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Paddy procurement within the ongoing KMS 2020-21 is constant smoothly within the procuring states. Kharif's marketing season runs from October to September.

The Centre has procured a record 873.68 lakh tonnes of paddy thus far within the 2020-21 marketing year ending September for nearly Rs 1.65 lakh crore.

Paddy procurement has reached at an all-time high level, surpassing the previous high of 773.45 lakh tonnes in KMS (Kharif Marketing Season) 2019-20, a politician statement said.

"About 129.03 lakh farmers have already been benefited from the continued KMS procurement operations with MSP value of Rs 1,64,951.77 crore," it said.

Paddy procurement within the ongoing KMS 2020-21 is constant smoothly within the procuring states. Kharif's marketing season runs from October to September.

The Centre has purchased 873.68 lakh tonnes of paddy (including Kharif crop 707.69 lakh tonnes and Rabi crop 165.99 lakh tonnes) till August 23 against 763.01 lakh tonnes within the corresponding period of the previous year.

The food ministry said that the rabi marketing season (RMS) 2021-22 has concluded in wheat procuring states.

Till August 18, a record quantity of 433.44 lakh tonnes of wheat has been procured as against 389.93 lakh tonnes within the year-ago period.

"About 49.20 lakh farmers have already been benefited from the continued RMS procurement operations with MSP value of Rs 85,603.57 crore," the statement said.

The Rabi Marketing Season runs from April to March. However, the majority of wheat procurement is completed during the April-June period.

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Benchmark indices ended higher with Nifty above 16,600 led by the metal, pharma, banks, and power stocks.

At close, the Sensex was up 403.19 points or 0.73% at 55,958.98, and the Nifty was up 128.10 points or 0.78% at 16,624.60. About 2067 shares have advanced, 969 shares declined, and 122 shares are unchanged.

Bajaj Finserv, Adani Ports, Bajaj Finance, Tata Steel, and Hindalco Industries were the top Nifty gainers. Britannia Industries, HDFC, Infosys, Asian Paints, and Nestle were among the top losers.

BSE midcap and smallcap indices gained over 1 percent each. Among sectors, except IT and FMCG, all other sectoral indices ended in the green.

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Topic :- Time:3.00 PM

Nifty spot if holds above 16600 on closing basis then expect some good sharp upmove in coming session and if it closes below above mentioned level then some sluggish movement can follow in the market. Avoid open position for tomorrow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 4920. If it manages to trade and sustain above 4925 levels then expect some upmove in it and if it breaks and trade below 4900 level then some decline can follow in it.

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Topic :- Time:2.00 PM

Nifty is flying high and Reliance has also joined the race. Nifty spot if manages to trade and sustain above 16620 level then expect some quick upmove and if it breaks and trade below 16580 level then some decline can follow in the market.

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Topic :- Time:1.45 PM

Just In:

Home loans demand rise 26% in Jan-June.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 47493.If it breaks and trade below 47480 level then expect some further decline in GOLD and if it manages to trade and sustain above 47540 level then some upmove can be seen.

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Topic :- Time:1.20 PM

Bajaj Finserv gets SEBI approval for mutual fund business:

Financial services company Bajaj Finserv on Tuesday announced that the Indian market regulator Securities and Exchange Board of India (SEBI) has given its in-principal nod to the company for sponsoring a Mutual Fund. The company would also be setting an Asset Management Company (AMC).

Accordingly, the company would be setting up an Asset Management Company (AMC) and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws, Bajaj Finserv said in an exchange filing.

Shares of Bajaj Finserv were trading over 3% higher to ₹15,785 per share on the BSE in Tuesdays first half of the trading session. The stock has surged more than 75% this year (year-to-date) whereas its up over 140% in one year. Bajaj Finserv is focused on lending, asset management, wealth management and insurance services. 

