Indian Market Outlook:
The Key benchmark indices rose over 2% over the week led by rally in financial stocks. Financials rallied as the Federal Reserve of the United States of America announced a policy shift that will keep interest rates low. The Fed will seek to achieve inflation averaging 2% over time. Nifty ended the week 2.43 percent higher at 11647 points while Sensex ended 2.69 percent higher at 39467 points. The small cap and midcap indices led the market optimism, making the rally more broad-based, which was aided by huge FPI inflows. BSE Midcap index ended 1.90 percent higher, while the BSE Small cap index rose 2.5 percent, during the course of the week. Foreign Institutional Investors were the net buyers during the week; bought equities worth Rs.5450 crore while the DIIs were the net sellers of Rs.3056 crore. Bank Nifty ended 9.97 percent higher this week. Within large-caps, banks have been doing well for the past 5-6 sessions and we could soon see a shift in attention to some other sector. Going forward, in the coming week, investors would keep an eye on US PMI data along with Non-farm payroll data. On the domestic front, the most important Q1 GDP data, infrastructure output and PMI data along with monthly auto numbers would provide further direction to the market. Gross domestic product is expected to contract by 19.2% in April-June 2020, according to the median estimate of 15 economists polled by Bloomberg.
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Latest Spot Price (in US $)
| Precious Metal | Current Price | Change (%) | 3 Month | 6 Month | 1 Year | |||||
| Gold | 1,973.00 | 1.30 | 11.74 | 24.38 | 25.25 | |||||
| Silver | 27.59 | 2.60 | 49.14 | 126.71 | 47.70 | |||||
| Platinum | 941.05 | 1.59 | 7.78 | 58.11 | 4.35 | |||||
| USD/INR | 73.11 | -2.42 | -3.29 | 0.32 | 1.80 | |||||
| Crude | 42.96 | 1.56 | 21.05 | -8.11 | -22.98 | |||||
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Global Weekly Events
| Date | Region | Event Description | Forecast | Previous |
| Aug 31,2020 | CNY | Manufacturing PMI (Aug) | 51.2 | 51.1 |
| Aug 31,2020 | INR | GDP Quarterly (YoY) (Q1) | -18.3% | 3.1% |
| Sep 01,2020 | USD | ISM Manufacturing PMI (Aug) | 54.5 | 54.2 |
| Sep 01,2020 | INR | Nikkei Markit Manufacturing PMI | 48.2 | 46.0 |
| Sep 03,2020 | INR | Nikkei Services PMI (Aug) | 39.2 | 34.2 |
Domestic Economy Indicators
| Heading | Indicators | Current | Previous |
| RBI Policy Rate | Policy Repo Rate | 4.00% | 4.00% |
| Reserve Policy Rate | 3.25% | 3.25% | |
| Bank Rate | 4.25% | 4.25% | |
| Reserve Ratio | CRR | 3% | 3% |
| SLR | 18.00% | 18.00% | |
| Inflation Rate | Wholesale Price Index | -0.58% | -1.81% |
| Consumer Price Index | 6.93% | 6.23% | |
| Trade Data | Export ($ Million) | 23640 | 21910 |
| Import($ Million) | 28470 | 21110 | |
| Industry | IIP | -16.6% | -34% |
| Domestic Indices | Closing(28th August) | Change | %Change |
| BSE Sensex | 39,467.31 | 1,032.59 | 2.69 |
| Nifty | 11,647.60 | 276.00 | 2.43 |
| Mid Cap | 15,238.14 | 284.19 | 1.90 |
| Small Cap | 14,990.55 | 365.36 | 2.50 |
| Bank Nifty | 24,523.80 | 2,224.20 | 9.97 |
| Global Indices | Closing(28th August) | Change | %Change |
| Dow Jones | 28,653.87 | 723.54 | 2.59 |
| Nasdaq | 11,695.63 | 383.83 | 3.39 |
| FTSE | 5,963.57 | -38.32 | -0.64 |
| Nikkei | 22,882.65 | -37.65 | -0.16 |
| Hang Seng | 25,422.06 | 308.22 | 1.23 |
| Shanghai Com | 3,403.81 | 23.13 | 0.68 |
| Net Inflow (Cr) | FII | DII |
| 24-Aug-2020 | 219.07 | -335.64 |
| 25-Aug-2020 | 1,481.20 | -172.97 |
| 26-Aug-2020 | 1,581.31 | -1,194.62 |
| 27-Aug-2020 | 1,164.32 | -809.27 |
| 28-Aug-2020 | 1,004.11 | -543.56 |
| Total | 5450.01 | -3056.06 |
| Top Gainers | Closing Price | Prev Close | Chg (%) |
| Indusind Bank | 665.65 | 513.55 | 29.62 |
| Tata Motors | 142.80 | 120.90 | 18.11 |
| Axis Bank | 509.20 | 440.45 | 15.61 |
| SBI | 224.85 | 198.40 | 13.33 |
