Market traded range-bound after touching a new highs as higher-than-expected US inflation impacted investor sentiment, said Vinod Nair, Head of Research at Geojit Financial Services. Concerns over valuation and inflation trajectory due to increasing crude oil prices may navigate domestic benchmarks into a consolidation phase in the near-term, Nair noted.
Metals, energy (oil & gas) and realty stocks supported the upward trend in the headline indices (BSE Sensex and NSE Nifty), indicating that traders are willing to take selective bets, said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities. On the stock-specific front, Tata Power, IRFC, Jindal Stainless, Phoenix Mills, Garden Reach Shipbuilders and some others will be in focus on Friday.
Tata Power's renewable energy arm has signed a power delivery agreement (PDA) with Xpro India for to develop a 3.125 MW AC Group Captive Solar Plant. Located in Achegaon (Maharashtra), the plant is expected to produce 7.128 million units of electricity annually and will support the use of renewable energy for Xpro India's Polymer Processing Business, the company said.
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Indian Railway Finance Corporation (IRFC) will be trading ex-dividend on September 15. The largest railway player, with a market capitalisation (m-cap) of more than 1 lakh crore, has declared a dividend of 70 paise for the financial year 2022-23 (FY23)
Shares of Jindal Stainless will be trading ex-dividend on September 15. The company announced a final dividend of Rs 1.5 per equity share.
Shares of The Phoenix Mills will be trading ex-dividend on September 15. The company announced a final dividend of Rs 5 per equity share.
Shares of National Aluminium Co will be trading ex-dividend on September 15. The company announced a final dividend of Re 1 per equity share.
Shares of Vardhman Textiles will be trading ex-dividend on September 15. The company announced a final dividend of Rs 3.5 per equity share.
Shares of Garden Reach Shipbuilders will be trading ex-dividend on September 15. The company announced a final dividend of 70 paise per equity share.
Stocks such as Star Paper Mills, Talbros Automotive Components, Techno Electric & Engineering Company, Vardhman Textiles, Ramkrishna Forgings, HBL Power Systems, HMA Agro Industries, Supriya Lifescience and Krsnaa Diagnostics will also be trading ex-dividend today.
"As long as Nifty is trading above the 20,000 mark the positive sentiment is likely to continue till 20,180-20,225 levels. On the flip side, below 20,000, selling pressure could accelerate and drag the index towards 19,920-19,900," said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.
"Nifty Bank remained range-bound as the index failed to deliver a decisive breakout above 46,000. The index continues to be a 'buy on dip' as long as it stays above 45,500. Nevertheless, a sustained rally could materialise if it decisively breaches the 46,000 mark," said Rupak De, Senior Technical analyst at LKP Securities.
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