The company was formed in 2007 as a result of its demerger from Bajaj Auto Limited to further the groups interest in financial services. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

Rahul Sharma, Co-Founder, Equity99 said, The company plans to offer all financial services and deliver seamlessly through an app-based platform. The business would leverage the digital platform to provide low-cost, high-value services, and the company is expected to benefit from synergies & its customer database.

For the quarter ending June 2021, Bajaj Finserv reported an over 31% decline in consolidated net profit at ₹833 crore. The company had reported a net profit of ₹1,215 crore in the same quarter of the preceding fiscal. The consolidated total income also plunged to ₹13,949 crore in Q1FY22 as against ₹14,192 crore in the year-ago quarter. 

The SEBI approval for the mutual fund business for Bajaj Finserv comes at a time when MFs have become a popular mode of investment with the industrys assets under management (AUM) surging to an all-time high of ₹35 lakh crore in July-end.

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Topic :- Time:1.00 PM

Nifty is rising and is waiting for Reliance Industries to take market further up. Nifty spot if manages to trade and sustain above 16580 level then expect some quick upmove in it and if it breaks and trade below 16540 level then some decline can follow in it. Once Reliance stock begins its wild run then nifty is likely to test 16600-16700 levels soon.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 706.80.If it breaks and trade below 706.00 level then expect some decline in it and if it manages to trade and sustain above 707.20 level then some upmove can follow in COPPER.

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Topic :- Time:12.10 PM

Just In:

Chemplast Sanmar shares list at Rs 525, a 3% discount to issue price.

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Topic :- Time:12.00 PM

Nifty is trading in range. Nifty spot if manages to trade and sustain above 16560 level then expect some quick upmove in the market and if it breaks and trade below 16520 level then some decline can follow in the market. Use all lows as an opportunity to go long in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex jumps 150 points; Metal, PSU Bank indices rally

2. Bajaj Finserv gets Sebi nod to set up mutual fund; stock hits new high

3. Tata Sons seeks shareholders nod to raise Rs 40,000 cr in debt

4. DLF 3.0: Realtor ventures into new territories after four decades

5. FM Sitharaman gives Infosys September 15 deadline to fix I-T portal snags

6. Skymet dilutes southwest monsoon forecast for 2021 to below-normal

7. US FDA grants full approval to Pfizer-BioNTech coronavirus vaccine

8. Zomato share price falls as lock-in period for anchor investors end

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Topic :- Time:11.00 AM

After positive start nifty is still going good. Nifty spot if manages to trade and sustain above 16560 level then expect it to rise further and if it breaks and trade below 16520 level then some decline can be seen in the market.

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Topic :- Stocks under F&O ban on NSE

1. Canara Bank

2. Vodafone Idea

3. NMDC

4. Sun TV Network

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Topic :- Stocks in News

Sical Logistics: The fifth meeting of the committee of creditors has been scheduled for August 25 through video conferencing.

Nandan Denim: Brickworks Ratings India has revised the outlook of the rating of long-term facilities of the company.

KPI Global: The company has successfully commissioned a new capacity of 5.44 MW (DC) in its existing solar power plant at Village-Sudi & Tancha, Ta-Amod, District- Bharuch.

Atul Auto: Credit rating agency CRISIL has assigned CRISIL A-/ Stable (downgraded from CRISIL A/Stable) to long-term bank facilities and CRISIL A2+ (downgraded from CRISIL Al) to short term bank facilities of the company.

Sanghvi Movers: ICRA upgraded the long-term rating to ICRA A from ICRA A- and also upgraded the short-term rating to ICRA A1 from ICRA A2-.

Eicher Motors: Siddhartha Lal has been reappointed as managing director of the company with effect from May 1, 2021.

NR Agarwal Industries: Production at Unit 2 (writing and printing) of the company has been temporarily shut down due to the lack of market orders.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 24 Aug, 2021:

Stock specific action is expected in the market. Global cues will play critical role.

