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Benchmark indices are trading flat but in negative territory as investors remain cautious ahead of August F&O expiry, due later in the day today. Meanwhile, the sentiment was also affected after the rupee hit record low of Rs 70.82 against US dollar, making it the worst performing US currency.  Back home, investors will look forward to the June-quarter GDP data to be announced on August 31. For the quarter ended March 31, the GDP growth rate stood at 7.7 percent.  According to a Reuters poll, India likely grew 7.6 percent in the April-June quarter, propelled in part by an improvement in manufacturing and exports. The poll results suggest domestic demand was strong, driven primarily by manufacturing activity that remained solid despite elevated oil prices and a weakening Indian rupee. Amid stock specific action, Reliance Infrastructure gained 1 percent after it said on Wednesday that it has completed the Rs 188 billion deal for sale of its Mumbai energ...

Gold prices inched lower on Thursday amid expectations of higher U.S. interest rates but managed to hold above a key psychological level of $1,200 which acted as a strong support. Spot gold was down 0.2 percent at $1,203.86 an ounce at 0329 GMT, after rising nearly 0.5 percent in the previous session. U.S. gold futures were down 0.1 percent at $1,209.90 an ounce. Spot gold has been trading in an $8 range for the past two sessions, with investors keenly watching the $1,200 level after the metal broke below that and hit a 1-1/2-year low of $1,159.96 early this month. "There is certainly some ambiguity following last week's Jackson Hole symposium where (Federal Reserve Chair Jerome) Powell was a little bit dovish in investors' point of view," ANZ analyst Daniel Hynes said. "Investors are grappling amid positive data coming through (from the United States) and that's why prices are stuck just above $1,200 at the moment without any sort of cl...

US West Texas Intermediate (WTI) crude futures were up 14 cents at $69.65 a barrel. The rises came after crude hit multi-week highs during the previous session. Oil prices inched up on Thursday, extending solid gains from the previous session on a fall in US crude inventories and expected disruptions to supply from Iran and Venezuela. International Brent crude oil futures were at $77.21 per barrel at 0114 GMT, up 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were up 14 cents at $69.65 a barrel. The rises came after crude hit multi-week highs during the previous session. US commercial crude inventories fell by 2.6 million barrels in the week to Aug. 24, to 405.79 million barrels. US production was flat from the previous week's record 11 million barrels per day (bpd). "Oil prices rose on the back of an unexpected US inventory draw, the second week in a row of declines, together with gasoline demand reaching a record high,...

Going forward, we expect the Nifty to maintain buoyancy and eventually head towards 11,925 levels in coming weeks given the robust price structure. The Nifty took a breather on Wednesday, amid profit booking in recently run-up stocks, ahead of the expiry of August series. The broader markets relatively outperformed as the Nifty Midcap index gained 0.5 percent and the Nifty Smallcap index inched up 0.1 percent for the session. The price action formed a small bear candle, signifying profit booking at record highs after the 400 points rally in the preceding seven sessions. Going forward, we expect the Nifty to maintain buoyancy and eventually head towards 11,925 levels in coming weeks given the robust price structure. We recommend using a dip towards 11,600-11,650 as an incremental buying opportunity, which would pave the way to head towards a revised target of 11,925 in coming weeks as it is a confluence of: a) 161.8 percent external retracement of the entire declin...

Sanjiv Singh, the chairman of the nation's largest oil marketing company, said the board has approved a capex plan of Rs 22,000 crore for FY19, of which around Rs 6,000 crore will be towards upgrading refineries to meet BS-VI emission norms. Indian Oil Corporation (IOC) on August 29 said it has lined up Rs 22,000-crore capex plan for the current fiscal year and will commission the Ennore-Manali LNG pipeline on schedule by the end of the year. Sanjiv Singh, the chairman of the nation's largest oil marketing company, said the board has approved a capex plan of Rs 22,000 crore for FY19, of which around Rs 6,000 crore will be towards upgrading refineries to meet BS-VI emission norms. Addressing reporters after the AGM here, Singh also said the company is confident of commissioning the over Rs 4,000-crore, the 1,170-km-long pipeline linking its Ennore LNP terminal near Chennai to Manali in 2018. The over Rs 5,000-crore LNG terminal at Ennore will be commissioned as...

Buying UPL with stop-loss at Rs 669 and a target of Rs 695, Yes Bank with the stop loss at Rs 359 and target of Rs 375 and SRF with stop-loss at Rs 2000 and target of Rs 2120. The Nifty50 after opening flat traded rangebound throughout the session but started correcting gradually in late morning deals. It fell below psychological 11,700-mark in the last half an hour of trade and closed tad below the same level on Wednesday. The index formed bearish candle on the daily candlestick charts ahead of the expiry of August futures & options contracts on Thursday. The Nifty50 opened at 11,744.95 and closed at 11,691.90. In the morning, the index after flat opening dipped and immediately bounced back to hit an intraday high of 11,753.20 followed by volatility. It started correcting gradually in late morning deals and hit a day's low of 11,678.85 in late trade. The index closed 46.60 points lower at 11,691.90. After today's correction, the index is likely to correct...

Buy Bharat Forge with a stop loss of Rs 658 and target of Rs 690 and Century Textiles and Industries with a stop loss of Rs 940 and target of Rs 1000 and can sell Sun TV with a stop loss of Rs 781 and target of Rs 740. The Nifty50 after opening flat traded rangebound throughout the session but started correcting gradually in late morning deals. It fell below psychological 11,700-mark in the last half an hour of trade and closed tad below the same level on Wednesday. The index formed bearish candle on the daily candlestick charts ahead of the expiry of August futures & options contracts on Thursday. The Nifty50 opened at 11,744.95 and closed at 11,691.90. In the morning, the index after flat opening dipped and immediately bounced back to hit an intraday high of 11,753.20 followed by volatility. It started correcting gradually in late morning deals and hit a day's low of 11,678.85 in late trade. The index closed 46.60 points lower at 11,691.90. After today's...