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September 04, 2025

Daily Morning Report Date: 04.09.2025
NIFTY OUTLOOK: 24715.05 FII -1666.46 cr DII 2495.33 cr
As discussed yesterday, market behaviour remained on expected lines. The volatile session respected our support of 24528 (made a low of 24533.2) and bulls pushed Nifty up to our level of 24735, hitting a high of 24737.05.
A bullish candle with a lower shadow on the daily chart suggests buying from lower levels. If Nifty crosses 24767, it may rally towards 24820–24870, with chances to test 24921–24939 if demand strengthens.
On the downside, 24663–24612 will act as immediate support. A break and sustain below these may drag Nifty to 24561–24509.
Bank Nifty OUTLOOK:
SPOT: 54067.55 Pcr: 0.90 Max CE OI: 57000 Max PE OI: 54000
On 3rd September 2025, Bank Nifty closed at 54067 (+406.55 / 0.76%). The index moved 377.70 points during the session, making a high of 54136.15 and a low of 53561.75.
Technical View:
Key support and resistance are at 53200 and 54365. Intraday support and resistance are at 53900 and 54225.
Intraday Strategy:
Go long above 54225 with SL 54170 and target 54360.
Go short below 53900 with SL 53962 and target 53750.
The RSI stands at 37.20; below 30 is oversold and above 70 overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 3 out of 8 SMA’s (5,150, 200 Day).
Bank nifty is trading below 5 out of 8 SMA’s. (10, 20, 30, 50,100 Day)
One bullish candlestick Pattern was identified in bank nifty.
• Bullish Engulfing
Macros
1.Dollar index @ 98.14
2.Vix @ 16.35 ( -4.78%)
3.Brent crude @ 67.20
4.U.S. 10 years bond yield @ 4.22
Note: Softer-than-expected JOLTS job openings data increased bets that Friday’s payrolls will also come in weaker, strengthening the case for a Fed rate cut later this month. Markets are pricing in a 97.6% chance of a 25-bps cut at the September 17–18 meeting, CME FedWatch showed. Nonfarm payrolls due Friday will provide further cues on rates, just a week ahead of the Fed meeting where a cut is widely expected.
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Contributed by
Ashok bhandari : INH000019549
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News Headlines from Business News Agencies:
Business Standard
Ferro alloys demand likely to grow at 7-8% CAGR in India: Report
India, EFTA trade pact to come into force from Oct 1: Switzerland
Carlsberg Group launches its IT GCC in Gurugram to expand India footprint
JAL bidders to join challenge auction with ₹12,000 crore floor value
Arkade Developers buys 14,364 sq metre land in Mumbai for ₹148 crore
Services sector growth hits 15-year high in August on robust demand
India's top cities hold 106 mn sq ft TOD real estate potential: CBRE
Caplin Point's unit gets USFDA nod for generic milrinone lactate injection
ACME Solar secures 50 MW dispatchable renewable project from Tata Power-D
Invenia expects to grow revenue to ₹2,000 cr in three years: Vice Chairman
India's steel demand to triple by 2050 as China's share contracts: WoodMac
Economic Times
Govt sets up committee to examine tax, export clearance issues of manufacturing sector
Domestic mutual funds now own 10.6% of NSE-Listed companies, highest ever: NSE Pulse Report
TBO to acquire US luxury travel firm Classic Vacations for $125 million
Swiggy raises platform fee to Rs 15 in select markets amid surge in orders
3rdiTech, Kaynes Semicon and SPARSHIQ sign MoU along with other consortium partners
Blackstone buys $819 million trophy Paris office
KP Group partners with AHES, GH2 Solar to set up green ammonia plant in India
India to test battery storage at coal plants to balance grid as solar power surges
Centre defers decision on Vedanta's proposal to divert 708 ha forest land for Sijimali Bauxite Mines
Promoter group firms infuse Rs 3,956 crore in Jio Financial
Lupin gets USFDA nod for generic risperidone extended-release injectable suspension
Mint
India's internet subscribers cross 100.28 crore, up 3.48% in March-June quarter
Maruti Suzuki expands SUV lineup with new Victoris, aims for bigger market share
TCS partners with IIT Kanpur to develop AI-based urban planning solutions
Citi appoints Kaustubh Kulkarni as co-head of investment banking for Asia-Pacific
Higher UPI transaction limits for special merchants starting Sep 15
San Miguel Seeks $1.5 Billion in Largest Philippine Loan of 2025
Tata Electronics and Merck sign MoU to boost semiconductor capabilities in India
Startups line up fresh rounds as mid-market funding recovers
GST Reforms: Insurance sector may see lower profits for short term, says report
GST REFORMS
New GST rates (except tobacco items like cigarettes, zarda, beedi) apply from 22nd September 2025. Tobacco-related changes will come later via notification.
