Along with concerns over rising global crude oil prices and uptick in dollar index and US treasury yields, investors trimmed their exposure ahead of the outcome of the US FOMC meeting on interest rates on Wednesday, said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities. Other than global headwinds, higher domestic index valuations after the recent upsurge are making investors nervous, which may lead to some more profit-taking in the near term, Chouhan added
On the stock-specific front, RR Kabel, Hindustan Copper, BEML, Bharat Dynamics, Mazagon Dock Shipbuilders, Rail Vikas Nigam Ltd (RVNL), Steel Authority of India Ltd (SAIL), Sunteck Realty, 63 Moons Technologies Ltd and some others will be in focus on Wednesday
Shares of wire and cable manufacturer RR Kabel will list on the stock exchanges on September 20. It will be the first company to stage a market debut within two days of issue closing. The Rs 1,964-crore IPO received decent response from investors with the overall subscription at 18.69 times
State-owned Hindustan Copper Ltd has appointed Umesh Singh as Executive Director (Mining). The stock has surged 61.85% in six months and 34.79% in 2023 so far. It settled 2.54% lower at Rs 157.30 on Monday. (Domestic benchmarks were closed on Tuesday due to Ganesh Chaturthi)
BEML Ltd will be trading ex-dividend on September 20. The defence PSU stock, with a market capitalisation (m-cap) of 9,780.42 crore, has declared a final dividend of Rs 5 for the financial year 2022-23 (FY23)
Shares of Bharat Dynamics will turn ex-dividend on September 20. The PSU stock announced a final dividend of Rs 1.20 per equity share
Shares of Mazagon Dock Shipbuilders will be trading ex-dividend on September 20. The warship and submarine manufacturer announced a final dividend of Rs 6.86 per equity share
Shares of Rail Vikas Nigam Ltd will be trading ex-dividend on Wednesday. RVNL announced a final dividend of 36 paise per equity share
Shares of Steel Authority of India Ltd will be trading ex-dividend on September 20. SAIL announced a final dividend of 50 paise per equity share
Stocks such as Sunteck Realty, 63 Moons Technologies, Balmer Lawrie, Balmer Lawrie Investments, Garware Hi-Tech Films, HeidelbergCement India, Tanfac Industries and Victoria Mills will also be trading ex-dividend today
"Nifty managed to surpassed its previous life high of 19,991.85 with decent volumes. After a swift rally from 19,500, we expect some consolidation ahead, as the momentum indicator like RSI (relative strength index) is seen trading in an oversold territory. However, the bias is likely to remain positive. We are expecting broader indices to take a breather," said Religare Broking
"The banking index has been trading around its previous swing high of 46,300 and sustenance above the same, would attract further upward momentum in the index. Going ahead, we expect the index to respect the 45,200-44,900 zone while 46,300 followed by 46,700 would act as a hurdle," the domestic brokerage stated
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