21,000-mark for first time; Sensex near 70K

2. SEBI getting ready to introduce T+0 settlement trade by end of March 2024: Madhabi Puri Buch

3. RBI MPC raises Indias GDP growth projection to 7% for FY24

4. GQG among the likely buyers in GMR Airports block deal

5. RBI MPC: Repo rate kept unchanged at 6.5%, FY24 GDP estimate hiked to 7%

6. Forex reserves at $604 billion

7. Japan revises down third-quarter output

8. Tata Group plans new iPhone factory to hasten Apples India expansion

9. Adani Green lays out plan for repaying $750 mn bond to restore confidence

10. India on course to become 5th-largest market for travel and tourism

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Topic :- Time:11.00 AM

Nifty is trading higher after gap up opening. Nifty spot if manages to trade and sustain above 20980 level then expect some further upmove in the market and if it breaks and trade below 10940 level then some decline can be seen.

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Share Market Closing Note

Market ends flat ahead of weekly expiry; Hero Moto jumps 5%

Equity benchmark indices settled on a flat note on Thursday, November 23, amid mixed global cues. The S&P BSE Sensex scaled a high of 66,235.24, and a low of 65,980.50, before closing a tad in red at 66,017.81 � down 5.43 points. The NSE Nifty50 managed to sustain above the 19,800 level for the second consecutive session and closed at 19,802.

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Topic :- Time:3.00 PM

Nifty spot if manages to hold above 19780 level on closing basis then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can be witnessed in the market.

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Topic :- Time:2.50 PM

Just In:

Titan Stock : M-cap crosses ₹3 lakh crore.

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Topic :- Time:2.30 PM

REGULATORY SCRUTINY

Cipla shares fall over 7% as investors react to FDA warning letter.

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Topic :- Time:2.20 PM

Just In:

Bajaj Auto aims monthly sales target of 10,000 Triumphs; new products lined up from Dec: CEO Rajiv Bajaj

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 19840 level then expect some more upmove in the market and if it breaks and trade below 19780 level then some decline can be seen in the Nifty.

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Topic :- Time:12.20 PM

Just In:

Canara Bank to raise up to Rs 5,000 crore via 10-year bonds

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Topic :- Time:12.00 PM

Nifty spot if manages to trade and sustain above 19820 level then expect some upmove in the market and if it breaks and trade below 19760 level then some decline can follow in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty flat; Hero Moto rallies 4%; Bajaj Auto 3%

2. MHI orders probe to investigate role of govt officials in FAME scam

3. Give detailed information on child pneumonia outbreak: WHO to China

4. IndiGos parent firm to challenge tax demands worth over Rs 1,666 cr

5. Mamaearth share price jumps 10% after Q2 net profit doubles to ₹30 crore

6. Cipla tanks almost 7% as USFDAs letter flags data issues at Madhya Pradesh unit

7. Sterling and Wilson hits 5% upper circuit for second straight day after securing $2.2-bn Nigeria order

8. CG Power soars 28% in 2 days as it seeks nod for semiconductor assembly, test facility

9. Home First stock tumbles 5% after block deal on nearly 10% equity

10. CDSL jumps 3% as demat accounts cross 10-crore mark

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Topic :- Time:11.00 AM

After positive opening nifty is now trading flat with minor losses. Nifty spot if manages to trade and sustain above 19820 level then expect some upmove in the market and if it breaks and trade below 19780 level then some decline can follow in the Nifty.

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Share Market Closing Note

Nifty above 19,750, Sensex up 250 pts; metal, realty, pharma rally:

Among sectors, Healthcare, realty, and metal up 1 percent each, while oil & gas and capital goods down 0.5 percent each. BSE Midcap and smallcap indices are trading marginally higher.

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Topic :- 3.25 PM

Just In:

The Fedbank Financial Services IPO will be opened for subscription on November 22, with a price band at Rs 133-140 per share.

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Topic :- Time:3.00 PM

Nifty spot if manages to hold and close above 19750 level then expect some further upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

NATURALGAS Trading View:

NG is trading at 242.If it manages to hold above 240 level then expect some pull back in it and if it breaks and trade below 240 level then some decline can be seen in NG.

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Topic :- Time:2.20 PM

Just In:

IREDA IPO Day 1: Issue subscribed 0.63 times, retail portion completely booked

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Topic :- Time:2.00 PM

Nifty spot is trading at 19800.Midcaps are likely to take the momentum further. Nifty spot if manages to trade and sustain above 19820 level then expect some further upmove in the market and if it breaks and trade below 19780 level then some decline can be seen in the Nifty.

