The company’s board of directors also stated that they will commence a search for a replacement

After four sessions of gains, shares of rating agency ICRA fell as much as 5 percent on August 30 session, a day after the company announced the immediate termination of its Managing Director and Group CEO.

The board of rating agency ICRA, an affiliate of Moody's, on August 29, terminated the services of its managing director and CEO Naresh Takkar, following the appearance of his name in the IL&FS case.

In the release filed with the exchanges, the company’s board of directors also stated that they will commence a search for a replacement. No reason was mentioned for the termination of Takkar’s employment.

The release also stated that Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a new CEO has been appointed.

According to reports, Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog SEBI.

Takkar's forced to leave in July was seen as an unprecedented step, a first in the industry, which occurred at a time when the rating agencies were under a cloud following the IL&FS debacle.

The infra lender was enjoying top ratings right till the time of its first default in late August last year.

Earlier in May, there were reports that the ICRA brass was being probed for influencing the 'AAA' rating on IL&FS and had hired KPMG to look into the allegations.

Takkar had been at the helm of ICRA for long and was also recently appointed by the Reserve Bank as a member of its committee on the development of housing finance securitisation market, which is chaired by Bain & Co's Harsh Vardhan.

Shares of ICRA traded 2.21 percent down at Rs 2,738 on BSE around 1020 hours.

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Nestle India with stop loss at Rs 12100 and target of Rs 13200 and Tata Consultancy Services with stop loss at Rs 2200 and target of Rs 2300

The market closed in the red after four straight sessions on August 28 due to profit booking and fears of a global recession. Banks, auto, metals and pharma stocks pulled the market down while IT outperformed, rising over a percent.

The BSE Sensex was down 189.43 points at 37,451.84 while the Nifty 50 fell 59.30 points to 11,046.10 ahead of the expiry of August futures & options contracts, forming a bearish candle on daily charts.

But, the expected decline is unlikely to damage the recent uptrend status of the Nifty, he said, adding important supports to be watched are around 10,900-10,850 levels, where one may expect a reliable upside bounce from the lows.

The broader markets were also caught in a bear trap with the Nifty Midcap index falling 1 percent and Smallcap index losing 0.65 percent.

According to the pivot charts, key support level is placed at 10,979.3, followed by 10,912.5. If the index starts moving upward, key resistance levels to watch out for are 11,121.3 and 11,196.5.

Nifty Bank closed at 27,804.30, down 1.14 percent on August 28. The important pivot level, which will act as crucial support for the index, is placed at 27,594.13, followed by 27,383.96. On the upside, key resistance levels are placed at 28,055.03 and 28,305.77.

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An interest payment default of Rs 9.42 crore occurred on secured NCDs (5 years tenure) and of Rs 4.71 crore on 10 years NCDs, the company said

After three successive sessions of gains, shares of Dewan Housing Finance Corporation (DHFL) tumbled 5 percent on BSE on August 28, a day after the company said it defaulted to the tune of Rs 14.13 crore towards interest payments on bonds.

An interest payment default of Rs 9.42 crore occurred on secured NCDs (5-year tenure) and of Rs 4.71 crore on 10-year NCDs, the company said in a regulatory filing.

Separately, the housing finance company said it planned to raise funds through equity share sale or other means as part of the debt resolution plan.

The company's board will to meet on August 30, when the proposal would be tabled, the firm said in another regulatory filing.

The fund mop-up can also be through any other permissible mode or a combination of prospectus or placement document or letter of offer or any other permissible offer, it added.

Shares of DHFL were trading 1.96 percent down at Rs 47.50 at 1115 IST.

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The road project was worth Rs 350.01 crore. The appointed date for same was July 20, 2017, and the scheduled completion date was July 20, 2019

Shares of Dilip Buildcon rallied 2.7 percent intraday on August 28 after the company received Provisional Completion Certificate for the road project in Andhra Pradesh.

The stock gained nearly 14 percent in the last three days after falling more than 50 percent in the last year. It was quoting at Rs 382.85, up to Rs 5.90, or 1.57 percent on the BSE at 1000 hours.

The road project company informed exchanges that its project of rehabilitation and up-gradation of Eeppurupalem - Ongole section of NH-214A (new NH-216) to two-lane with a paved shoulder in Andhra Pradesh under NHDP -IV on EPC basis has been provisionally completed.

