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Benchmark indices ended higher with Nifty above 16,600 led by the metal, pharma, banks, and power stocks.

At close, the Sensex was up 403.19 points or 0.73% at 55,958.98, and the Nifty was up 128.10 points or 0.78% at 16,624.60. About 2067 shares have advanced, 969 shares declined, and 122 shares are unchanged.

Bajaj Finserv, Adani Ports, Bajaj Finance, Tata Steel, and Hindalco Industries were the top Nifty gainers. Britannia Industries, HDFC, Infosys, Asian Paints, and Nestle were among the top losers.

BSE midcap and smallcap indices gained over 1 percent each. Among sectors, except IT and FMCG, all other sectoral indices ended in the green.

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Topic :- Time:3.00 PM

Nifty spot if holds above 16600 on closing basis then expect some good sharp upmove in coming session and if it closes below above mentioned level then some sluggish movement can follow in the market. Avoid open position for tomorrow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 4920. If it manages to trade and sustain above 4925 levels then expect some upmove in it and if it breaks and trade below 4900 level then some decline can follow in it.

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Topic :- Time:2.00 PM

Nifty is flying high and Reliance has also joined the race. Nifty spot if manages to trade and sustain above 16620 level then expect some quick upmove and if it breaks and trade below 16580 level then some decline can follow in the market.

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Topic :- Time:1.45 PM

Just In:

Home loans demand rise 26% in Jan-June.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 47493.If it breaks and trade below 47480 level then expect some further decline in GOLD and if it manages to trade and sustain above 47540 level then some upmove can be seen.

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Topic :- Time:1.20 PM

Bajaj Finserv gets SEBI approval for mutual fund business:

Financial services company Bajaj Finserv on Tuesday announced that the Indian market regulator Securities and Exchange Board of India (SEBI) has given its in-principal nod to the company for sponsoring a Mutual Fund. The company would also be setting an Asset Management Company (AMC).

Accordingly, the company would be setting up an Asset Management Company (AMC) and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws, Bajaj Finserv said in an exchange filing.

Shares of Bajaj Finserv were trading over 3% higher to ₹15,785 per share on the BSE in Tuesdays first half of the trading session. The stock has surged more than 75% this year (year-to-date) whereas its up over 140% in one year. Bajaj Finserv is focused on lending, asset management, wealth management and insurance services. 

The company was formed in 2007 as a result of its demerger from Bajaj Auto Limited to further the groups interest in financial services. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

Rahul Sharma, Co-Founder, Equity99 said, The company plans to offer all financial services and deliver seamlessly through an app-based platform. The business would leverage the digital platform to provide low-cost, high-value services, and the company is expected to benefit from synergies & its customer database.

For the quarter ending June 2021, Bajaj Finserv reported an over 31% decline in consolidated net profit at ₹833 crore. The company had reported a net profit of ₹1,215 crore in the same quarter of the preceding fiscal. The consolidated total income also plunged to ₹13,949 crore in Q1FY22 as against ₹14,192 crore in the year-ago quarter. 

The SEBI approval for the mutual fund business for Bajaj Finserv comes at a time when MFs have become a popular mode of investment with the industrys assets under management (AUM) surging to an all-time high of ₹35 lakh crore in July-end.

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Topic :- Time:1.00 PM

Nifty is rising and is waiting for Reliance Industries to take market further up. Nifty spot if manages to trade and sustain above 16580 level then expect some quick upmove in it and if it breaks and trade below 16540 level then some decline can follow in it. Once Reliance stock begins its wild run then nifty is likely to test 16600-16700 levels soon.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 706.80.If it breaks and trade below 706.00 level then expect some decline in it and if it manages to trade and sustain above 707.20 level then some upmove can follow in COPPER.

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Topic :- Time:12.10 PM

Just In:

Chemplast Sanmar shares list at Rs 525, a 3% discount to issue price.

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Topic :- Time:12.00 PM

Nifty is trading in range. Nifty spot if manages to trade and sustain above 16560 level then expect some quick upmove in the market and if it breaks and trade below 16520 level then some decline can follow in the market. Use all lows as an opportunity to go long in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex jumps 150 points; Metal, PSU Bank indices rally

2. Bajaj Finserv gets Sebi nod to set up mutual fund; stock hits new high

3. Tata Sons seeks shareholders nod to raise Rs 40,000 cr in debt

4. DLF 3.0: Realtor ventures into new territories after four decades

5. FM Sitharaman gives Infosys September 15 deadline to fix I-T portal snags

6. Skymet dilutes southwest monsoon forecast for 2021 to below-normal

7. US FDA grants full approval to Pfizer-BioNTech coronavirus vaccine

8. Zomato share price falls as lock-in period for anchor investors end

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Topic :- Time:11.00 AM

After positive start nifty is still going good. Nifty spot if manages to trade and sustain above 16560 level then expect it to rise further and if it breaks and trade below 16520 level then some decline can be seen in the market.