| Zee Ent. | 213.85 | 192.05 | 11.35 |
| Top Losers | Closing Price | Prev Close | Chg (%) |
| Eicher Motors | 2213.60 | 21702.40 | -89.80 |
| NTPC | 101.55 | 105.95 | -4.15 |
| Power Grid | 182.30 | 189.10 | -3.60 |
| Yes Bank | 15.00 | 15.55 | -3.54 |
| Ultratech Cement | 4062.55 | 4187.80 | -2.99 |
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Economic News:
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The supply and demand of all non-essential goods and services was at a near halt during the lockdown in April and parts of May. As a result, gross domestic product is expected to contract by 19.2% in April-June 2020, according to the median estimate of 15 economists polled by Bloomberg. Gross value added growth is expected to see an even sharper contraction of 19.8%, according to a poll of 13 economists. The 3% economic growth estimate for January-March is also likely to see a downward revision.
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Sowing of kharif crops touched an all-time high area of 108.22 million hectares during the week ended August 28, raising hopes of a bumper harvest in excess of 149 million tonnes during the season. The last all-time high kharif acreage was in the kharif season of 2016, at 107.57 million hectares. A good kharif output could help tame overall retail inflation within the Reserve bank of India’s threshold band of 2-6 per cent in the months to come. Retail inflation since April has been hovering at 7 per cent largely due to high food prices.
Industry News:
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Capacity utilisation for road transporters in August has improved to more than 60%, as economic activity gathered pace and commercial vehicle traffic on highways reached 80-90% of the pre-Covid times. Transportation of goods such as agricultural produce, FMCG, pharmaceuticals, iron ore and ecommerce consignments aided the upwards trend. Demand to carry automobile components, two-wheelers, cement and steel is also gradually improving.
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The Reserve Bank is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behaviour of borrowers without resolving the issues being faced by them following the outbreak of the Covid-19, sources said. The RBI had announced a moratorium on repayment of debt for six months beginning March 1, 2020 to help businesses and individuals tide over the financial problems on account of disruption in normal business activities. The six-month moratorium period comes to an end on August 31.
Company News:
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ITC on Friday said it is considering merger of its three wholly-owned subsidiaries – Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah – with itself. A board meeting of the company has been convened for this on September 4, 2020, ITC informed in a regulatory filing.
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Kishore Biyani-led Future Enterprises Ltd (FEL) has rescheduled its board meeting to September 7. The company’s board members were earlier scheduled to meet on Friday to approve its annual accounts for the fiscal year ending March 2020. FEL, which is set to ink a deal with Mukesh Ambani-led Reliance Industries Ltd (RIL) to sell its retail business, was expected to give its final nod for the same at its board meeting on Saturday (August 28). Meanwhile, the board meeting is being deferred due to the non-completion of the financial results’ audit process.
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The Banks Board Bureau (BBB) on August 28 recommended Dinesh Kumar Khara for the vacancy of Chairman of the State Bank of India (SBI). This means current SBI chief Rajnish Kumar, whose three-year term is set to end on October 7, is not likely to get an extension. He took charge as SBI Chairman in October, 2017.
