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Market Commentary

Overnight global action was mixed : Yesterday, U.S. markets were mixed with S&P 500 up by +32 pts (+0.51%), Dow Jones was down by -24 pts (-0.06%) and Nasdaq was up by +183 pts (+0.79%). India VIX was down by ~4.08%. As GST Council passes dual tax rate structure, GIFT Nifty is trading positive at ~24,835 (+23 pts, +0.09%) indicating Indian markets will open positive.

Yesterday, advance decline ratio on NSE was 2,087 : 960 and BSE was 2,544 : 1,572, which showed strength in the overall markets.

Index Options Data Analysis:

Sensex max call OI is at 81,000 and max put OI is at 80,000 with PCR of 1.21

Nifty max call OI is at 25,000 and max put OI is at 24,500 with PCR of 1.23

Bank Nifty max call OI is at 55,000 and max put OI is at 54,000 with PCR of 0.90

Securities in Ban for F&O Trade for 04-SEP-2025:

RBLBANK

Sectors in Focus:

Metal : Nifty Metal index was up by +3.11% with Tata Steel (+5.96%),Jindal Steel (+5.47%) and SAIL (+5.26%) contributing positively to the index.

Pharma : Nifty pharma index was up by +1.1%, Glenmark (+4.6%), Lupin (+3.3%) and Ajanta Pharma (+3.27%) were supporting the index.

PSU Banks : Nifty PSU Bank index was up by +1.03% with Canara Bank (+2.02%), PNB (+1.57%) and SBIN (+1.13%) among the top gainers.

Consumer Durables : Nifty consumer durables index was up by +0.81%, top gainers were Kajaria Ceramics (+2.0%), Titan (+1.86%) and Bata India (+1.43%).

Auto : M&M (+1.65%), Tata Motors (+1.08%) and Bajaj Auto (+0.95%) lead the Nifty oil and gas index by +0.74%

IT : Nifty IT index was down by -0.74% with Coforge (-1.29%), Infosys (-1.25%) and Wipro (-0.55%) among the laggards.

Stocks in the News

1. Varun Beverages Limited (CMP: 505.15, MCap: 170,839, Sector: Beverages, Valuation: 43.9x FY26 P/E) Varun Beverages approved an investment of up to 26% equity in Jager Renewables Two Private Limited on September 3, 2025, for a solar power project in Rajasthan for captive consumption, supporting sustainability initiatives. 

2. Lupin Limited (CMP: 1951.65, MCap: 89,142, Sector: Pharmaceuticals, Valuation: 13.77x FY26 EV/EBITDA) Lupin received U.S. FDA approval for Risperidone LongActing Injectable on September 3, 2025, with 180-day CGT exclusivity, marking a significant milestone in psychiatric treatment innovation as the first product from their Nanomi Long-Acting Injectable Platform. 

3. Bharat Heavy Electricals Limited (CMP: 216.9, MCap: 75,525, Sector: Engineering & Construction, Valuation: 23.72x FY26 EV/EBITDA) BHEL announced the receipt of new orders worth Rs 2,600 crore from MB Power on September 3, 2025, strengthening their project pipeline and underlining their continued involvement in significant infrastructure and energy sector projects. 

4. UCO Bank (CMP: 28.76, MCap: 36,063, Sector: Banking, Valuation: 1.13x TTM P/BV) UCO Bank received approval from the Reserve Bank of India to set up an IFSC Banking Unit (IBU) at GIFT City, Gandhinagar, Gujarat, as announced on September 3, 2025, strengthening their presence in international financial services and offshore banking operations.

5. Poly Medicure Limited (CMP: 2068.95, MCap: 20,963, Sector: Medical Devices, Valuation: 35.12x FY26 EV/EBITDA) Poly Medicure announced the acquisition of a 90% stake in the Pendracare Group, a unique interventional cardiology consumable asset in Europe, on September 3, 2025, for Rs.188.5 crore, enhancing their global footprint and product portfolio in the medical device sector.

6. L&T Technology Services Limited (CMP: 4194.6, MCap: 44,453, Sector: IT Services, Valuation: 30.79x FY26 P/E) L&T Technology Services collaborated with SiMa.ai on September 3, 2025, for product innovation in mobility, healthcare, industrial automation, and robotics, aiming to leverage AI technologies for cutting-edge solutions in these sectors.

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