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There is no under-recovery on petrol, but OMCs are incurring losses. The oil ministry estimates global crude prices to remain firm in the near term. It sees domestic demand for diesel going up in October and November due to various factors and the windfall tax on diesel has been increased to maintain stable supply in the domestic market.

The Nifty50 got support near 17100 levels in the previous trading where it staged a smart bounce back which is a sign of strength. The index could face some resistance near 17500 levels, suggest experts. The downsides lost momentum on tests of the 17160 region triggering upside attempts on anticipated lines. This ideally aims for the 17800-520 region but expect bears to resurface on approach to 17500-17520, Anand James - Chief Market Strategist at Geojit Financial Services, said.

JPMorgan initiated coverage on Cholamandalam Investment with an underweight rating and a target price of Rs 600. The stock closed at Rs 786 on 29 August. The global investment bank expects earnings to disappoint over FY23/24. There is competition from banks that can drive margin compression, said the note. It believes that markets have ascribed a significant valuation premium to the stock.

Piramal Enterprises secured the approval of the National Company Law Tribunal (NCLT) for the demerger of its pharmaceutical business and the simplification of its corporate structure, the company said in a regulatory filing. The record date for the demerger of the pharma business from the finance business has been set as September 1 and stock traded ex-demerger on Tuesday as the markets will remain shut on Wednesday on the account Ganesh Chaturthi.

“Now one has to look at new stocks but there is definitely going to be some period of volatility and with interest rates the way they are looking, one need to look at stocks which are going to benefit from the commodity correction and where the order books are good and where we have a visibility for the next two-three years of earnings.”

Nazara Technologies Ltd., incorporated in the year 1999, is a Small Cap company (having a market cap of Rs 4216.32 Crore) operating in Services sector.

The global cryptocurrency market cap was trading higher at the $980.62 billion mark, rising more than 3 per cent in the last 24 hours. However, the total trading volume dropped about 20 per cent to $64.88 billion.

Gold premiums in top consumer China jumped last week to their highest since October as a fall in global prices encouraged purchases, while demand cooled in India as buyers waited for a bigger price drop.In the spot market, the highest purity gold was sold at Rs 51,265 per 10 grams while silver was priced at Rs 54,316 per kg on Monday, according to the Indian Bullion and Jewellers Association.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said that compared to the sell-off in US markets last Friday the correction in the Indian market yesterday was relatively mild. This is a reflection of the resilience of the Indian market.

As the premier shipbuilding yard in India, Mazagon Dock (MDL) manufactures warships and submarines. The PSU has also embarked on a diversification drive by reviving its ship repairs & maintenance unit besides venturing into the business of shipping container manufacturing and has already bagged two orders from CONCOR.