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1Q24 was the first normal quarter after 1Q20, devoid of any covid wave during the quarter or base quarter. The demand scenario is mixed, with some green shoots in 2-wheelers and FMCG in rural India.

On the monthly options front, the maximum Call OI is placed at 19500 and then towards 19600 strikes while the maximum Put OI is placed at 19400 and then towards 19500 strikes.

​The Futures Long Position Scan performed on the previous trading day (i.e. August 24, 2023) revealed Aggressive New Long positions were taken on 3 largecap counters​

"The metals sector has underperformed due to global uncertainty. The valuations are attractive but the business momentum is lacking. However, companies like Jindal Steel and Power and Hindalco could still be worth considering. ALso, in the festive season, consumer electronics companies can be expected to make a comeback based on recent consumer spending. There is potential for growth in both clean energy and thermal power plants."

However, this time around neither is inflation going to be a major cause of concern nor will it lead to sharp rate increases, according to Gautam Sinha Roy, executive vice president and fund manager - equity at ICICI Prudential Life Insurance Co.

"We believe that the long-term growth opportunity for Zomato is very strong and we are expecting it to turn EBITDA positive by the fourth quarter of this year which should result in a strong profitability going forward. For FY24, we have a PAT of 1.3 billion. And for next year, FY25, it should increase to Rs 8 billion. Hence, the momentum for Zomato should continue."

Among Sensex stocks, Jio Financial Services, UltraTech Cement, M&M, Wipro, Reliance, Axis Bank, and Infosys opened with cuts, while only Asian Paints and Power Grid opened with gains.

The dollar index, which measures the U.S. currency against six rivals, rose 0.019% to 104.11, the highest since June 7. The index is up 2% in August and set to snap its two-month losing streak.

Investors are now waiting for a speech by Federal Reserve Chairman Jerome Powell on Friday at a central bank summit in Jackson Hole, Wyoming, for clues on the U.S. interest rates outlook, though Federal Reserve Bank of Philadelphia President Patrick Harker gave a sign of things to come.

Backed by SoftBank, Better completed its combination with special purpose acquisition company (SPAC) Aurora Acquisition Corp, capping a rocky deal that was first announced in 2021 but delayed amid regulatory scrutiny and layoffs at Better.