The Provisional Completion Certificate was issued by the authority on August 17. As on July 20, the project was declared fit for operation.

The road project was worth Rs 350.01 crore. The appointed date for same was July 20, 2017, and the scheduled completion date was July 20, 2019.

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The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut

Shares of Hindustan Unilever (HUL) declined 2 percent on BSE on August 28 amid reports that the company cut prices of some of its soaps by as much as 30 percent in a bid to cope with weak demands amid tough competition.

In July, the largest consumer goods company in the country reduced prices of Lifebuoy, Lux and Dove soaps in order to counter weak demands and tough competition, the daily newspaper Mint reported.

On the other hand, the company increased prices of face-washes for brands such as Fair & Lovely, Ponds, Pears and Dove between 4-14 percent, Mint reported referring to an August 27 report by Kotak Institutional Equities.

Moneycontrol could not independently verify the news.

The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut as it expected weak commodity prices to continue.

Shares of HUL traded at Rs 1,829.50, down Rs 32.05 or 1.72 percent on BSE around 0955 hours IST.

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Selling life insurance has never been easy, but getting investors to buy their stocks is becoming all too easy for life insurers. A booming business and a growing market share have led to big gains for the three listed life insurance companies in India

Shares of HDFC Life Insurance Co. Ltd and SBI Life Insurance Co. Ltd has surged 33.59% and 37.37%, respectively, so far this year. Even ICICI Prudential Life Insurance Co. Ltd hasn’t fared badly, with returns of 19.14%, although its growth in the past two quarters has been wanting. In comparison, the Nifty Financial Services index has risen about 4.27% in 2019.

There are several factors that seem to have worked for life insurance companies. But, Nomura Financial Advisory and Securities (India) Pvt. Ltd highlighted the main reason.

“Private insurers (excluding ICICI Prudential Life) continue to deliver robust growth in spite of volatile markets; this, coupled with increasing protection share in the business mix, justifies the re-rating in the last four months, in our view," it said in a note to clients.

In the first four months of FY20, private sector insurers saw 23% new business growth in retail, in terms of annualized premium equivalent, even as the overall industry growth was 15%, primarily due to Life Insurance Corporation of India’s (LIC’s) 5.5% growth.

This growth was led by non-participatory and annuity products.

Aggressive marketing of term plans in the past two years has helped HDFC Life and even its peer's corner market share from the country’s largest life insurer, LIC.

“Shrinking profitability of the linked business has made it a mere revenue driver, edging players to move towards non-linked products (protection, annuities and return-guarantee) for profitability," said Jefferies India Pvt. Ltd in a note.

The growth in retail insurance sales of non-participatory products has made the portfolio of life insurers more stable and increased margins.

Life insurance stocks are likely to continue to enjoy investor attention over the next few quarters, too, though analysts warned that the profitability metrics may have peaked for some firms.

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Market downgrades have been dogging rating agency scrips. In the past year, the CARE Ratings Ltd stock tumbled 59%, while Icra Ltd and Crisil Ltd slid 29% each. Comparatively, the Nifty 500 index slipped only 11%. What lies ahead for these stocks

Lately, negative news has dominated the credit rating business, with the top management of two rating agencies asked to step down. Agencies may also need to separate their rating and non-rating businesses.

“While business momentum has been improving, the absence of top management in two large CRAs (credit rating agencies) and the reports of an unbiased rating for IL&FS are negative, in our view. The third CRA might have to comply with the regulations to separate rating and non-rating businesses, affecting stock performances," said Elara Securities (India) Pvt. Ltd in a note to clients.

To top it all, in the bread-and-butter rating segment, growth has slowed to a crawl. Crisil’s rating division grew 2% year-on-year due to a drop in bank-loan ratings and fewer corporate-bond issuances. Icra’s rating revenues dropped 8%, while CARE Ratings’ fell 21%.

Much of the tight liquidity conditions and sluggish issuances may continue to persist. For credit rating agencies, this poses significant challenges. “Bank credit contracted 1.3% in Q1 FY20 as headwinds blasting NBFCs since end-Q2 FY19 impacted the number of bank-loan ratings. The quarter also saw fewer bond issuances, both corporate and financial. Further, ICRA seems to have lost share in the corporate-bond market after a default by a client," said Edelweiss Securities Ltd in a note to clients.

