“The market has been witnessing pressure on account of weak global cues especially because of the faltering of the Chinese economy and Fitch's warning to downgrade US midsized banks. Even on the domestic front sharp surge in inflation data and weak monsoon progress in the month of August’23 seems to have dented the investor's sentiments. We expect this weakness to persist in the market in the near term in the absence of any positive trigger,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
“We are in a corrective phase and seeing a gradual fall in the index but buying interest in select heavyweights is providing comfort in between,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. Apollo Hospitals, Coal India, IRCTC, Inox Wind, Zee Entertainment among stocks to watch on Friday.
Apollo Hospitals shares will trade ex-dividend on Friday (August 18, 2023). The company had announced a final dividend of Rs 9 per equity share.
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Coal India shares will trade ex-dividend on Friday (August 18, 2023). The company had announced a final dividend of Rs 4 per equity share.
Shares of IRCTC will trade ex-dividend today. The company had announced a final dividend of Rs 2 per equity share.
Shares of LIC Housing Finance will trade ex-dividend today. The company had announced a final dividend of Rs 8.5 per equity share.
Wind energy solutions provider Inox Wind on Thursday said its promoter and promoter group entities have infused Rs 500 crore in the company for debt repayment. The funds were raised by way of equity share sale of Inox Wind by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilised for the repayment of IWL’s existing debt.
The National Company Law Appellate Tribunal (NCLAT) on Thursday said that it would hear the plea by IDBI Bank on August 31 seeking insolvency proceedings against Zee Entertainment to recover dues of Rs 149.6 crore. This comes months after the NCLT dismissed all objections in the merger case and approved the merger of Zee Entertainment and Sony India.
"The short-term trend of Nifty remains choppy with weak bias. There is a possibility of downside breakout of the key lower support around 19,300-19,250 levels in the short term and that could possibly drag Nifty down to another support of 19,100-19,000 levels in the near term. Any rise from here could find a strong hurdle at 19,600 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty has closed in the negative for the sixth consecutive trading session. It has reached the 20-week moving average (43,800) and hence the fall may not be severe from current levels. The trend is still negative however oversold and we can observe divergence on the hourly charts which indicates that a pullback is possible over the next few trading sessions. The pullback can stretch higher till 44,400–44,500," said Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas.
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