Nifty spot if manages to trade and sustain above 16560 level then expect some upmove in the market and if it breaks and trade below 16440 level then some decline can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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The minutes of the August meeting was of particular interest due to Professor Varma's 'dissent', the second in one year. “We expect VRRRs to be gradually increased further, either on tenor or amounts, to normalise liquidity skewness,” says Madhavi Arora, Lead Economist, Emkay Global Institutional Equities desk.

The August minutes of the Federal Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) of the met on August 4, 5 and 6 were more hawkish than the policy itself. The MPC determines the policy rate of interest required to realize the inflation target.

The dissenters, Professor Varma and Dr Saggar and Dr Goyal, made a case for the co-existence of (liquidity/policy) normalisation and an accommodative stance.

The other takeaway was that the expansion narrative was largely similar across the board, with members agreeing on the necessity for durable growth, though some split emerged on the persistence of inflation risks. We see FY22 inflation 30-35bps less than what the RBI had projected.

Do not see reverse repo rate hike

The October MPC may even see more active debate on definition/pace/mode of accommodation. We expect variable reverse repo rates (VRRRs) to be gradually increased further, either on tenor or amounts. We don't see a reverse repo rate hike this year and see the RBI maintaining its preference for curve flattening.

The dissenters argued for a more judicious forward guidance.

The minutes of the August meeting was of particular interest due to Professor Varma's 'dissent', the second in one year. The unease of Professor Varma arose from his assessment that:

(1) COVID is pervasive and yet impacting only a pocket of the economy. But a generic accommodative monetary policy can’t be targeted (unlike fiscal) and thus it's largely fuelling asset inflation. Forward guidance and monetary stance are getting counter-productive and can only increase inflation risk premium also as term premium.

(2) MPC's inflation target is 4 per cent, not 5 per cent, not 6 per cent. The tolerance band is to permit for estimation errors and using this flexibility overly will only cause inflation-targeting failures later (reminds us of Dr Patra’s narrative during former Governor Urjit Patel's days).

(3) Disagreement with the extent of the reverse repo rate, though it doesn't fall into the MPC’s purview. He argued that a much-needed phased normalisation of the corridor would increase the MPC’s ability to stay the repo rate at 4 per cent for a extended period.

Interestingly, the opposite silent noises seen within the June minutes made their way again. Dr Saggar, while emphasising the necessity for durable growth and policy accommodation, admitted that the danger of policy errors on either side remains, given the massive uncertainty on growth and inflation also as policy trade-offs.

He thus made a case for policy agility, should the necessity arise. He later involved the necessity to avoid inflation risks when credit demand improves – swiftly making a case for non-disruptive gradual unwinding “when the time comes” – lest making markets complacent of flush liquidity.

We even had the standard dove, Dr Goyal, using the word ‘normalisation’, whenever it starts – extending the argument that other (liquidity) normalisation can start even in an accommodative stance.

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The inflation transience continues but risks remain

The overall inflation and growth narrative was largely an equivalent because the August policy. But there have been mentions about the risks of inflation (and inflationary expectations) becoming more persistent from the so-called transient supply shocks and margin increases.

Case against higher administered fuel prices

The case against higher administered fuel prices was again stressed by a couple of members. whilst growth remains sub-par, Dr Patra noted that core inflation may stay sticky, given the COVID-related margin increases and tax hikes, even when some supply-side mismatches were easing.

The growth narrative was largely similar across the board, stressing on need for durability of recovery. Even the dissenter, Prof. Varma, agreed for a repo rate at 4 per cent on the rear of sub-par growth, albeit arguing (along with Prof Goyal) that policy accommodation and liquidity normalisation can co-exist.

Governor Shaktikanta Das, on the opposite hand, argued that the risk- reward still favours maintaining congenial financial conditions and monetary boosters.

Emerging differences may have implications for the October MPC.

While the predominant view remains the necessity to support recovery, the (dis)comfort with inflation dynamics is certainly dividing the MPC members.