Meanwhile, securitization, which was growing lately, too is slowing. A double whammy to the rating business comes from corporate bodies shying away from incurring significant capital expenditure. Rating revenues could continue to grow marginally.

Additionally, credit rating agencies have been hit by regulatory costs and higher operating expenses that will weigh on operating margins going ahead.

Ostensibly, much hinges on credit offtake reviving. Thankfully, contracting interest rates could spur credit offtake later. But until then, these stocks may take time to see the light at the end of the tunnel.

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The National Company Law Appellate Tribunal (NCLAT) on Thursday expressed its displeasure over the crisis-hit IL&FS and the government's delay in filing the progress report on the resolution process of the group companies

"In spite of our order dated 12th July 2019 no 'Progress Report' has been filed by Union of India or IL&FS. They are allowed to file the 'Progress Report' by tomorrow (Friday)," said the NCLAT order.

The bench headed by NCLAT Chairperson S.J. Mukhopadhaya further asked the government to settle the claims of all the creditors of the Moradabad-Bareilly Expressway Ltd, the Jharkhand Road Projects Implementation Company, and the West Gujarat Expressway Ltd as per signed 'Term Sheet', before the next hearing on September 5. 

"The Union of India or IL&FS should also give notice to all the financial creditors of rest of the 10 'Amber' entities and take preliminary step by taking their consent in the manner it was followed in the cases of aforesaid three amber entities," it said.

Further, by the next hearing the government and IL&FS would also have to intimate the steps which they intend to take with regard to all the 82 red entities, the bench said.

The new board at IL&FS had classified the IL&FS group companies into three categories -- 'green', 'amber', and 'red' -- on the basis of their ability to service debt obligations to secured and unsecured creditors. Firms classified as "green" would continue to meet their payment obligations, while "amber" category firms can meet only operational payment obligations to secured financial creditors.

Those under the "red" category are the entities which cannot meet their payment obligations at all.

The bench further said that it would be open to the government and ILFS to call for meeting of the lenders and if necessary, the matter can be taken up on day-to-day basis to ensure that the total process with regard to all the amber entities, particularly the aforesaid three companies which IL&FS has decided to reclassify as green entities, is concluded on an early date. 

"They will keep it in mind that already 300 days approx. have completed since the Interim Order was passed on 15th October 2018," the order said. The appellate tribunal directed the government and IL&FS to file a fresh progress report by September 3.

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The Indian civil aviation sector is showing signs of recovery months after the grounding of Jet Airways with domestic air passenger traffic demand grew 7.9 per cent in June, a global airline association said on Thursday

According to the International Air Transport Association (IATA), India's domestic air passenger volume -- measured in revenue passenger kilometres was the third-highest among the major aviation markets such as Australia, Brazil, China, Japan, Russia and the US.

India's domestic RPK in June rose by 7.9 per cent as compared to the corresponding month of the previous year.

In the period under consideration, India's domestic passenger traffic growth was preceded by that of China at 8.3 per cent and Russia at 10.3 per cent.

The country's domestic available passenger capacity measured in available seat kilometres stood higher by 3.1 per cent in June, followed by China at 8.9 per cent and Russia at 9.8 per cent.

"The domestic India market has proven resilient in the face of the demise of Jet Airways earlier in the year," IATA said in its global passenger traffic results for June 2019.

"Growth in domestic RPKs have recovered strongly, lifting to a 7.9 per cent year-on-year pace in June, as the remaining carriers moved quickly to fill the gap created by the loss of a competitor and to meet the customer demand," it added.

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Sterling and Wilson Solar Ltd’s initial public offering (IPO) will test investor appetite for large issues

After receiving an approval to raise 4,500 crores, the promoters of the company have decided to sell shares worth 3,125 crores.

At the higher end of the price band of 780, the price-to-earnings ratio works out to about 20 times FY19 earnings. As such, there are no direct listed peers for Sterling and Wilson in India. Nonetheless, these valuations are similar to Larsen and Toubro Ltd (L&T), and significantly higher than KEC International Ltd, both of which derive sizeable overseas revenues from EPC (engineering procurement and construction) work, although from different sectors.

Even so, Sterling and Wilson’s shorter execution cycles limit the working capital requirement, thereby offering superior returns. Furthermore, sizeable revenues come from overseas, where execution risks are comparatively lower. The promoters’ presence in a number of markets, industry relationships and project management expertise helps Sterling and Wilson Solar, which partly explains the IPO valuations.

