Market Live Updates: Indices trade lower with Nifty below 11,450; ZEE, Bharti Infratel top gainers

Buzzing Stock: Shares of Adani Green rallied more than 5 percent to hit a fresh 52-week high on September 2 after Mercom Capital ranked the Adani Group as the #1 global solar power generation asset owner in terms of operating, under construction, and awarded solar projects.

Adani’s renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets, the company said in a note to exchanges.

Rupee Opens: The Indian rupee has opened lower at 73.05 against the US dollar on September 2, falling 19 paise following increase in greenback. The currency closed at 72.86 a dollar in previous session, gaining a percent, which was the biggest single session gain since December 18, 2018.

Market Update: Sensex is down 128.78 points or 0.33 percent at 38772.02, and the Nifty shed 26.90 points or 0.23 percent at 11443.40. The top gainers included Zee Entertainment, Bharti Infratel and Coal India while the top losers are Power Grid, Grasim Industries and Bajaj Auto.

Amonhg the sectors, the banking indes is down a percent while the realty index shed half a percent. The smallcap index gained close to a percent while the midcap index is flat.

Market Update : Sensex is down 128.78 points or 0.33 percent at 38772.02, and the Nifty shed 26.90 points or 0.23 percent at 11443.40. The top gainers included Zee Entertainment, Bharti Infratel and Coal India while the top losers are Power Grid, Grasim Industries and Bajaj Auto.

Amonhg the sectors, the banking indes is down a percent while the realty index shed half a percent. The smallcap index gained close to a percent while the midcap index is flat.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking: Monday’s sharp fall might have shaken so many market participants and it has certainly applied brakes on the recent euphoria. Fortunately for us, there was no follow through selling seen yesterday and the Nifty successfully managed to defend the crucial support of 11325. Since, Monday’s correction is the profit booking move of a strong bull run, markets have still not distorted their structure. So, as long as 11325 is defended, the momentum traders would still have some hopes of a recovery. If any weakness has to trigger, it will happen only after breaking this crucial point.

However on the higher side, we do not expect Nifty surpassing Monday’s high soon. Meanwhile, it would be a daunting task for the Nifty to surpass the sturdy wall of 11550-11650. Going ahead, we continue to advocate some caution and one should avoid aggressive bets, considering the rise in volatility, Till the time we are stuck in a range of 11325 – 11650, we are likely to get trades on both sides and hence, swings traders can capitalise on such higher volatile moves.

Buzzing Stock: Steel Strips Wheels share price jumped over 3 percent after the company received new orders from the US market. SSWL confirmed export orders of nearly 139,000 wheels for US caravan trailer market worth USD 1.17 million, to be executed in the period of 4 months, starting November 2020 from its Chennai plant. Orders of similar capacity are anticipated from the same customer base as businesses have picked up speed, the company said in an exchange filing.

10-year data show bull & bear lock horns in September; where is market headed this year?
Nifty jumped over 11 percent in September 2010, followed by 7 percent in September 2012 and nearly 5 percent in September 2013 — three of the biggest gains in September in the last 10 years.

Buzzing Stock: Vodafone Idea share price spiked 10 percent after the board will meet on September 4 to discuss fund raising proposals, as it struggles to keep its business alive in India. The board will assess capital raising measures such as public issue, preferential allotment, private placement, including a qualified institutions placement, by way of issuing equity shares of other instruments.