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Topic :- Stocks under F&O ban on NSE

1. Canara Bank

2. Vodafone Idea

3. NMDC

4. Sun TV Network

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Topic :- Stocks in News

Sical Logistics: The fifth meeting of the committee of creditors has been scheduled for August 25 through video conferencing.

Nandan Denim: Brickworks Ratings India has revised the outlook of the rating of long-term facilities of the company.

KPI Global: The company has successfully commissioned a new capacity of 5.44 MW (DC) in its existing solar power plant at Village-Sudi & Tancha, Ta-Amod, District- Bharuch.

Atul Auto: Credit rating agency CRISIL has assigned CRISIL A-/ Stable (downgraded from CRISIL A/Stable) to long-term bank facilities and CRISIL A2+ (downgraded from CRISIL Al) to short term bank facilities of the company.

Sanghvi Movers: ICRA upgraded the long-term rating to ICRA A from ICRA A- and also upgraded the short-term rating to ICRA A1 from ICRA A2-.

Eicher Motors: Siddhartha Lal has been reappointed as managing director of the company with effect from May 1, 2021.

NR Agarwal Industries: Production at Unit 2 (writing and printing) of the company has been temporarily shut down due to the lack of market orders.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 24 Aug, 2021:

Stock specific action is expected in the market. Global cues will play critical role.

Nifty spot if manages to trade and sustain above 16560 level then expect some upmove in the market and if it breaks and trade below 16440 level then some decline can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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The minutes of the August meeting was of particular interest due to Professor Varma's 'dissent', the second in one year. “We expect VRRRs to be gradually increased further, either on tenor or amounts, to normalise liquidity skewness,” says Madhavi Arora, Lead Economist, Emkay Global Institutional Equities desk.

The August minutes of the Federal Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) of the met on August 4, 5 and 6 were more hawkish than the policy itself. The MPC determines the policy rate of interest required to realize the inflation target.

The dissenters, Professor Varma and Dr Saggar and Dr Goyal, made a case for the co-existence of (liquidity/policy) normalisation and an accommodative stance.

The other takeaway was that the expansion narrative was largely similar across the board, with members agreeing on the necessity for durable growth, though some split emerged on the persistence of inflation risks. We see FY22 inflation 30-35bps less than what the RBI had projected.

Do not see reverse repo rate hike

The October MPC may even see more active debate on definition/pace/mode of accommodation. We expect variable reverse repo rates (VRRRs) to be gradually increased further, either on tenor or amounts. We don't see a reverse repo rate hike this year and see the RBI maintaining its preference for curve flattening.

The dissenters argued for a more judicious forward guidance.

The minutes of the August meeting was of particular interest due to Professor Varma's 'dissent', the second in one year. The unease of Professor Varma arose from his assessment that:

(1) COVID is pervasive and yet impacting only a pocket of the economy. But a generic accommodative monetary policy can’t be targeted (unlike fiscal) and thus it's largely fuelling asset inflation. Forward guidance and monetary stance are getting counter-productive and can only increase inflation risk premium also as term premium.

(2) MPC's inflation target is 4 per cent, not 5 per cent, not 6 per cent. The tolerance band is to permit for estimation errors and using this flexibility overly will only cause inflation-targeting failures later (reminds us of Dr Patra’s narrative during former Governor Urjit Patel's days).

(3) Disagreement with the extent of the reverse repo rate, though it doesn't fall into the MPC’s purview. He argued that a much-needed phased normalisation of the corridor would increase the MPC’s ability to stay the repo rate at 4 per cent for a extended period.

Interestingly, the opposite silent noises seen within the June minutes made their way again. Dr Saggar, while emphasising the necessity for durable growth and policy accommodation, admitted that the danger of policy errors on either side remains, given the massive uncertainty on growth and inflation also as policy trade-offs.

He thus made a case for policy agility, should the necessity arise. He later involved the necessity to avoid inflation risks when credit demand improves – swiftly making a case for non-disruptive gradual unwinding “when the time comes” – lest making markets complacent of flush liquidity.

