Markets erased most of its intra-day gains to end marginally higher amid profit-booking in Reliance Industries counter ahead of the company's AGM. The equity indices broke a two-day losing streak and ended higher on August 28, with Nifty at 19,300 amid buying across sectors barring FMCG and IT. The market started on a positive note amid strong global cues and remained volatile during the day to close with marginal gains.
NIFTY: The index opened 33 points higher at 19,298 and made a high of 19,366 before closing at 19,306. Nifty has formed a Doji kind of candlestick pattern on the daily chart, indicating indecisiveness among bulls and bears about future market trend. Its immediate resistance level is now placed at 19,400 while immediate support is at 19,200.
BANK NIFTY: The index opened 22 points higher at 44,253 and closed at 44,494. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 44,700 while support is at 44,000.
Stocks in Spotlight
▪ Man Infraconstruction Ltd: Stock surged nearly 10% after the company bagged a redevelopment project in the western suburbs of Mumbai. The project has the potential to generate revenue of ~Rs 4,000 crore in the next five years.
▪ Patel Engineering Ltd: Stock was locked in at a 5% upper circuit as the company along with its joint venture received a letter of award for the Dibang multi-purpose project in Arunachal Pradesh.
▪ Manappuram Finance: Stock gained 3% after the company informed exchanges that the Kerala High Court has quashed the Enforcement Directorate's case against its MD and CEO VP Nandakumar.
▪ European shares traded higher, as investors weighed the prospect of higher interest rates from the US Federal Reserve and in anticipation of positive economic data later in the week.
▪ Gold prices steadied on Monday after US Federal Reserve Chair Jerome Powell’s remarks on the likelihood of more interest rate hikes in the future.
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