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Topic :- Time:1.50 PM

Just In:

ED issues show cause notice to Byjus for alleged FEMA violations

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 61040. If it manages to trade and sustain above 61080 level then expect some upmove in it and if it breaks and trade below 60980 level then some decline can be seen in the Gold.

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Topic :- Time:1.20 PM

Just In:

Gandhar Oil Refinery IPO opens on November 22

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Topic :- Time:1.00 PM

Nifty is on the verge of losing some of its earlier gains however it is trading on a stronger note. Nifty spot is trading at 19771. Once it manages to trade and sustain above 19800 level then expect some upmove in the market and if it breaks and trade below 19740 level then some further decline can be seen in the market.

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Topic :- Time:12.45 PM

Just In:

Crude oil prices fall as demand worries outweigh supply cuts concerns

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Topic :- Time:12.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 6455. If it manages to hold above 6430 level then expect it to rise till 6490-6500 levels quite soon however if it breaks and trade below 6430 level then some decline can be seen in the Crudeoil.

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Topic :- Time:12.00 PM

Nifty is yet again under consolidation mode. Nifty spot if manages to trade and sustain above 19800 level then expect some upmove in the market and if it breaks and trade below 19750-19740 levels then some decline can be seen in the Nifty.

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Topic :- Time:11.55 AM

TATA TECHNOLOGIES  IPO:

Issue Opens on: 22 NOV 2023

Issue Closes on: 24 NOV 2023

Issue Price: Rs.475 RS.500

Market Lot: 30Shares

Amount: 15000

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Topic :- Time:12.00 PM

Just In:

Indian Renewable Energy Development Agency IPO now open.

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Topic :- Time:11.30 AM

COPPER Trading View:

COPPER is trading at 717.80. If it manages to trade and sustain above 719 level then expect some upmove in it and if it breaks and trade below 716.50 level then some decline can follow in it.

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Topic :- Time:11.00 AM

News Wrap Up:

1. Sensex up 250 pts; Titagarh zooms 11%; IRFC, IRCTC 2%

2. India Inc net profit share in GDP now just shy of 5% after robust Q2

3. Prataap Snacks zooms 30% in two days as GDN Investments buys 1% stake

4. Liquidation share in insolvency cases on the decline, shows IBBI data

5. RBI tightening on unsecured loans: White goods firms fear margin squeeze

6. Jio Financial Services gains 1% on report of bond issue of up to Rs 10k crore

7. Bullish market helps NSE record sustained rise in active users to 3.39 cr in Oct

8. Titagarh Rail scales 52-week high on strategic tie-up with ABB India

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Topic :- Time:10.30 AM

After positive opening nifty is still going good. Nifty spot if manages to trade and sustain above 19780 level then expect some further upmove in the market and if it breaks and trade below 19740 level then some decline can be seen.

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Share Market Closing Note

Benchmark indices ended lower for the second consecutive session on November 20 with Nifty around 19,700.

At close, the Sensex was down 139.58 points or 0.21 percent at 65,655.15, and the Nifty was down 37.80 points or 0.19 percent at 19,694. About 1784 shares advanced, 1864 shares declined, and 146 shares unchanged.

Top losers on the Nifty included Adani Enterprises, M&M, Bajaj Finance, SBI Life Insurance and UltraTech Cement, while gainers were Divis Labs, Bharti Airtel, HCL Technologies, Wipro and ONGC.

On the sectoral front, Information Technology index up 0.6 percent and healthcare index up 0.3 percent, while selling is seen in the metal, auto, capital goods, FMCG, realty names.

BSE midcap index ended flat, while smallcap index rose 0.4 percent.

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Topic :- Time:3.00 PM

Nifty spot if manages to trade and close above 19780 level then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can further be seen in the market.

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Topic :- Time:2.45 PM

Just In:

Jio Financial Services in talks for maiden bond issue

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 6383. If it holds above 6365 level then expect it to test 6440-6460 levels quite soon however once it breaks and trade below 6365 level then some decline can be seen in it.

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Topic :- Time:2.00 PM

Nifty is turning volatile now. Nifty spot if manages to trade and sustain above 19720 level then expect some upmove in the market and if it breaks and trade below 19680 level then some decline can be seen following in the Nifty.