We even had the standard dove, Dr Goyal, using the word ‘normalisation’, whenever it starts – extending the argument that other (liquidity) normalisation can start even in an accommodative stance.

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The inflation transience continues but risks remain

The overall inflation and growth narrative was largely an equivalent because the August policy. But there have been mentions about the risks of inflation (and inflationary expectations) becoming more persistent from the so-called transient supply shocks and margin increases.

Case against higher administered fuel prices

The case against higher administered fuel prices was again stressed by a couple of members. whilst growth remains sub-par, Dr Patra noted that core inflation may stay sticky, given the COVID-related margin increases and tax hikes, even when some supply-side mismatches were easing.

The growth narrative was largely similar across the board, stressing on need for durability of recovery. Even the dissenter, Prof. Varma, agreed for a repo rate at 4 per cent on the rear of sub-par growth, albeit arguing (along with Prof Goyal) that policy accommodation and liquidity normalisation can co-exist.

Governor Shaktikanta Das, on the opposite hand, argued that the risk- reward still favours maintaining congenial financial conditions and monetary boosters.

Emerging differences may have implications for the October MPC.

While the predominant view remains the necessity to support recovery, the (dis)comfort with inflation dynamics is certainly dividing the MPC members.

The overall tone of the minutes is slightly more hawkish than the policy itself, but we still think state-based actions and guidance will lead the show within the end. We see inflation to be lower in FY22 (Emkay: 5.35 per cent; RBI: 5.7 per cent), which could give the RBI more room to manage expectations.

Interestingly, the core RBI MPC on net seems more convinced that normalising policy early would be an error – as was also seen within the recent bulletin authored by Dr Patra. It also argued the limited role of monetary policy to influence supply-driven inflation and therefore the more involved role of economic policy within the same.

The August minutes do little to vary our view that the improved VRRRs to mop up liquidity aren't to be seen as a reversal of policy stance but simply the normalization of liquidity skewness. We expect VRRRs to be gradually increased further, either on tenor or amounts, to normalize liquidity skewness. We don't see a reverse repo hike this civil year . We reckon the RBI will still strive to repair the artificially skewed yield curve and maintain its preference for curve flattening.

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"India has received the very best ever FDI inflow in 2020-21. It surged by 10 per cent to USD 81.72 billion and FDI during May 2021 is USD 12.1 billion, i.e. 203 per cent above May 2020," he said while addressing a gathering of various industry associations on promoting exports

Foreign direct investments into the country is on the increase , jumping to USD 12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said.

He also said the govt is functioning on a mission mode to realize an exports target of USD 400 billion in 2021-22.

"India has received the very best ever FDI inflow in 2020-21. It surged by 10 per cent to USD 81.72 billion and FDI during May 2021 is USD 12.1 billion, i.e. 203 per cent above May 2020," he said while addressing a gathering of various industry associations on promoting exports.

He said that exports are recording healthy growth and through August 1-14, the outbound shipments grew 71 per cent over 2020-21 and 23 per cent over 2019-20.

According to the minister, India's average applied import tariff (duty) has dropped to fifteen percent in 2020 from 17.6 per cent in 2019, and therefore the country's applied tariffs are way below the bound rate of fifty .8 percent (permissible limit under the planet Trade Organization).

Talking about employment, he said quite 54,000 startups were providing about 5.5 lakh jobs and over 20 lakh jobs are going to be created by 50,000 new startups within the next five years.

"It is time for our industry to expand our capacity, capability and commitment to develop resilient global supply chains," he said, adding that the Centre expects that the Indian industry should suggest areas for intervention through research, handholding of exporters/ manufacturers, and deeper engagement with states and Missions.

During the meeting, industry suggested steps like increasing export competitiveness, addressing logistic problems, active role of states in building capacity of exporters and developing international markets for Indian products.

They also suggested the inclusion of pharma and chemicals under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.

Industry body PHDCCI's President Sanjay Aggarwal said these sectors are essential to realize the target of USD 400 billion exports and "it is therefore requested to think about these sectors in RoDTEP scheme".

"The government has budgeted only Rs 17,000 crore for a scheme that's alleged to reimburse embedded levies paid on inputs consumed in exports in FY'22. it's far but the government's initial estimate of Rs 50,000 crore annually . The allow the RoDTEP scheme, including all tariff lines, got to be increased," he said.

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