“It is not easy for a normal EPC company to build such capability," says Deepak Agrawala, executive director (investment banking) at Elara Capital (India) Pvt. Ltd.

Revenue and profit, on average, have grown 44-72% per annum in the last three fiscal years. The robust growth and steady profitability underscore Sterling and Wilson’s competitive advantage in utility-scale projects.

That said, given the short execution cycles of solar power projects, it is crucial that the order book is replenished quickly. Note that excluding other income, the company’s profitability has remained stable despite the steady decline in tariffs across the globe. This was helped by high exposure to overseas projects, which are more remunerative than projects in India.

Even so, Sterling and Wilson’s Ebitda margin (excluding other income) of 7.8% is lower than 11.6% clocked by L&T and 10.5% by KEC for FY19. Ebitda is short for earnings before interest, tax, depreciation and amortization.

Further, as projects in the overseas markets are increasingly being awarded through competitive bidding, suppressing tariffs, analysts fear the profitability of the industry stakeholders will be compressed or capped.

According to one domestic market observer, the pressure ultimately comes on EPC. “We are living through a revolution in the costs of renewable power technology. Lower costs will boost wind and solar generation’s share of the power mix from the current 6% to a much higher level in the coming years. This will create both opportunities and disruption in the industry," Alex Whitworth, research director at Wood Mackenzie, said in a recent note on renewables in Asia-Pacific

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Bondholders of troubled shadow lender Dewan Housing Finance Ltd (DHFL) have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters

The banks have signed an inter-creditor agreement (ICA) to come up with a plan to restructure nearly 1 trillion rupees ($14 billion) of DHFL's debt.

Now, the bondholders have to communicate by letter by Aug. 26 if they are willing to be part of the ICA.

That turns up the heat on India's mutual funds, which hold DHFL paper and are scrambling for approval from the market regulator to join the ICA.

While insurers and pension funds have clarity from their regulators and are likely to be on-board with the ICA, mutual funds are yet to get a green light from the Securities And Exchange Board Of India (SEBI), industry sources said

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The Sensex was down 418.38 points at 36,699.84, while Nifty was down 134.80 points at 10,862.60

Indian indices ended on a negative note but off day's low on August 5 amid government decided to withdraw Article 370 from J&K.

Jammu and Kashmir will be a Union Territory with a legislature, while Ladakh region will be a Union Territory without a legislature, according to the government's plan for J&K, said Amit Shah.

About 742 shares have advanced, 1659 shares declined, and 138 shares are unchanged. 

Bharti Airtel, Tech Mahindra, Coal India, TCS and Bajaj Auto were among major gainers on the Nifty, while losers include Yes Bank, UPL, Tata Motors, Power Grid Corp and Grasim Industries.

Among sectors, except IT other indices are ended in the red led by energy (down 2.7 percent) followed by metal, bank, auto, FMCG, infra and pharma. BSE Smallcap and Midcap index down over 1 percent.

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The highlight of mortgage lender Housing Development Finance Corp. Ltd’s (HDFC’s) June quarter earnings was its loan book growth, which has now fallen to 13%, compared to 18% growth in the year-ago period. Analysts, however, said the results were good, seen in the light of the poor state of the economy and relative to the rest of the industry. Indeed, even HDFC’s growth has remained in double digits only because of its strong individual loans franchisee. Here, growth has stayed rock solid at 17%, marginally down from the 18% growth in the year-ago quarter

But its non-individual loan book, that is corporate loans, posted an all-time low growth of a mere 2%. In the past one year, HDFC’s exposure to this category has declined. And it looks like it has deliberately adopted a cautious stance here. In the backdrop of the recent liquidity-related concerns and slowdown in the real estate sector, HDFC’s vigilance isn’t surprising.

“Given the uncertainty and risk averseness in the lending environment for non-individual loans, the corporation opted to be prudent by curtailing some of its lending to non-individual loans," HDFC said in a release.

Addressing the company’s annual general meeting, chairman Deepak Parekh said: “Banks are reluctant to lend and there has been a flight to safety where a select few, high rated NBFCs and HFCs have access to funding, while for several others, access to credit has been chocked. As a result, a number of NBFCs and HFCs have curtailed disbursements. One is hopeful that normalcy will be restored soon and, by the time the festive season sets in, some of the risk averseness should taper off."