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Topic :- Time:1.45 PM

Just In:

BSE MidCap and SmallCap hit fresh record highs, gain up to 38% in CY23 so far

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Topic :- Time:1.30 PM

SILVER Trading View:

SILVER is trading at 72847. If it holds above 72500 level then expect some good upmove in it and if it breaks and trade below 72500 level then some decline can be seen in it. Watch out for 72500 in Silver.

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Topic :- Time:1.00 PM

Nifty spot is trading at 19685. If it manages to trade and sustain above 19700 level then expect some upmove in the market and if it breaks and trade below 19660 level then some decline can be seen in the Nifty.

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Topic :- Time:12.50 PM

Just In:

Argentina will not join BRICS, said Diana Mondino, a candidate for the post of head of the countrys Foreign Ministry, after the presidential elections.

We donot understand what the benefit is for Argentina at the moment. If it later turns out that there is a benefit, we will analyze it, she said.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 714.10. If it manages to trade and sustain above 714.80 level then expect some quick upmove in it and if it breaks and trade below 712.60 level then some decline can be seen in it.

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Topic :- Time:12.00 PM

Nifty is trading in a range now and is getting ready for good moves. Nifty spot if manages to trade and sustain above 19700 level then expect some upmove in the market and if it breaks and trade below 19640 level then some decline can be seen in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Nifty below 19,700, Sensex down 200 pts; M&M, Bajaj twins top losers

2. NSE logs 7.67 million share trades in Oct, domestic investors pick up the bulk

3. RBIs risk weight norm will not affect our business: ESAF SFB MD and CEO

4. Nykaa shares extend rally with 5% gains to scale 11-month high

5. Cipla faces US FDA warning over manufacturing practices at Indore plant

6. Union Bank of India appoints Avinash Vasant Prabhu as CFO on a 3-year term

7. Bharti Airtel trades lower, receives DoT penalty for subscriber verification norms violation

8. Altman will not return to OpenAI, ex-Twitch boss Shear to be interim CEO

9. Laptop, tablet imports surge 42% to $715 million amid licensing fears

10. Penal amount hike on the cards as RBI likely to revamp framework

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Topic :- Time:11.25 AM

Just In:

Bonus Shares Alert: Newgen Software board to meet on November 27 to mull issue

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Topic :- Time:11.00 AM

After flat opening nifty is now trading in negative zone. Nifty spot if manages to trade and sustain above 19700 level then expect some upmove in the market and if it breaks and trade below 19640 level then some decline can follow in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 20 Nov,2023: 

Big TATA TECH IPO to open. Its a must apply IPO.

Nifty is likely to turn volatile as the day progresses. Global cues to act as trend deciding factor. Nifty spot if manages to trade and sustain above 19780 level then expect some upmove in the market and if it breaks and trade below 19680 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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The United Arab Emirates is considering investing as much as $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy.

Provisional pledges from the UAE could be announced early next year, people familiar with the matter said, asking not to be named as the information is not public.

Any new investments would follow Narendra Modi’s meetings with UAE President Sheikh Mohammed bin Zayed in July.

The countries have been seeking to bolster ties over the past decade, and aim to increase non-oil bilateral trade to $100 billion. Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since he took over as prime minister in 2014.

The last Indian premier to visit the UAE before him was Indira Gandhi in 1981.

Deals being discussed include stakes in key Indian infrastructure projects and state-owned assets, with announcements likely before Modi seeks a third term in federal elections due next year, the people said. Some of the investments could involve sovereign wealth funds such as the Abu Dhabi Investment Authority, Mubadala Investment Co. and ADQ, they said.

The pledges are unlikely to have clear timelines for a large chunk of the investments, the people said. No final decisions have been made on the size or timing of the announcements.

As part of the push, entities overseen by Sheikh Tahnoon bin Zayed Al Nahyan have held early-stage talks on investing billions of dollars in India, one of the people said. Sheikh Tahnoon is the UAE president’s brother and chairman of International Holding Co., which disclosed a 5% stake in Gautam Adani’s flagship conglomerate last month. That came days after IHC sold down holdings in two Adani firms, though the firm reiterated its commitment to India at the time.

Representatives for India’s finance and trade ministries, the UAE government, and Sheikh Tahnoon’s private investment firm Royal Group didn’t respond to requests for comment. ADIA, ADQ and Mubadala declined to comment.