The overall tone of the minutes is slightly more hawkish than the policy itself, but we still think state-based actions and guidance will lead the show within the end. We see inflation to be lower in FY22 (Emkay: 5.35 per cent; RBI: 5.7 per cent), which could give the RBI more room to manage expectations.

Interestingly, the core RBI MPC on net seems more convinced that normalising policy early would be an error – as was also seen within the recent bulletin authored by Dr Patra. It also argued the limited role of monetary policy to influence supply-driven inflation and therefore the more involved role of economic policy within the same.

The August minutes do little to vary our view that the improved VRRRs to mop up liquidity aren't to be seen as a reversal of policy stance but simply the normalization of liquidity skewness. We expect VRRRs to be gradually increased further, either on tenor or amounts, to normalize liquidity skewness. We don't see a reverse repo hike this civil year . We reckon the RBI will still strive to repair the artificially skewed yield curve and maintain its preference for curve flattening.

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"India has received the very best ever FDI inflow in 2020-21. It surged by 10 per cent to USD 81.72 billion and FDI during May 2021 is USD 12.1 billion, i.e. 203 per cent above May 2020," he said while addressing a gathering of various industry associations on promoting exports

Foreign direct investments into the country is on the increase , jumping to USD 12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said.

He also said the govt is functioning on a mission mode to realize an exports target of USD 400 billion in 2021-22.

"India has received the very best ever FDI inflow in 2020-21. It surged by 10 per cent to USD 81.72 billion and FDI during May 2021 is USD 12.1 billion, i.e. 203 per cent above May 2020," he said while addressing a gathering of various industry associations on promoting exports.

He said that exports are recording healthy growth and through August 1-14, the outbound shipments grew 71 per cent over 2020-21 and 23 per cent over 2019-20.

According to the minister, India's average applied import tariff (duty) has dropped to fifteen percent in 2020 from 17.6 per cent in 2019, and therefore the country's applied tariffs are way below the bound rate of fifty .8 percent (permissible limit under the planet Trade Organization).

Talking about employment, he said quite 54,000 startups were providing about 5.5 lakh jobs and over 20 lakh jobs are going to be created by 50,000 new startups within the next five years.

"It is time for our industry to expand our capacity, capability and commitment to develop resilient global supply chains," he said, adding that the Centre expects that the Indian industry should suggest areas for intervention through research, handholding of exporters/ manufacturers, and deeper engagement with states and Missions.

During the meeting, industry suggested steps like increasing export competitiveness, addressing logistic problems, active role of states in building capacity of exporters and developing international markets for Indian products.

They also suggested the inclusion of pharma and chemicals under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.

Industry body PHDCCI's President Sanjay Aggarwal said these sectors are essential to realize the target of USD 400 billion exports and "it is therefore requested to think about these sectors in RoDTEP scheme".

"The government has budgeted only Rs 17,000 crore for a scheme that's alleged to reimburse embedded levies paid on inputs consumed in exports in FY'22. it's far but the government's initial estimate of Rs 50,000 crore annually . The allow the RoDTEP scheme, including all tariff lines, got to be increased," he said.

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The MPC has been following a pattern, largely supporting growth (remaining on an accommodative stance), and ignoring near-term inflation spike. Jayanth Varma, one of the MPC members, has been the lone voice questioning this stance

The Monetary Policy Committee (MPC) retained the key rates within the August round of the review and continued with the so-called accommodative stance. An accommodative stance is interpreted as a policy stance that is essentially tilted towards a rate cut or a standing quo.

A rate hike is ruled out during this phase. The MPC has consistently maintained, since the beginning of the COVID-19 pandemic, that growth revival is of utmost priority and inflation spike is transitory. Hence, a majority of members have voted for the continuation of the accommodative stance.

Ever since the MPC came into existence in 2016, the interest rate-setting process has ceased to be a one-man show. Earlier, the Federal Reserve Bank of India (RBI) Governor had the last word on the policy decision. This changed significantly with the MPC formation including external experts.