Registration Threshold:
No change in CGST Act thresholds for goods.
Notifications:
Revised GST rates to be notified and published on CBIC website.
■ Time of Supply Rules:
If supply is made before the change but invoice after → liability depends on payment date or invoice date (whichever earlier).
Advances: GST rate determined as per time of supply provisions.
■ Input Tax Credit (ITC):
ITC can be claimed at the rate applicable when inward supply was made.
Existing ITC in e-ledger can be used against liabilities.
If outward supply becomes exempt from 22nd Sept, ITC must be reversed.
■ Imports (IGST):
New GST rates apply on imports unless exempted separately.
Refund of ITC:
Refund not allowed if input & output are same goods taxed at different times (rate change only).
■ Stock on Hand:
Supplies made on/after 22nd Sept will attract revised rates.
■E-way Bills:
No need to cancel or re-generate for goods already in transit; existing validity continues.
GST FAQ Highlights
Agriculture & Textiles
Small Tractors: Not fully exempt → exemption would block ITC, raise production cost, and burden farmers.
Raw Cotton: Taxed under reverse charge to maintain ITC flow for textiles; benefits end consumers.
Wood Pulp: Differential tax → parity with textile chain maintained.
Manmade Value Chain: GST not reduced on dyes, plastics, zippers, elastics, etc., as they are multi-use; policy avoids end-use based exemptions.
Technical Textiles: Classified as textiles (not plastics). Inversion possible, but refund of accumulated ITC allowed.
Imitation Zari: Refund restriction (52nd meeting decision) continues for plastic/polyester film used.
FMCG & Daily-Use Goods
Toilet Soap Bars: GST cut to 5%, lowering cost for poor & lower middle class.
Face Powder & Shampoos: GST reduced despite MNC/luxury benefit, since they are common-use items. Simplifies tax system and avoids brand/value-based complexities.
Special 40% Rate
Applied only on select sin & luxury goods (earlier under cess + GST).
Cess merged with GST to maintain same tax incidence post-cess removal.
28% continues as the highest slab for most goods; 40% is treated as a special rate.
GST FAQ Highlights
Consumer Goods
Daily-use Items: GST cut to 5% on select essentials like face powder & shaving cream.
Dental Hygiene: Toothpaste, toothbrush & dental floss → 5%. Mouthwash excluded.
Spectacles: Corrective spectacles & goggles → 5% (from 12–18%). Others remain at 18%.
Energy & Raw Materials
Coal: Compensation Cess merged into GST; overall no extra burden on electricity.
Renewable Energy Equipment: GST cut from 12% → 5% to promote adoption (with refund for inverted duty).
Marble, Granite, Travertine Blocks: Reduced to 5% (from 12%) as they are intermediate goods.
Batteries (Heading 8507): Uniform 18% for all (earlier Li-ion 18%, others 28%).
Appliances
ACs & Dishwashers: Reduced from 28% → 18%.
TVs & Monitors: Now uniformly 18%, irrespective of size.
Agriculture & Forest Produce
Tendu Leaves: Reduced to 5%, aligning with tobacco leaves.
Insurance
Life Insurance: Exemption for all individual policies (term, ULIP, endowment) + reinsurance.
Health Insurance: Exemption for individual, family floater & senior citizen policies + reinsurance.
GST FAQ HIGHLIGHTS
Transportation Services
Passenger Transport (road/rail): 5% GST (no ITC). Option: 18% with full ITC.
Air Travel: Economy – 5%; Others – 18% (no dual option).
Goods Transport by GTA: 5% (no ITC) OR 18% (with ITC).
Goods by CTO (Container Train Operator): Option of 5% (no ITC) or 18% (with ITC).
Multimodal Transport: 5% (restricted ITC) unless includes air; then 18% (with ITC).
Exemptions: GTA already exempt for essentials (agri produce, milk, etc.).
Job Work & Services
Pharma Job Work: 5% (from 12%).
Hides, Skins & Leather (Ch. 41): 5% (from 12%); excludes leather goods/footwear (Ch. 42/64).
