Stock Market News
- Nifty is expected to be volatile, finding support near 24,700. A breakout above 25,150 could lead to 25,300-25,500, while a drop below 24,800 may take it to 24,600. Analysts suggest buying on dips, focusing on banking, auto, IT, pharma, and consumer stocks, anticipating market buoyancy due to positive cues.
- Sebi searched the premises of Avadhut Sathe, a Mumbai-based financial influencer. Sathe confirmed the search and stated he only provides trading training. He denied offering investment tips. Sebi is cracking down on finfluencers giving investment advice. A report suggested Sathe made illegal earnings. He urged his students to ignore media reports. He assured that his sessions will continue as planned.
- LIC, which acquired a controlling stake in IDBI Bank in 2019, will be reclassified as a public shareholder after the bank's strategic disinvestment. SEBI has approved the reclassification, capping LIC's voting rights at 10% and requiring it to reduce its stake to 15% within two years, aligning with RBI guidelines.
- Despite China's economic struggles with tariffs and a property crisis, its stock market is experiencing a significant bull run, adding almost a trillion dollars in market value. This surge, driven by investors seeking alternatives, contrasts sharply with concerning economic indicators like low inflation and weak domestic demand.
- Bank of India has declared Reliance Communications, its subsidiary Reliance Telecom, and Anil Ambani's loan accounts fraudulent, totaling ₹725 crore. The bank alleges the funds, intended for spectrum purchase, were instead invested in mutual funds and fixed deposits. Anil Ambani denies the allegations, claiming the bank violated natural justice principles and RBI regulations.
- Economists anticipate India's monetary policy framework to remain largely unchanged, retaining the 4% retail inflation target. Tweaks are expected to enhance communication of inflation goals, particularly regarding core inflation. While the flexible inflation targeting framework is likely to persist, increased emphasis on growth alongside inflation is anticipated.
- Life insurers in India, including LIC, HDFC Life, and SBI Life, are strategically increasing the minimum and average policy values to enhance persistency and reduce policy lapses. This shift is driven by the understanding that higher-value policies correlate with better renewal rates and financially stable customers.
- The banking sector's loan loss provisioning surged to a three-year high in the June quarter, driven by increased provisioning from private sector banks. While private banks saw a significant rise, public sector banks reported a decline in provisioning. This increase was influenced by one-off provisioning events and policy changes at certain banks.
- The Indian market ended lower, breaking a six-day winning streak, as investors turned cautious ahead of Powell’s Jackson Hole speech and looming US tariffs. Despite global uncertainties, strong domestic indicators like record PMI and tax reliefs supported resilience. Analysts see Nifty consolidating before advancing.
- The combined market valuation of eight of the top-10 most valued firms jumped Rs 1,72,148.89 crore last week, with Reliance Industries leading the pack with the maximum gain, in line with a bullish trend in domestic equities.