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The investor consortium of Abu Dhabi Investment Authority (ADIA), Canada’s Public Sector Pension (PSP) Investments and India’s National Investment & Infrastructure Fund (NIIF) has put key lenders and vice-chairman of GVK NSE -3.21 % Group on notice. The investors sent a legal notice on August 27 through their lawyer, AZB & Partners, stating that the sale of Mumbai International Airport (MIAL) to the Adani Group will be a “breach” of GVK’s contract with them.
Global News:
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The United States plans high-level talks with “Quad” security partners from India, Australia and Japan in September and October, President Donald Trump’s national security adviser said on Friday, while criticizing “very aggressive” behavior by China.
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The investor consortium of Abu Dhabi Investment Authority (ADIA), Canada’s Public Sector Pension (PSP) Investments and India’s National Investment & Infrastructure Fund (NIIF) has put key lenders and vice-chairman of GVK NSE -3.21 % Group on notice. The investors sent a legal notice on August 27 through their lawyer, AZB & Partners, stating that the sale of Mumbai International Airport (MIAL) to the Adani Group will be a “breach” of GVK’s contract with them.
(Source: Bloomberg Quint, Economic Times, Business Today, Business Standard, Financial Express, Investing, Moneycontrol, livemint)
Forthcoming Corporate Actions
| Security Name | Ex-Date | Purpose | Security Name | Ex-Date | Purpose |
| CARERATING | 31-Aug-20 | Final Dividend – Rs. – 2.50 | TVTODAY | 2-Sep-20 | Dividend – Rs. – 2.25 |
| MORGANITE | 31-Aug-20 | Stock Split From Rs.10/- to Rs.5/- | CENTUM | 3-Sep-20 | Final Dividend – Rs. – 2.50 |
| PAISALO | 31-Aug-20 | Final Dividend – Rs. – 1.00 | CREST | 3-Sep-20 | Final Dividend – Rs. – 0.50 |
| PANAMAPET | 31-Aug-20 | Final Dividend – Rs. – 1.20 | EMMBI | 3-Sep-20 | Final Dividend – Rs. – 0.40 |
| SMLT | 31-Aug-20 | Final Dividend – Rs. – 0.50 | GOLKUNDIA | 3-Sep-20 | Final Dividend – Rs. – 1.00 |
| VINYLINDIA | 31-Aug-20 | Dividend – Rs. – 2.40 | GRSE | 3-Sep-20 | Final Dividend – Rs. – 1.40 |
| ASTRAMICRO | 1-Sep-20 | Final Dividend – Rs. – 1.20 | HINDALCO | 3-Sep-20 | Final Dividend – Rs. – 1.00 |
| EVERESTO | 1-Sep-20 | Final Dividend – Rs. – 1.00 | HKG | 3-Sep-20 | Stock Split From Rs.10/- to Rs.2/- |
| JAYBARMARU | 1-Sep-20 | Dividend – Rs. – 1.25 | MANALIPETC | 3-Sep-20 | Dividend – Rs. – 0.75 |
| KAKATCEM | 1-Sep-20 | Final Dividend – Rs. – 3.00 | PILANIINVS | 3-Sep-20 | Dividend – Rs. – 25.00 |
| MITSU | 1-Sep-20 | Dividend – Rs. – 0.20 | PNBGILTS | 3-Sep-20 | Final Dividend – Rs. – 3.00 |