In some sense, the RBI became only a celebration of the rate-setting panel of six members. The discussions during the policy meets became broader in nature. There has been some eye-opening questions and a few major dissent notes within the MPC over time about the very fundamental nature of the policy stance and forward guidance, etc.

In the August monetary policy review, too, there are important questions being raised by one among the members, Jayanth Varma, which is formed public through the policy minutes released on August 20 that require a better look.

Here are the main points raised by Varma, explained during a simpler language:

One, COVID is here to remain, despite the high level of vaccinations, a minimum of for subsequent 3-5 years because the experience in other countries indicate. and therefore the monetary policy's ability to deal with this pandemic is restricted . “The ability of the monetary policy to mitigate a person's tragedy of this nature is extremely limited as compared to its ability to contain a depression,” Varma said. He asks: how long can the monetary policy remain accommodative?

Two, the pandemic has impacted the economically weaker sections during a bigger way, compared to the affluent segments who have weathered it reasonably well. Here again, the power of the monetary policy to deal with this impact on the worst-affected segments is far less, compared with the economic policy .

Instead, a protracted accommodative stance could stimulate asset price inflation, Varma says. In other words, the MPC member asks if it's worth continuing the straightforward money stance for a extended period when there's no clarity of the character of this crisis and therefore the monetary policy ability is restricted to figure against COVID? What about the resultant high inflation?

Third, the particular inflation target of the MPC is 4 percent. After averaging above 6 percent in 2020-21, inflation is forecast to be above 5 percent in 2021-22, and it's not expected to drop below 5 percent even within the half-moon of 2022-23, consistent with RBI projections. Treating 5 percent because the target would significantly increase the danger of inflation-targeting failures. The question Varma asks here is what should be the particular target of the inflation, compared to the first mandate, considering the risks of high prices on economically weaker sections. 

Is MPC concerned about inflation?

Varma points out that the first aim of the MPC should be to take care of macroeconomic stability. By creating the erroneous perception that the MPC is not any longer concerned about inflation and it's focused exclusively on growth, the MPC could also be inadvertently aggravating the danger that inflationary expectations are going to be disanchored, he asks.

Varma argues that easy money today could lead on to high interest rates tomorrow. On the opposite hand, by demonstrating its commitment to the inflation target with tangible action, the MPC are going to be ready to anchor expectations, reduce risk premia, and sustain lower long-term interest rates for extended , thereby aiding the economic recovery. Citing this, Varma voted against the accommodative stance.

What are the key takeaways from these points from Varma's notes? the power of the monetary policy to counter the COVID impact on economically weaker sections is restricted, compared with a stronger fiscal response. Also, as long as COVID may still stay for a longer-than-expected timeframe, there's no clear logic in staying within the easy money stance. Not only may such a stance fail to possess the specified impact, but the shortage of attention to the inflation problem might also be risky within the long run.

Already, there are questions on the MPC’s consistent accommodative stance while simultaneously upping the retail inflation target (5.7 percent now in FY22 Vs 5.1 percent earlier). High prices are hurting the poorer sections most severely. Hence, the RBI can not ignore the inflation problem. during this backdrop, Varma has raised some pertinent questions which require to be deliberated well.

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India is the world’s biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports.

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Currently estimated at USD 4 billion, the value e-commerce market -- is expected to see rapid growth and reach USD 20 billion by 2026, and USD 40 billion by 2030, it said.

The value e-commerce market in India is predicted to touch USD 40 billion by 2030, up from USD 4 billion in 2019, driven by a rapid increase in internet user base and as more people embrace online shopping, a report by Kearney said.

The expanding digital footprint in tier III and IV areas also as in rural India, alongside the aspirational needs of those consumers and their changing attitudes towards online buying present a huge opportunity, as per the report titled, ''Value e-commerce: a subsequent big leap in India''s retail market''.

