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Stocks in News

* INTERGLOBE AVATION: Promoters, including co-founder Rakesh Gangwal and the Chinkerpoo Family Trust, plan to offload shares worth Rs.7,028 crore through a block deal, selling up to 1.21 crore shares (3.1% stake) in IndiGo at Rs.5,808 per share, a 4% discount to the previous close of Rs.6,050.

* BIOCON: The company’s arm received tentative USFDA approval for Sitagliptin Tablets, used to improve glycemic control in adults with type 2 diabetes.

* JSW STEEL: The company received a certificate of incorporation for ‘APJSW Private Ltd’, a joint venture between JSW Steel and Andhra Pradesh Mineral Development Corp., with its registered office in Vijayawada, Andhra Pradesh.

* SMS PHARMA: The company received a USFDA Establishment Inspection Report with a "No Action Indicated" status for its central laboratory analytical services in Hyderabad.

* H.G INFRA ENGINEERING: The company’s arm achieved financial closure for a Rs.781.11 crore road upgradation project in Gujarat, covering a 10.63 km stretch of NH 47 from Narol Junction to Sarkhej Junction.

* SAMHI HOTEL: The company’s arm signed a lease agreement for a 260- room hotel in Hyderabad, to be developed as part of a mixed-use project.

* GR INFRA PROJECT: The company received an LOI from REC for a transmission system project in Madhya Pradesh with annual charges of Rs.3,670.73 million.

* UNITED BREWERIES: The company is investing Rs.90 crore to expand capacity by 0.4 million liters at its existing Nizam Brewery in Telangana.

* DEEPAK FERTILISERS: The company received a notice from the Income Tax Department reducing tax demand by Rs.20.52 crore for 2013-14 and Rs.45.66 crore for 2014-15.

Economic News

• US warns India of escalating trade tariffs amid complicated ties over market access and Russia stance.: US National Economic Council Director Kevin Hassett cited India's reluctance to open its markets to American products, describing the India-US relationship as "complicated." This follows Washington's imposition of 50 per cent tariffs on Indian goods. Hassett linked these tariffs to geopolitical efforts pressuring Russia over the Ukraine conflict, hinting at further escalation if India doesn't concede.

Global News

• UK shop prices surge on food inflation, fuelling BoE worries amid weak job market signals: British shop prices rose 0.9% in August 2024, the sharpest increase since March last year, driven by a 4.2% jump in food prices, the biggest since February 2023. The BoE warned that rising food inflation is stoking expectations of higher inflation, which may push wage demands. Headline CPI inflation hit 3.8% in July, an 18-month high, and is expected to touch 4% in September before easing. BRC chief Helen Dickinson said staples like butter, eggs, and chocolate rose due to high demand, supply pressures, labour costs, and poor cocoa harvests. Retailers warned finance minister Rachel Reeves that further tax hikes could undermine living standards. The BRC survey covered prices between August 1–7. Meanwhile, Adzuna data showed UK job vacancies fell 1.2% in July, with a 0.3% dip in advertised salaries. Healthcare hiring slowed further, while construction demand stayed firm. Compared to July 2023, vacancies rose 0.3% and salaries were up nearly 9%, highlighting mixed labour market signals.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 24712.05 (-1.02%)

TRADING ZONE:

Resistance : 24800 (Pivot Level) and 25950 (Key Resistance).

Support: 24600 (Pivot Level) and 24500 (Key Support).

BROADER MARKET: UNDERPERFORMED

MIDCAP 150: 56766.2 (-1.62%), SMALLCAP 250: 17548.6 (-2.03%)

VIEW: BEARISH TILL BELOW 25950 (Key Resistance).

BANKNIFTY SPOT: 54450.45 (-1.25%)

TRADING ZONE:

Resistance: 55000 (Pivot Level) / 55500 (Key Resistance)

Support: 54000 (Swing Low) / 53700 (Key Support)

VIEW: BEARISH TILL BELOW 55500 (Key Resistance)

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.75%- 5.50% on Tuesday ended at 4.95% .

*The 10 year benchmark (6.33% GS 2035) closed at 6.5997% on Tuesday Vs 6.5967% on Monday .

Global Debt Market:

U.S. Treasury yields were mixed after U.S. President Donald Trump moved to fire Federal Reserve Governor Lisa Cook from the central bank’s board. At 5:53 a.m. ET, the 10-year Treasury yield traded 2 basis points higher at 4.298%. The 2-year yield was nearly 2 basis points lower at 3.71%. Investors were alarmed after Trump escalated his attacks on the Fed’s independence by announcing the removal of Cook from her position via a post on his platform, Truth Social. The president cited allegations by Federal Housing Finance Agency Director Bill Pulte that Cook made false statements on one or more of her mortgage agreements. Cook said in a statement Monday, “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so.” Cook, who is the first Black woman to become a Fed Governor, said: “I will not resign” and that she will continue to serve in her role. This could turn into the most market-relevant test so far of Trump’s ability to fire officials of independent government agencies,” Deutsche Bank analysts said in a note. “Were Cook’s dismissal to hold, it would open up another seat for Trump to fill on the seven-person Federal Reserve Board. With Stephen Miran nominated for the seat recently vacated by Governor Kugler and with Governors Waller and Bowman dissenting in favor of a rate cut at the July meeting, this would increase the prospects of a dovish majority on the Board.” Several economic reports are due on Tuesday, including the latest durable goods orders and consumer confidence. The Case-Shiller Home Price Index and the Richmond Fed Manufacturing Index are also set to be released. Investors will look to the personal consumption expenditures price index, the Fed’s preferred inflation gauge, later in the week.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.58% to 6.60% level on Thursday.

SEBI Registration number is INH000000081.

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