Nifty Rebounds 0.64%, Ends Losing Streak with Broad Buying

Indian equity benchmarks ended a seven-session losing streak on Thursday, August 20, as the NSE Nifty50 advanced 0.64% to close at 24,231.85. This rebound was largely fueled by broad-based buying across sectors.

The Nifty’s move saw it reclaim its 50-day exponential moving average (50-EMA), a key technical indicator. Additionally, the hourly Relative Strength Index (RSI) displayed a bullish crossover, signaling a positive short-term market outlook.

Key Market Levels

• Resistance: 24,350-24,500
• Support: 24,150

Several Indian companies reported significant operational and structural changes, impacting their respective market positions. These developments ranged from subsidiary name changes to new work orders and joint venture incorporations.

Major Corporate Announcements

• BPCL: Its wholly-owned subsidiary, Bharat PetroResources Ltd (BPRL), renamed its step-down subsidiary from IBV Brasil Petróleo Limitada to BPRL Brasil Limitada.
• HAL: The NCLT, Bengaluru Bench, dissolved its 50% joint venture, Infotech HAL Ltd.
• RailTel Corporation: Secured a work order worth Rs 164.79 crore, including taxes, from Western Coalfields Ltd.
• Niva Bupa Health Insurance: ICRA reaffirmed its issuer rating at [ICRA]AAA (Stable) and assigned an [ICRA]AA+ (Stable) rating to proposed subordinated debt up to Rs 500 crore.
• Saatvik Green Energy: Its subsidiary, Saatvik Solar Industries Pvt Ltd, accepted a Rs 190 crore order for solar PV module supply from an independent power producer/EPC player.
• Samvardhana Motherson International: Incorporated MHSCL JVC Holding Ltd in Dubai on August 19, a new joint venture with Hellmann Worldwide Logistics (MESA) Holding Ltd.

Earnings and Product Launches

Manipal Health Enterprises disclosed its quarterly financial performance, while another firm introduced a new product tailored for agricultural needs.

• Manipal Health Enterprises:
  • Net profit: down 7.7% year-on-year to Rs 231 crore.
  • Revenue: up 38.1% to Rs 3,091 crore.
  • EBITDA: up 25.6% to Rs 736.5 crore.
  • EBITDA margin: 23.8%.
• Paradeep Phosphates: Launched JAI KISAAN NAVRATNA CROPFIT, a specialized fertilizer for sugarcane cultivation in Karnataka.

Other Key Disclosures

• Baazar Style Retail: Non-executive independent directors Richa Manoj Goyal and Prashant Singhania resigned, effective August 20.
• Walchandnagar Industries: Received an order from Vikram Sarabhai Space Centre for HS200 motorcase segments for the Gaganyaan programme.