United Spirits with stop loss at Rs 605 with targets at Rs 623 and Rs 627 and HDFC Bank with stop loss below Rs 2197 for targets of Rs 2272 and Rs 2286

The volatile market ended lower for the second consecutive session amid the expiry of futures and options contracts on August 29, which was dragged by banking and financial services and auto stocks.

The BSE Sensex was down 382.91 points at 37,068.93, while the Nifty fell below its psychological 11,000 levels down 97.80 points at 10,948.30 and formed a bearish candle on daily charts.

Volatility was remained high today, especially in F&O counters, due to unwinding and rollover of the positions, while the broader indices remained under pressure with the Nifty Midcap index losing 0.4 percent and Smallcap index shedding 0.9 percent.

The market closed in the red for the third consecutive series, with the Nifty losing 2.7 percent in August series amid consistent FII outflows, slowdown worries and fears of a global recession.

According to the pivot charts, the key support level is placed at 10,906.77, followed by 10,865.23. If the index starts moving upward, key resistance levels to watch out for are 11,005.47 and 11,062.63.

The Nifty Bank index closed at 27,305.20, down 1.8 percent on August 29. The important pivot level, which will act as crucial support for the index, is placed at 27,123.7, followed by 26,942.2. On the upside, key resistance levels are placed at 27,602.9 and 27,900.6.

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Analysts believe the government's move was the need of the hour and will help build an efficient and competitive market, while it may reduce coal imports as well

Shares of Coal India opened lower but quickly climbed over 2 percent on the BSE on August 29, a day after the Union Cabinet approved 100 percent foreign direct investment (FDI) under the automatic route in coal mining and also in the creation of associated infrastructure

Analysts believe the FDI push was much needed and will help build an efficient and competitive market while bringing down coal imports as well.

"The move would attract international players to create an efficient and competitive market and also help in reducing coal imports," the brokerage Sharekhan said.

However, the move was slightly negative for Coal India in the long term, the brokerage said.

"Coal India would continue to supply the majority of coal requirements of India with its target to produce 1 billion tonnes of coal by FY25 (from 607 million tonnes in FY19) but the likely entry of new players may impact coal realisations in the long term," it added.

As the development of coal mines will take time, there is no major near-term risk for the state-run miner.

"The initiative is a welcome move but we are still some time away from merchant coal mining, given the overarching presence of Coal India, shortage of rakes, time taken for land acquisition and various approvals from local, state and central governments. 

We do not see any near-term risks to Coal India because of this decision," brokerage Emkay Global Financial Services said.

The brokerage has a buy recommendation on the stock, with a 12-month target price of Rs 296.

The scrip opened at Rs 182.90 against the previous close of Rs 185.20 and touched the intraday high and low of Rs 189.15 and 182, respectively.

The stock was trading Rs 2.30, or 1.24 percent, higher at Rs 187.50.

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DSG Consumer Partners has closed its third venture capital fund at $65 million, said two people aware of the matter, requesting anonymity

Mint reported on March 31st that it had marked the first close of the fund, then planned at $50 million, at $30 million.

DSG had raised its first venture capital fund of $24 million in 2012 and followed it up with a $50 million fund in 2017. It is known for making early bets on hotel chain start-up Oyo Rooms, point-of-sale (POS) services provider MSwipe and Raw Pressery cold-pressed juices. The third fund will invest in seed and Series A rounds of $500,000 to $2 million and will invest a maximum of 15% of the fund in any one company

In addition to the third fund, DSG is also raising its second add on fund- a fund dedicated to backing the best companies from its own portfolio, as they raise Series B rounds and beyond. Along with the third fund’s close, it has also marked the first close of its add-on fund at $35 million.

The Economic Times first reported the development.

DSG’s founder and managing director Deepak Shahdadpuri did not immediately respond to a mail seeking comment.

Funds such as DSG, focused on the consumer segment, have been raising money at an increasing pace, driven by the rise in new disruptive brands that are riding the Indian consumption growth story.

Mint reported on 21 May that at least three consumer-focused firms, DSG, A91 Partners and Fireside Ventures are raising funds. While A91, started by three former senior executives at Sequoia Capital, closed its $350 million funds in June, Fireside Ventures is currently raising a $100 million second fund.

These investors are betting on new fast-growing consumer brands that are tapping into rising disposable incomes and the country’s large population of millennials. India’s affluent consumers and households, which earn between 5 lakh and 20 lakh per annum, have contributed to 43% of the 110 lakh crore in annual consumption in the country in 2018, according to a February 2019 report by the Boston Consulting Group (BCG) along with the Retailers Association of India.

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