Sensex Jumps 400 Points to Hit Record High, Nifty Tops 16,800; Tata Steel and M&M Top Gainers

Mon, 30 Aug 09:30 am

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Asian stock markets are trading on a positive note today as traders weighed Jerome Powell's signal that the Fed policy support will be withdrawn cautiously and gradually.

The Hang Seng and the Shanghai Composite are trading up by 0.2% and 0.3%, respectively. The Nikkei is trading higher by 0.4%.

In US stock markets, Wall Street indices closed higher on Friday in the wake of Chairman Powell's Jackson Hole speech.

All three major US indexes rallied as Powell prepared the markets for the central bank to pull back on some of its monetary stimulus, saying it's likely to start tapering its US$120 bn in monthly bond purchases this year.

The Dow Jones Industrial Average gained 0.6%. The S&P 500 advanced 0.8% and the Nasdaq Composite added 1.2%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

The BSE Sensex is trading up by 390 points. Meanwhile, the NSE Nifty is trading higher by 118 points.

Titan and Tata Steel are among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.8%.

All sectoral indices have opened in green with stocks in the metal sector and telecom sector witnessing most of the buying interest.

Shares of Persistent Systems and SBI Life Insurance hit their 52-week highs today.

The rupee is trading at 73.53 against the US$.

Gold prices are trading down by 0.1% at Rs 47,476 per 10 grams.

Meanwhile, silver prices are trading on a flat note at Rs 63,580 per kg.

In global markets, gold rose to the highest in more than three weeks after Powell stopped short of providing any clear guidance on the timeline for paring economic support at the Jackson Hole economic conference.

Crude oil prices rose 1% today after a powerful hurricane ploughed through the Gulf of Mexico, forcing shutdowns and evacuations of hundreds of offshore oil platforms.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader, Vijay Bhambwani, talks about how you should trade in the month of September.

Tune in to the below video to find out more:

Moving on to stock specific news...

Nazara Technologies is among the top buzzing stocks today.

Nazara Technologies is betting big on real-money gaming and hopes to achieve Rs 1 bn in revenues by the end of fiscal 2022, said the company's chief executive Manish Agarwal.

In the past year, real-money gaming has been fraught with regulatory bottlenecks with states, including Tamil Nadu, introducing changes to their laws to ban real-money gaming platforms.

Agarwal said the Madras High Court judgment favoring real-money gaming platforms and global opportunities could help ramp up the business, as it gears up to make acquisitions in the space.

In an interview, Agarwal said,

• The fact that real-money gaming contributes 80% to all e-gaming revenues and recent positives coming from various court judgments is giving us confidence. Considering the positives emerging from the space, we are looking to scale this business.

At present, skill-based gaming contributes to Rs 150 m of Nazara's overall revenues.

Last week on Friday, Nazara announced the acquisition of OpenPlay Technologies for Rs 1.9 bn, its second acquisition in the real-money and skill-based gaming space.

Nazara had purchased Halaplay in 2019.

Nazara Technologies share price has opened the day up by 4.3%.

Moving on to news from the pharma sector, drug makers Dr Reddy's Lab and Zydus Pharma are recalling bottles of a product each in the US market for different reasons, according to the latest report of the US health regulator (USFDA).

The latest enforcement report by the USFDA said that Dr Reddy's Lab Inc, the US arm of Dr Reddy's Lab, is recalling 37,560 bottles of Tizanidine HCl tablets, USP 4 mg.

The tablets are manufactured by Dr Reddy's at its Srikakulam facility.

As per the report, the reason for the recall is failed tablet/capsule specification: some tablets are shaved.

Meanwhile, Zydus Pharma (USA) Inc is recalling 2,880 bottles of Carvedilol tablets, USP 25 mg in the US due to presence of foreign tablets/capsules; report of two Paroxetine tablets were found in the bottle.

The tablets have been manufactured by Cadila Healthcare and are distributed by Zydus Pharma (USA) Inc.

Both these are a class II recall. A class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.

Dr Reddy's Lab share price and Cadila Healthcare share price have opened the day down by 0.1%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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