For now, HDFC continues to focus on lending to the affordable housing segment. “The challenge in the housing sector has been with the upper-middle segment and high-end luxury housing. I would like to reiterate that the demand for smaller sized homes at affordable price points is still strong," Parekh added. In FY19, 37% of the home loans approved in volume terms and 18% in value terms have been to customers from the economically weaker section and lower-income group segment.

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Indian stock markets staged a sharp recovery on Friday amid a buzz that the Prime Minister's Office was set to intervene in order to arrest the prolonged fall in the stock markets partly caused by the tax on the super-rich proposed in the Union Budget

However, no such announcement was made until late evening. This begets the question as to how and when the government will act to reverse the damage caused by the exodus of foreign funds as only 3 parliamentary sessions are left before the close of the Budget session.

One way could be the route of an ordinance, which has been used extensively by NDA-2 for taking various big-ticket decisions. The ordinance gives six months life to a proposal within which time either the plan has to be ratified by Parliament or ordinance is re-promulgated. 

Experts believe that this route will give enough time to the government to think all over its budget proposal to provide relief to a big segment of FPIs. 

The most likely course of action to correct the new super-rich tax burden on FPIs is to provide one-time tax-free transfer of shares to special purpose vehicles (SPVs). The other move could be a mechanism of self-declaration by FPIs. 

FPIs have off-loaded equities worth over Rs 2,500 crore from the Indian capital markets since July 1, which has partly caused the equity indices to shed heavily during the same period.

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The cargo arm of SpiceJet has commenced its freighter service connecting Hyderabad with Delhi, Mumbai, Bangalore and Chennai

The first freighter landed at Rajiv Gandhi International Airport (RGIA) late on Thursday night.

With this, Hyderabad Airport now has six scheduled freighters operating, said the airport operator GMR Hyderabad International Airport Ltd (GHIAL).

The 737-700F type freighter aircraft used by SpiceJet will operate six days every week, arriving from Chennai at 9.45 p.m. and departing for Delhi at 10.45 p.m. This service will connect the Chennai-Hyderabad-Delhi-Mumbai-Bangalore sectors. 

The new SpiceJet freighter service will also offer an opportunity to the shippers from the region to access the Commonwealth of Independent States (CIS) and other markets via Delhi. The offering also includes postal circulation among the key metros, saving critical time and ensuring quick delivery of goods.

"With the addition of this new freighter, customers will have more options to ship their goods within the country and beyond. The availability of high-quality, daily cargo services is essential for the development of trade especially in high-value and time-sensitive products. This will also give a boost to the cargo and logistics sector in the region," said S.G.K. Kishore, CEO, GHIAL.

"The launch of our 737-700F freighter opens up another option to our customers in and around Hyderabad. We have received a positive response from the market and are confident that this move will add value to our customers' supply chains," said Manjiv Singh, Chief Project Officer, SpiceJet.

Apart from SpiceJet, the other scheduled freighter services that are operating from Hyderabad Airport include Lufthansa, Turkish, Qatar, Cathay Pacific and Blue Dart.

Hyderabad Airport Cargo serves many multinational companies across pharma, perishable, engineering, automobile, aerospace and leather industries. Apart from all major cargo hubs in India, international destinations like Frankfurt, Istanbul, Dubai, Doha and Hong Kong are also well connected with the RGIA.

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India's biggest automaker, Maruti Suzuki India Ltd, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy

The vehicle industry, accounting for nearly half of India's manufacturing output, is facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly. There is little sign of a swift revival.

Maruti Suzuki said in an email sent to Reuters it employed 18,845 temporary workers on average in the six months ended June 30, down 6% or 1,181 from the same period last year. The company also said job cuts had accelerated since April.

Two sources familiar with the matter said the company would freeze hiring new employees until the downturn reversed.

It is the first time the reduction has been reported. The listed firm is not required to disclose any reduction in its temporary workforce.

India's jobless rate rose to 7.51% in July 2019 from 5.66% a year earlier, according to private data group CMIE. Those figures do not include many people on the margins of society who are day labourers and are often unemployed or underemployed.

Economists say government jobless figures are out of date and lack credibility.