Growth Engine
Royal Group has long prized India, and executives there have called the country a potential growth engine of the next decade, Bloomberg has reported. Sheikh Tahnoon is also chairman of ADQ as well as ADIA — one of the world’s largest wealth funds, with close to $1 trillion in assets.

Lured by a rising middle class and seeking to diversify away from traditional investment destinations like Europe, Gulf state-backed investors have boosted ties with India. Others including the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund have also emerged as prominent investors in the country.

The UAE’s plan is a further indicator of the government’s push to position itself as a country that avoids taking sides in a world increasingly split between Washington and Beijing.

As one of few countries to manage close to $1.5 trillion in sovereign wealth, the UAE is a vital ally to the world’s most populous nation, which is seeking to bridge infrastructure gaps. For India, any large foreign investments would help Prime Minister Modi highlight his efforts to bolster the economy ahead of the 2024 vote.

Earlier this year, the UAE announced plans to support Turkey’s embattled economy with a $51 billion investment pledge, including about $30 billion in energy. Talks over one deal in that sector — just one part of the broader bilateral push — have collapsed, Bloomberg News has reported.

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Ministry of Electronics and Information Technology has recommended that Reserve Bank of India design a detailed Know Your Digital Finance App (KYDFA) process that companies have to undertake before they access the Indian banking system

In a bid to tackle the growing menace of illegal instant loan apps, the Ministry of Electronics and Information Technology (MeitY) has urged the Reserve Bank of India (RBI) to design for banks a more detailed KYC process that companies will have to furnish. It will help trace errant loan apps, the ministry believes.

On October 13, the MeitY conveyed this to Department of Financial Services (DFS) and RBI in a meeting held in this regard.

"We have recommended the RBI, within their regulatory framework, to design a detailed KYC for companies, which we refer to as Know Your Digital Finance App (KYDFA), in the same manner that customers have to undergo detailed KYC for opening a bank account," Minister for State for Electronics and Information Technology Rajeev Chandrasekhar told Moneycontrol. He chaired the meeting with the RBI and DFS.

"This will ensure that only legitimate and scrutinised financial apps can access and use the Indian banking system and further, if there is any violation of law, the KYDFA process will help in establishing traceability and origin of the app for action under law," he said.

This comes at a time when several people have fallen into the trap of predatory loan apps, often driving the victims to suicide. The pull point of these apps is that they offer money instantly as loan, as opposed to more traditional methods such as through banks.

However, what these loan apps offer in terms of speed and accessibility to money, they also compromise when it comes to security and privacy of individuals. It has been well documented that these apps, when installed get access to huge amounts of smartphone data, including one's entire contact list.

There have been cases when recovery agents of such loan apps, when the borrower fails to return the money within the stipulated time, has harassed the victim by reaching out to their relatives.

In some cases, recovery agents of such apps even threaten to circulate digitally altered, poronographic images of the victims among his or her relatives.

Such incidents have often driven victims to suicide. Apart from that, police have found that several such illegal lending apps have connections to Chinese nationals, raising concerns of national security .

Both the government and app stores, where such lending apps are hosted, have taken cognisance of issues associated with such apps, and over the few years, have taken steps to address them.

The government has been sending several advisories to Google and Apple app stores to take action against such apps as they contravene several sections of the Indian Penal Code and the Information Technology Act.

Google and Apple's app stores have been identifying and removing such apps regularly. Earlier this year, Google said that it has removed more than 3,500 personal loan apps in 2022 for violating its Play Policy requirements.

The finance ministry had last year proposed that the RBI will prepare a whitelist of such applications and that the government will only allow those applications to be hosted on app stores.

However,  these measures have fallen short as complaints against such lending loan apps have increased over time. The number of complaints against such apps have more than doubled to 1,062 in FY 23, the finance ministry informed the Lok Sabha recently.

The MeitY's latest recommendation to the RBI marks a new method through which the government aims to tackle the ever-growing menace of instant loan apps.

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Bajaj Finance Q2 Results LIVE Updates: The leading non-banking finance company (NBFC), announced its financial results for second quarter of FY24 today, 17 October, 2023. Bajaj Finance's net profit rose 27.8 per cent to ₹3,550 crore, compared to ₹2,781 crore in the corresponding period last year.

Analysts had expected the NBFC to report stable asset quality and strong loan growth. The company's net interest income (NII) also increased by 26.4 per cent to ₹8,841 crore, compared to ₹6,997 crore in the year-ago period.