Currently estimated at USD 4 billion, the worth e-commerce market -- is predicted to ascertain rapid climb and reach USD 20 billion by 2026, and USD 40 billion by 2030, it said.

Meanwhile, the worth lifestyle retail market is predicted to grow from USD 90 billion in 2019, to USD 156 billion by 2026, and touch USD 215 billion by 2030, it added.

This includes categories like apparel, footwear, fashion accessories, cosmetics, small appliances, and residential and living.

"As retail in India bounces back from COVID, the growing number of value-conscious internet buyers is reshaping India''s e-commerce landscape. This value segment is pegged to grow rapidly and emerge as a USD 215 billion-plus market by 2030," Kearney Partner Siddharth Jain said.

He added that while only 4 per cent of this demand is today served by online channels, this may rise to 19 per cent by 2030 creating a USD 40 billion marketplace for value e-commerce in India.

"We expect the amount of internet users in India to surpass 1,100 million people by 2026 - and a 3rd of those are going to be active online buyers. We believe that the requirements useful lifestyle consumers will increasingly be met by differentiated business models and online channels," it added.

Currently, about 70 per cent of lifestyle retail demand comes from the worth lifestyle segment. This segment is dominated by unorganised general trade (nearly 80 per cent share) and modern trade is at 16 per cent, while e-commerce features a low penetration at 4 per cent.

By 2030, unorganised general trade is forecast to account for about 57 per cent share, modern trade 24 per cent, and e-commerce at 19 per cent.

The report acknowledged that nearly all value lifestyle consumers spend tons of your time finding and evaluating products before they buy them due to their strict budgets.

Also, value lifestyle consumers scout for the simplest deals, often purchasing products with the most important discount or markdown, which may be an enormous factor once they do plan to make a sale , it said.

The report said value lifestyle consumers tend to possess less brand loyalty and are focused on getting the simplest quality in their preferred price range. they will be highly influenced by friends, family, and social media.

The report provided an summary of the efforts being made by various e-commerce companies in India like Snapdeal and Lenskart to align themselves to the requirements of the value-conscious segment.

In the case study on Snapdeal, the report highlighted how the corporate has reinvented its positioning within the e-commerce space by focusing entirely on value lifestyle e-commerce.

The report also noted the efforts of recent format value retailers like V-Mart to expand their e-commerce channels.

"Value lifestyle retail is pegged to grow to USD 215 billion markets, driven by India-2 (mainly mid to low income in tier II towns) – their online purchase behavior is about to extend the worth e-commerce market...

"Online players that craft a pointy value proposition around relevance, convenience, and trust, focused on needs of India-2 will emerge strong contenders to capture this USD 40 billion markets," Kearney Partner Karan Dhall said.

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Spot gold inched 0.1% lower to $1,749.62 per ounce by 0329 GMT, having recorded it biggest one-day percentage gain since May 6 on Wednesday. U.S. gold futures were down 0.1% at $1,751.00.

Gold prices steadied on Thursday after rising quite 1% within the previous session, as worries of an early tapering in economic support eased after data showed U.S. consumer price inflation cooled in July.

Spot gold inched 0.1% lower to $1,749.62 per ounce by 0329 GMT, having recorded its biggest one-day percentage gain since May 6 on Wednesday. U.S. gold futures were down 0.1% at $1,751.00.

U.S. consumer price increases slowed in July, data showed on Wednesday, although they remained at a 13-year high on a yearly basis, underpinning the Federal Reserve’s argument that inflationary pressures are likely to be transitory.

”There may be a slightly lower risk that the Fed will need to tighten policy aggressively to cap potentially runaway inflation,” said Kyle Rhoda, an analyst at IG Market.

However, the downward trend in gold is probably going to persist, Rhoda added.

Meanwhile, a growing number of U.S. financial institution officials are discussing how and once they should begin to trim the huge pandemic-era asset purchases.