| NIITLTD | 1-Sep-20 | Final Dividend – Rs. – 2.00 | PTL | 3-Sep-20 | Interim Dividend – Rs. – 2.50 |
| SAGCEM | 1-Sep-20 | Dividend – Rs. – 2.50 | SIKA | 3-Sep-20 | Final Dividend – Rs. – 1.10 |
| SGRL | 1-Sep-20 | Final Dividend – Rs. – 1.50 | SOLARINDS | 3-Sep-20 | Final Dividend – Rs. – 6.00 |
| SWELECTES | 1-Sep-20 | Final Dividend – Rs. – 0.75 | SURYAROSNI | 3-Sep-20 | Dividend – Rs. – 2.00 |
| ACRYSIL | 2-Sep-20 | Final Dividend – Rs. – 1.20 | TTKHEALTH | 3-Sep-20 | Final Dividend – Rs. – 3.00 |
| DOLAT | 2-Sep-20 | Interim Dividend – Rs. – 0.15 | UJJIVAN | 3-Sep-20 | Dividend – Rs. – 0.80 |
| GEPIL | 2-Sep-20 | Dividend – Rs. – 2.00 | YUG | 3-Sep-20 | Final Dividend – Rs. – 1.40 |
| POWERGRID | 2-Sep-20 | Final Dividend – Rs. – 4.04 | MANGCHEFER | 4-Sep-20 | Dividend – Rs. – 0.50 |
| RUBFILA | 2-Sep-20 | Dividend – Rs. – 1.20 | SHALBY | 4-Sep-20 | Final Dividend – Rs. – 0.50 |
| SUMICHEM | 2-Sep-20 | Final Dividend – Rs. – 0.55 | ZUARIGLOB | 4-Sep-20 | Dividend – Rs. – 1.00 |
| TNPETRO | 2-Sep-20 | Final Dividend – Rs. – 1.50 |
Source: BSE, Elite wealth Research
Upcoming Board Meetings
| Symbol | Purpose | BM Date | Symbol | Purpose | BM Date |
| 8KMILES | Quarterly Results | 31-Aug-20 | IPCALAB | General;Preferential Issue of shares | 2-Sep-20 |
| AMARNATH | A.G.M.;General | 31-Aug-20 | JSGLEASING | Quarterly Results | 2-Sep-20 |
| ANJANIFOODS | A.G.M.;General;Quarterly Results | 31-Aug-20 | JUBLFOOD | Quarterly Results | 2-Sep-20 |
| ANMOL | A.G.M.;General | 31-Aug-20 | KABRADG | General | 2-Sep-20 |
| ARVIND | Quarterly Results | 31-Aug-20 | MEGFI | A.G.M.;Quarterly Results | 2-Sep-20 |
| AUROLAB | A.G.M.;General;Quarterly Results | 31-Aug-20 | PFLINFOTC | A.G.M.;Quarterly Results | 2-Sep-20 |
| BDL | Quarterly Results | 31-Aug-20 | SAMINDUS | A.G.M.;General | 2-Sep-20 |
| BETXIND | General | 31-Aug-20 | SANDUMA | Quarterly Results | 2-Sep-20 |
| BHARTIA | Quarterly Results | 31-Aug-20 | SATIN | General;Quarterly Results | 2-Sep-20 |
| BIRLAPREC | ESOP; Preferential Issue of shares | 31-Aug-20 | SURJIND | A.G.M.;General;Quarterly Results | 2-Sep-20 |
| BPL | A.G.M.;General;Quarterly Results | 31-Aug-20 | TGBHOTELS | General;Quarterly Results | 2-Sep-20 |
| DML | A.G.M.;General | 31-Aug-20 | ULTRACAB | A.G.M.;Quarterly Results | 2-Sep-20 |
| DREDGECORP | Quarterly Results | 31-Aug-20 | UNIAUTO | General | 2-Sep-20 |
| DYNAMATECH | Quarterly Results | 31-Aug-20 | URJAGLOBA | A.G.M.;General | 2-Sep-20 |
| GNFC | Quarterly Results | 31-Aug-20 | ASHRAM | General | 3-Sep-20 |
| HPCBL | A.G.M.;General | 31-Aug-20 | AVL | A.G.M.;Final Dividend;General | 3-Sep-20 |
| IFSL | Quarterly Results | 31-Aug-20 | EMMBI | Quarterly Results | 3-Sep-20 |
