News for Allcargo Logistics Limited (ALLCARGO.NS)

Allcargo provides services such as multimodal transport operations, container freight station operations, contract logistics and logistics parks.

The company said that the GPI will help offset the significant increase in its costs over the years, taking into consideration inflation, administrative costs related to regulatory and security measures, which will enable further investment in infrastructure and technological advancements.

Indian writer and philanthropist Rohini Nilekani, wife of Infosys Co-founder Nandan Nilekani, acquired a stake worth Rs 8.55 crore in Indian logistics company Allcargo Gati Ltd., through open market transactions on Thursday.

India's Sensex and Nifty50 dropped over 1,000 points and 293 points, respectively, amid US recession fears and weak jobs data. European and US markets also declined, signaling further volatility.

It is now to be seen if the upcoming IPO of Ecom Express could be pivotal in shaping the future of B2C ecommerce logistics

Trading strategies for overbought stocks: Minda Corp, Allcargo Logistics, Vijaya Diagnostic, CDSL and ICICI Lombard General Insurance are trading in overbought territory with a RSI reading of above 70

Vodafone and 26 other stocks are exiting the Nifty 500 index while Trent and Bharat Electronics joined the Nifty 50, from which LTI Mindtree and Divi's Laboratories exited. Effective from September 30, 2024, these changes will come into effected.

Investors are now focusing on the minutes of the latest Fed policy meeting and Fed Chair Powell's upcoming address later this week, seeking clues on the U.S. rate cut trajectory.

The NSE Nifty index closed 126.2 points up at 24698.85

The NSE Nifty index was trading 118.45 points up at 24691.1

Indian blue-chip equity indices closed marginally higher on Wednesday as broad-based profit booking offset gains in IT stocks. The NSE Nifty 50 ended 0.02% higher at 24,143 points, and the S&P BSE Sensex rose 0.19% to close at 79,105. The movement followed soft US producer price data, which signaled cooling inflation and offered little deviation from expectations for a September start to interest rate cuts.

Several major companies, such as Vodafone Idea, Hindustan Aeronautics (HAL), Mazagon Dock, Hero MotoCorp, IRFC, IRCTC, HUDCO, Apollo Hospitals, Samvardhana Motherson, GMR Airports Infrastructure, Nykaa, and Ola Electric, are set to release their June quarter earnings reports this week.

The underlying trend of Nifty continues to be positive. A sustainable move above 24000-24100 levels could pull Nifty towards another Fibonacci extension resistance of around 24380-24400 levels in the near term.

Shriram Finance, L&T, Maruti Suzuki, Bajaj Auto and Coal India Ltd were among the top losers on NSE.

The Nifty Pharma index was trading 0.08 per cent down at 19529.2.

The Nifty Realty index was trading 0.15 per cent down at 1097.8.

The Nifty IT index was trading 0.1 per cent down at 35370.35.

The Nifty index has broken through the 23,600 resistance level after consolidating for two weeks, setting a new record high. Analysts remain optimistic, with the next target set at 24,000.

Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty had slipped lower in early trades, but bulls were able to defend around the 55 EMA on the hourly chart. He indicated that the trend would remain positive for the short term as long as it remained above 23,300, where a buy-on-dips strategy might favor traders.