"Market is likely to trade in a broader range with positive bias given strong domestic factors, though persistent FII selling and poor monsoon is a worry. Further concern over slowing global economy and interest rate hikes could keep weighing on the market and bring in intermittent profit booking," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Mixed cues from the global front are weighing on the market sentiment. “We reiterate our view to stay focused on stock selection and avoid going overboard,” said Ajit Mishra, SVP - Technical Research. Zensar Technologies, Tata Consumer Products, Birla Corporation, SBI, TCS among stocks to watch on Thursday.
Manish Tandon, the Managing Director and CEO of Zensar Technologies, said in an interview that the company has its sights set on mergers and acquisitions (M&A) opportunities. The company is actively exploring potential deals, with an aim of reviewing at least one opportunity every week, eying for growth and expansion in the technology sector.
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Tata Group's consumer unit is reportedly in talks to buy at least 51% snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought. If successfully concluded, the deal would see the Indian conglomerate directly compete with Pepsi and Mukesh Ambani's Reliance Retail.
Birla Corporation is planning to raise its cement production capacity to 25 million tonnes by FY26 from the present 20 million tonnes. The company is planning to ramp up the capacity by raising utilisation at Mukutban plant in Maharashtra, setting up of a second clinker unit at Maihar plant in Madhya Pradesh and constructing new grinding units.
Shares of Banco Products, Excel Industries, Gujarat State Fertilizers & Chemicals, JTL Industries, Kopran, Mazda, Mitsu Chem Plast, Multibase India, Repco Home Finance, Shreyas Shipping & Logistics, Tirupati Foam will trade ex-dividend on Thursday, (September 7).
State Bank of India plans to raise around $500 million via the sale of offshore bonds, tapping arrangers for the deal as part of a worldwide rush of issuance before borrowing costs rise even further. The country’s largest lender by assets has reportedly mandated firms including BofA Securities, JP Morgan Chase & Co and HSBC Holdings Plc for the transaction.
Tata Consultancy Services (TCS) has announced that it has entered into an agreement with Jaguar Land Rover (JLR) to develop "future-ready" digital services for the luxury carmaker's clients. As per the pact, TCS will help JLR to transform, simplify and manage its digital services, and "build a new future-ready, strategic technology architecture that will support the latter’s 'Reimagine' strategy”.
"The short-term trend of Nifty continues to be positive. One may expect further upside in the coming sessions and any dips down to the support of 19,500 is likely to be a ‘buy on dips’ opportunity. The next upside levels to be watched are around 19,800," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“On the downside 44,200 proved to be a strong support and the Bank Nifty witnessed a sharp pullback from the support. Going forward we expect the positive momentum to continue and expect the Bank Nifty to target levels of 45,000–45,200 from short-term perspective. The daily and hourly momentum indicators are providing divergent signals which can lead to a sideways consolidation however the downside appears limited," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.