Alcohol Job Work: 18% (no reduction).
Residuary Job Work: Raised from 12% → 18%.
Rationale: Lower rate (5% with ITC) maintains credit chain; full exemption would break ITC.
Oil & Gas
Works Contract Services (E&P offshore): 18%.
Hospitality & Wellness
Hotels (<₹7,500/day): 5% (no ITC).
Beauty & Well-being (salons, barbers, gyms, yoga, fitness, etc.): 5% (from 18%), no ITC.
Betting & Entertainment
Casinos, Betting, Gambling, Lottery, Online Gaming, Horse Racing: 40%.
Sporting Events:
IPL & similar leagues → 40%.
Recognized sporting events:
Tickets ≤ ₹500 → Exempt.
Tickets > ₹500 → 18%.
HIRANANDANI GROUP on GST Rationalisation
• Termed a festive bonanza for consumers & the economy
• Reforms to enhance purchasing power, stimulate consumption & contain inflation
• Multiplier effect expected to propel GDP growth beyond 8%
• Move boosts confidence in India’s growth trajectory amid global uncertainty
• Both industry & consumers to benefit from the progressive step
• GST cut on cement & steel to 18% from 28% seen as a landmark reform
• Affordable housing to gain as lower construction costs are passed on to homebuyers
METROPOLIS HEALTHCARE on GST Reform
• NATHEALTH welcomes GST cut on diagnostic kits, reagents & medical technology to 5% from 12%
• Reform aligns with NATHEALTH’s call for an enabling indirect tax framework in healthcare
• Move acknowledges the role of preventive health & medical technology in strengthening delivery
• Lower GST to ease costs & improve affordability of healthcare services
• Decision to boost access to quality care & support early disease detection
• Standardised GST rates to bring consistency across preventive, curative & rehabilitative care
NUVAMA on NEULAND LABORATORIES
• Initiates Coverage with BUY
• Target Price: ₹17,700
• Peptides to drive growth post-FY28E
• Unit III expansion key lever till FY28E
• Revenue to grow 1.8x FY25–28E; CMS share ~64%
• Pipeline & peptide facility to support growth beyond FY28E
• Growth pick-up expected from H2FY26E
• FY25–28E CAGR:
▪️ Revenue: 21%
▪️ EBITDA: 37%
▪️ PAT: 45%
• Valuations at 39x / 33x FY27E / FY28E EPS
MOSL on L&T FINANCE
• Maintains BUY rating
• Target Price: ₹260
• Co balancing growth & asset quality amid macro headwinds
• Benefits of Cyclops platform to be visible from 2HFY26
• Swift integration of Paul Merchants Finance gold loan business completed in 2 months
• Gold loan book: ~₹1,300 cr; targeting 300+ gold loan branches by FY26 via new ‘Sampoorna’ multi-product branches
• Loan growth CAGR: ~22% | PAT CAGR: ~25% (FY25–27E)
• RoA/RoE projection: 2.7% / ~14% by FY27E
• MOSL expects L&T Finance to emerge from MFI credit cycle and deliver sustained profitability & RoA expansion
NUVAMA on VENUS PIPES
• Maintains BUY rating
• Target Price: ₹2,260
i) Volume guidance upgraded to 25% (earlier 20%)
ii) New seamless plant utilisation targeted at 80–90%; welded pipes at 70–80%
iii) Overall utilisation to reach 80% on 42,000 MT capacity
iv) Order book: ₹5.6bn, with 60% inclined toward seamless pipes
v) Strong demand expected from power sector for next 3–5 years
vi) Seamless pipes & fittings capacities to be operational in H2FY26E
@beatthestreet10
NIFTY TO OPEN 265 PTS GAP UP AFTER GST BAZOOKA
Flexible office space provider Dev Accelerator announces IPO dates.
Dev Accelerator's expansion plans are ambitious, including a new centre in Surat and its first-ever international centre in Sydney, Australia, for which it has already signed Letters of Intent.
Dev Accelerator has shown healthy financial growth, with its revenue increasing to Rs 159 crore and profit after tax (PAT) rising multi-fold to Rs 1.8 crore between the financial years ending FY24 and FY25.
The company intends to use the net proceeds from the IPO to fuel its expansion. A significant portion of the funds will be used for capital expenditure for new centres and repaying certain borrowings.
https://share.google/r4mXhzSjslydCpq7A

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