The Fed has made labor market recovery a condition for phasing out its asset purchase program and raising interest rates.

While gold is viewed as a hedge against higher inflation, it's sensitive to rising U.S. interest rates, which increase the chance cost of holding non-yielding bullion while boosting the dollar.

”It is perfectly possible that gold has heavily factored in tapering as inevitable. What could also be a negative going forward could be a fast-paced tapering,” James Steel, chief precious metals analyst at HSBC wrote during a note.

”Gold is probably going to carry or build a base to travel modestly higher,” Steel added.

The dollar index, meanwhile, was flat and hovered below a quite four-month high hit on Wednesday.

Silver fell 0.5% to $23.40 per ounce. Platinum eased 0.2%, to $1,014.99 and palladium was down 0.1% to $2,633.19.

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Democratic House Speaker Nancy Pelosi has said repeatedly that her chamber will not take up either bill until she has both in hand, meaning that months of work remain before Tuesday's measure would go to Biden's desk to be signed into law.

The United States Senate on Tuesday passed a $1 trillion infrastructure package that's a top priority for US President Joe Biden, a bipartisan victory for the White House that would provide the nation's biggest investment in decades in roads, bridges, airports, and waterways.

The vote was 69-30 within the 100-seat chamber, with 19 Republicans voting yes. Immediately the vote concluded, Senators began voting on a follow-up $3.5 trillion spending package that Democrats decide to pass without Republican votes.

Polls show that the drive to upgrade America's infrastructure, hammered out by a bipartisan group of senators over months of negotiations, is broadly fashionable for the general public.

The bill still has got to attend the House of Representatives and therefore the spirit of cooperation in Congress that led to Tuesday's vote will likely prove fleeting.

Senate legislator Chuck Schumer expects also to possess the votes to pass the budget resolution laying the groundwork for $3.5 trillion to be spent on healthcare, global climate change, and other Biden priorities that Democrats will almost certainly need to skip Republican objections during a maneuver referred to as "budget reconciliation."

"When the Senate is run with an open hand instead of a closed fist senators can accomplish big things," Schumer said shortly before the voting began.

Once that resolution is adopted, Democrats will begin crafting the reconciliation package for a vote on passage after they return from their summer break in September.

Democratic House Speaker Nancy Pelosi has said repeatedly that her chamber won't take up either bill until she has both in hand, meaning that months of labor remain before Tuesday's measure would attend Biden's desk to be signed into law.

The non-partisan Congressional Budget Office on Thursday said the infrastructure bill would increase federal budget deficits by $256 billion over 10 years -- an assessment rejected by negotiators who said the CBO was undercounting what proportion of revenue it might generate.

After working for 2 consecutive weekends on the infrastructure bill, a "vote-a-Rama" session that would run late into the evening is going to be the future for the Senate.

Senate legislator Mitch McConnell, who voted for the infrastructure bill, signaled that Republicans would attempt to use the voting sessions to select off support from moderate Democrats for what he called a "radical" larger spending package that might create a permanent state and inaugurate the most important peacetime tax-increase in US history.

"Every single senator is going to be happening record over and over and over," McConnell added. "We will debate, and that we will vote, and that we will get up, and that we are going to be counted, and therefore the people of this country will know exactly which senators fought for them."

The budget plan would offer various Senate committees with top-line spending levels for a good range of federal initiatives, including helping the elderly get home healthcare and more families afford infancy education.

It also would offer tuition-free junior college and foster major investments in programs to significantly reduce carbon emissions blamed for global climate change.

Later, Senate committees would need to fill within the details for many federal programs.

The budget blueprint was formally unveiled on Monday, an equivalent day a U.N. climate panel warned that heating was reaching emergency levels, or what U.N. Secretary-General Antonio Guterres described as a "code red for humanity."

Senate passage of the infrastructure bill and therefore the budget plan would clear the way for it to start a month-long summer break.