| INANI | Quarterly Results | 31-Aug-20 | ESSARSHPNG | Quarterly Results | 3-Sep-20 |
| INDOSOLAR | Quarterly Results | 31-Aug-20 | FUTURSEC | Quarterly Results | 3-Sep-20 |
| JAICORPLTD | Quarterly Results | 31-Aug-20 | INDBANK | General;Quarterly Results | 3-Sep-20 |
| JINDALPOLY | Quarterly Results | 31-Aug-20 | INDBNK | Quarterly Results | 3-Sep-20 |
| JKCEMENT | Quarterly Results | 31-Aug-20 | JUBLINDS | Quarterly Results | 3-Sep-20 |
| KPIGLOBAL | A.G.M.;General | 31-Aug-20 | MSTC | Quarterly Results | 3-Sep-20 |
| MANOMAY | A.G.M.;General | 31-Aug-20 | NATIONSTD | Quarterly Results | 3-Sep-20 |
| MOREPENLAB | Quarterly Results | 31-Aug-20 | PAGEIND | Quarterly Results | 3-Sep-20 |
| NATHIND | Quarterly Results | 31-Aug-20 | PANACEABIO | Quarterly Results | 3-Sep-20 |
| NHPC | Quarterly Results | 31-Aug-20 | SOFTBPO | Quarterly Results | 3-Sep-20 |
| PANCHSHEEL | A.G.M.;General;Quarterly Results | 31-Aug-20 | ZUARI | Quarterly Results | 3-Sep-20 |
| PHOENIXTN | Quarterly Results | 31-Aug-20 | BLIL | Quarterly Results | 4-Sep-20 |
| RCIIND | Audited Results | 31-Aug-20 | GBGLOBAL | Quarterly Results | 4-Sep-20 |
| SPECIALITY | Quarterly Results | 31-Aug-20 | JUBILANT | Quarterly Results | 4-Sep-20 |
| SRF | General | 31-Aug-20 | NATIONALUM | General;Quarterly Results | 4-Sep-20 |
| WELCORP | General | 31-Aug-20 | NEERAJ | A.G.M.;Quarterly Results | 4-Sep-20 |
| COASTCORP | Quarterly Results | 1-Sep-20 | RAINBOWF | Quarterly Results | 4-Sep-20 |
| GUJAPOLLO | A.G.M.;General | 1-Sep-20 | ZSWASTSA | Quarterly Results | 4-Sep-20 |
| KOVAI | Quarterly Results | 1-Sep-20 | GOGIACAP | A.G.M.;General | 5-Sep-20 |
| MAXHEALTH | General | 1-Sep-20 | JSTL | A.G.M.;General;Quarterly Results | 5-Sep-20 |
| ONGC | General;Quarterly Results | 1-Sep-20 | MALTC | Quarterly Results | 5-Sep-20 |
| SUPREME | Quarterly Results | 1-Sep-20 | MIDWEST | A.G.M.;Quarterly Results | 5-Sep-20 |
| TANLA | A.G.M.;Interim Dividend | 1-Sep-20 | MMWL | Quarterly Results | 5-Sep-20 |
| CFL | Quarterly Results | 2-Sep-20 | RITCO | A.G.M.;General | 5-Sep-20 |
| COALINDIA | Quarterly Results | 2-Sep-20 | RJKMRFR | Quarterly Results | 5-Sep-20 |
| DISHTV | Quarterly Results | 2-Sep-20 | RKFORGE* | Quarterly Results | 5-Sep-20 |
| DVL | Quarterly Results | 2-Sep-20 | SHALBY | Quarterly Results | 5-Sep-20 |
| ECOM | Quarterly Results | 2-Sep-20 | SML | A.G.M.;General | 5-Sep-20 |
| INFIBEAM | Quarterly Results | 2-Sep-20 | SOFCOM | A.G.M.;Quarterly Results | 5-Sep-20 |
| INTCAPM | General | 2-Sep-20 | SOVERDIA | Quarterly Results | 5-Sep-20 |
Source: BSE, Elite wealth Research
Major Economy Indicators
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more
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