Maruti Suzuki, majority-owned by Japan's Suzuki Motor Corp, said it had not reduced its 15,892-strong more permanent workforce. It declined to say whether further reductions were planned or comment on the hiring freeze.

The automaker previously said it had cut production by 10.3% in the first six months of the year.

Maruti Suzuki, which produces every second passenger vehicle sold in India, reported a 33.5% decline in sales in July to 109,265 vehicles compared with July 2018.

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Indian shares plunged more than 1% on Friday dragged by auto and metal counters after broader Asia took a beating following U.S. President Donald Trump's threat to impose further tariffs on Chinese imports from next month

Trump vowed to slap a 10% tariff on $300 billion of Chinese imports from September 1, sharply raising the stakes in a bruising trade war with China and jolting global financial markets.

The news raised investor fears of a revival of trade hostilities between Washington and Beijing and sent MSCI's broadest index of Asia-Pacific shares outside Japan to its lowest level since mid-June.

In India, the broader NSE Nifty fell 1.17% at 10,853.90 as of 0451 GMT, while the benchmark BSE Sensex was 1.08% down at 36,629.77.

The volatility index rose as much as 10.1% to its highest level since June 3.

"Markets continue to be on the weaker side due to negative global cues and absence of any positive domestic news," said Gaurav Arora, head-Asia Pacific & Middle East, Greenwich Associates.

Metals and autos were among the biggest drags on the markets. The Nifty metals index fell 1.3% after copper prices slumped to fresh lows following Trump's comments.

Vedanta Ltd shares traded lower by 2.5% tracking the fall in copper prices, while Hindalco was down 2.1%.

Meanwhile, auto investors remained bearish on the sector following a continued fall in monthly sales by major automakers. The Nifty auto index fell nearly 1%.

Sector heavyweights were trading in the red. Eicher Motors fell as much as 2.6% and Hero Motocorp was down 2.9%, while Bajaj Auto was down 1.6%.

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Automobile major Mahindra and Mahindra (M&M) on Thursday reported a 15 per cent decline in its total vehicle sales for July, owing to tight liquidity and low buying sentiment in the domestic market

The total sales of the company fell to 40,142 units last month, against 47,199 units sold during the corresponding period of 2018.

Similarly, the company's domestic sales plunged by 16 per cent to 37,474 units from an off-take of 44,605 units in the like period of last year.

However, M&M's exports inched higher by 3 per cent to 2,668 vehicles in July.

"The headwinds faced by the automotive industry continue as a result of subdued consumer sentiment, triggered by various factors," said Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M.

"The industry needs stimuli to help revive consumer demand and conversions. We hope that the overall buying sentiment will improve in the run-up to the festive season and with the monsoon turning out to be better than initially anticipated," he added.

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Automobile major Maruti Suzuki India on Thursday reported a decline of 33.5 per cent in its total sales, including exports for July

According to Maruti Suzuki India, a total of 109,264 units were sold last month, compared to the off-take of 164,369 units recorded during the corresponding period of the previous financial year.

The company's domestic sales (domestic and OEMs) decreased by 35.1 per cent on a year-on-year basis to 100,006 units in July.

Although the total domestic passenger vehicle sales were lower by 36.7 per cent to 96,478 units on a YoY basis, the company's sales of light commercial vehicles in the country inched up 0.5 per cent to 1,732 units.

The automobile major's exports declined by 9.4 per cent in July to 9,258 units from 10,219 units which were shipped out during the corresponding month of the last fiscal.

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Mitesh Thakkar of mitesshthakkar.com recommends selling Maruti Suzuki with a stop loss of Rs 5520 and target of Rs 5380 and Shree Cements with a stop loss of Rs 20600 and target of Rs 19000

The BSE Sensex gained 83.88 points to 37,481.12 while the Nifty 50 strongly defended psychological 11,000-mark and rose 32.60 points to close at 11,118.

The broader markets also rebounded to close higher with the Nifty Midcap index rising 1.38 percent and Smallcap index gaining 0.4 percent.

In July, the BSE Sensex lost nearly 5 percent and the Nifty 50 shed 5.7 percent and formed a bearish candle on the monthly charts. It was the worst July for Nifty in the last 17 years.

According to the pivot charts, the key support level is placed at 11,029.83, followed by 10,941.67. If the index starts moving upward, the key resistance levels to watch for out are 11,175.73 and 11,233.47.

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