When Congress returns in September, it'll not only debate the massive investment measures but need to fund government activities for the financial year beginning on Oct. 1, increase Washington's borrowing authority and possibly attempt to pass a voting reform bill.

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The index has to hold above 16,250 zones to witness an up move towards 16,400 and then 16,500 zones, while on the downside support is seen at 16,150 and 16,000 levels, suggest experts.

The 

Indian stock exchange bounced back sharply after briefly turning red on August 10, supported by a rally in telecom, IT, and banking stocks. The Nifty50 closed above 16,250 while the S&P BSE Sensex saw a rally of quite 150 points.

The Nifty50 hit a record high of 16,359 while the S&P BSE Sensex recorded a high of 54,779 in trade today.

Let’s check out the ultimate tally on D-Street – the S&P BSE Sensex rose 151 points to 54,554 while the Nifty50 rose 21 points to shut at 16,280.

Sectorally, buying was seen in telecom, IT, also as banks while selling pressure was seen in metals, public sector, realty, and utilities.

"What started as a sell-off in metal stocks dramatically triggered a sell-off within the small-cap Index after rallying for several months. The Midcap Index and therefore the PSU banks too were also not spared as both investors and traders booked profits,” S Ranganathan, Head of Research at LKP Securities, said.

“The index at close quite honestly wasn't reflective of the market mood because the breadth was very weak,” he said.

On the broader markets front – the S&P BSE Midcap index fell 0.8 percent, and therefore the S&P BSE Small-cap index fell by quite 2 percent – underperforming the benchmark indices.

India VIX moved up by 0.83 percent from 12.60 to 12.70 levels. Overall, lower volatility indicates that bulls are holding the command and declines are being bought.

On the front of the choice, the utmost Put OI is placed at 15,000 followed by 16,000 strikes while maximum Call OI is seen at 16,500 followed by 16,300 strikes.

Options data suggests a broader trading home in between 16,000 and 16,500 zones while an instantaneous trading range is between 16,150 and 16,400 zones.

Here’s what experts suggest investors should do on August 10:

Chandan Taparia, vice chairman | Analyst-Derivatives, Motilal Oswal Financial ServicesThe last half of the session witnessed a pointy decline to 16,200 followed by a recovery of 80 points within the last hour. It formed a Doji kind of candle on a daily scale because it closed flat almost its opening levels.

Now, the index has got to hold above 16,250 zones to witness an up move towards 16,400 then 16,500 zones while on the downside support is seen at 16,150 and 16,000 levels.

Palak Kothari, Research Associate at Choice Broking

Technically, the Nifty index has been trading during a range and hasn’t broken its previous day low and sustained above an equivalent one, which indicates bullish strength within the counter.

Furthermore, the Index has taken support from 50-HMA, which supports upside movement within the counter. A momentum indicator RSI & MACD is showing positive strength and Stochastic is additionally with positive crossover on the daily chart, which indicates an extra bullish move.

At present, the Nifty index has an instantaneous resistance at 16,360 levels while downside support shifted up to 16,150 levels.

Rohit Single, Senior Technical Analyst at LKP Securities.

After a robust volatile session, the index managed to shut the day on a positive note at 16,280 and formed a Doji candle pattern on the daily chart for the second consecutive day which signals indecision within the markets.

The Nifty again respected the support zone of 16,200 needless to say , and that we witnessed an honest pull-back from an equivalent level which hints until holding above 16200 zone.

The index may even see some extension within the existing consolidation zone of 16,200-16,350 zone and either side breakout will decide the ultimate direction move.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The markets climbed well above the 16,300 marks and seemed all poised to shut above it too. However, there was a pointy and nervous sell-off mid-day which brought the index on the brink of 16,200.

We recovered well but didn't close above the 16,300 levels. Once we are successful in doing so, we'll witness a rally to 16,600 because the next target is for the Nifty.