Sensex, Nifty Live updates: Asian stocks ride US equities momentum, economic figures awaited

Broker’s Call: Suzlon (Buy)

Suzlon Energy Ltd (Suzlon) with leading market share (33 per cent), higher depth of manufacturing (4.5GW), most credible O&M services (35 per cent+ EBITDA) and technology superiority (3MW sets under testing) is best placed to grow its order book (1.5GW/2GW as of Jun’23/Mar’26) and enhance project execution (800MW/1500MW in FY24/FY26) gaining from the industry tailwinds.

Broker’s call: GRSE (Sell)

Garden Reach Shipbuilders’ (GRSE) Q1FY24 performance was boosted by P-17A frigates project entering the peak revenue booking phase.

Key points: revenue was up 30.4 per cent YoY while EBITDA rose 37.6 per cent YoY; orderbook as at June 2023-end was at ₹24,550 crore, implying orderbook/revenue at 8.96x; an order worth ₹250 crore for Naval guns from Indian Navy was received; and company subcontracted part of its orderbook to L&T for speedy execution.

Piramal Enterprises buyback to open on Aug 31

The ₹1,750-crore buyback offer of Piramal Enterprises will open on August 31 and close on September 6. The company plans to buyback up to 140 crore shares of ₹2 each at ₹1,250 a share.

Day trading guide for August 29, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Stock to buy today: Federal Bank (₹144.05)

The short-term outlook is bullish for Federal Bank. The stock has begun the week on a strong note by rising over 2 per cent on Monday confirms resumption of the broader uptrend in place since April 2020. Strong support is now in the ₹140-138 region.

Asia stocks gain on US equities rise, eyes on economic data

Asian stock markets saw an increase as a result of the upward movement in US equities. Traders are in anticipation of a series of economic data that will be released in the coming days, as these figures are expected to provide insights into the potential direction of global central bank policies.

At the start of the trading session, stock prices in Japan, South Korea, and Australia all registered slight gains. Additionally, the futures for Hong Kong equities indicated a positive trend. In the US, the futures market showed stabilization, a response to the S&P 500 achieving its first consecutive back-to-back gains for the month of August.

Wall Street closes higher ahead of crucial inflation and jobs data

Wall Street ended higher on Monday, with gains in 3M and Goldman Sachs ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve’s interest rate path.

All three major stock indexes rose as investors digested last Friday’s comments from Fed Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained.

Focus now shifts to a report on the personal consumption expenditures price index, the Fed’s preferred inflation gauge, to be released on Thursday, and non-farm payrolls data due on Friday.

The S&P 500 climbed 0.63% to end the session at 4,433.31 points.The Nasdaq gained 0.84% to 13,705.13 points, while Dow Jones Industrial Average rose 0.62% to 34,559.98 points. – Reuters