Shivani Nyati, Head of Wealth at Swastika Investmart

ESDS Software Solution Ltd. listed at Rs 757 on the NSE, a 76% premium to its Rs 429 issue price - surpassing even the bullish expectations behind our "Subscribe" rating, which was based on sharp margin expansion, near-9x PAT growth, and strong customer stickiness. As our report noted, rising demand for cloud computing, data-centre infrastructure, cybersecurity and digitalisation in India provides a favourable structural growth opportunity for ESDS over the long term - supporting a constructive medium-to-long-term view even after this listing pop. That said, given the scale of the listing-day gain, some near-term profit-taking is likely as valuations have run ahead of fundamentals. Existing allottees may consider booking partial profits at current levels and maintaining a stop loss around Rs 650-680 on the remaining holding. Investors without allotment would be better served awaiting a pullback toward Rs 600-650 before evaluating a fresh entry.

Priority Jewels Ltd. listed at Rs 230 on the NSE, a modest 15% premium to its Rs 200 issue price, broadly in line with our "Neutral" rating. As stated in our report, with a Neutral view we see limited scope for a compelling long-term value story unless RoNW improves toward peer levels and customer concentration declines post-listing - a view that continues to hold post-listing. With most of the anticipated listing gain already realised and no clear re-rating trigger, near-term upside appears limited. Allottees seeking listing gains may consider booking profits, while those continuing to hold could place a stop loss near the Rs 200 issue price to limit downside risk. Fresh accumulation is not recommended at this stage.

In summary, ESDS retains a favourable long-term structural case per our Subscribe rating, warranting partial profit-booking with a trailing stop loss to protect listing gains. Priority Jewels remains a Neutral, capital-protection-oriented case near the issue price given the unresolved concerns flagged in our report. This assessment is based on listing-day data and our house view; it does not constitute investment advice, and investors are advised to consult their financial advisor before taking action.

Aries Agro Limited, a leading player in micronutrients and specialty plant nutrition, is strengthening its Corporate Social Responsibility (CSR) efforts in 2026 through two technology-led social impact initiatives focused on Education and Healthcare & Assistive Technology. The programmes are designed to address critical gaps in rural digital access, gender equity in education, and access to advanced assistive technologies for persons with disabilities (PwDs).
 

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Vikram Subburaj, CEO, Giottus.com

Bitcoin's return above $80,000 on September 4 is important because it places the market within 3% of the level that could define its next phase. BTC was at $80,718 at 8.35 am IST. The asset was up 3.72% over 24 hours after trading between $77,083 and $82,262. The rebound from $77,000 on September 3 shows how quickly sentiment can turn when interest-rate expectations change. The probability of a US rate increase in September fell to about 50% after Federal Reserve Governor Christopher Waller indicated that he could support leaving rates unchanged. The probability had stood above 63% only 1 day earlier.

Yet $80,000 is not the level that will settle the argument over Bitcoin's direction. The immediate resistance lies between $82,260 and $82,800. Beyond that is a much heavier supply band between $83,000 and $86,000. A sustained close above roughly $83,300 would indicate that the market has absorbed coins held by investors who bought near earlier highs.

The ETF data explain why the recovery deserves attention despite this resistance. US spot-Bitcoin ETFs recorded 9 consecutive inflow sessions between August 17 and August 27. Those sessions brought in about $3.04 billion. The streak showed that the rise from below $65,000 was supported by institutional capital and was not sustained by leveraged traders alone.

Demand became less consistent after August 27. The ETFs lost $201.9 million on August 28 before receiving $216.7 million on August 31. A $236.5 million outflow followed on September 1. Inflows then returned with $101.1 million on September 2 and a provisional $276.8 million on September 3.

The September 1-3 period still produced a net inflow of about $141.4 million. The wider August 17-September 3 period attracted approximately $3.20 billion. Institutional investors have therefore not abandoned the recovery. However, the daily reversals show that they are becoming more sensitive to price and macroeconomic risk.

The on-chain picture carries a similar message. Glassnode estimated that 68% of Bitcoin supply was in profit when the price returned to around $78,000 in late August. Only 65% of supply had been profitable when Bitcoin traded at a similar level in May. The additional 3 percentage points represent coins that can now be sold without a loss.

The macro calendar could decide whether these sellers gain control. The September 4 US employment report is expected to show around 56,000 new jobs in August. A materially stronger figure could push Treasury yields higher and revive expectations of another rate increase. A weaker number could improve the case for the Federal Reserve to retain its present 3.50%-3.75% range. US producer inflation is due on September 10 and consumer inflation follows on September 11. The Federal Reserve will then meet on September 15-16. These 3 events could matter more to Bitcoin than any crypto-specific announcement, as the current rally has become closely tied to yields and US liquidity.

The broader market was positive on September 4. Ethereum rose 3.96% to about $2,501. BNB gained 4.17% to $722.91. XRP led the large-cap group with a 5.49% rise to $1.44, while Solana advanced 2.69% to $103.65 and TRON added 1.37% to $0.3296. These gains show that confidence is extending beyond Bitcoin, but the market has not yet entered an indiscriminate altcoin rally. XRP's 5.49% gain exceeded Bitcoin's 3.72% rise, while Solana's 2.69% return lagged it. The variation suggests that investors are still choosing liquid assets individually instead of buying the entire market without distinction.

Our advice: Bitcoin now has a clear decision range. A sustained move beyond $83,000-$86,000 would support a later advance towards $90,000. A failure to hold $79,500-$80,000 would bring $77,000 back into focus. Investors should not interpret the 24% August recovery as a reason to chase Bitcoin with high leverage near $83,000. The stronger approach is to watch whether ETF inflows continue after September 4 and whether BTC can close above $83,300. The next 12 days contain the US jobs report, 2 inflation releases and the September 16 Federal Reserve decision, leaving little room for careless positioning.

Gaurav Udani - Founder, ThinCredBlu Securities 

"Nifty is expected to open around 23,900, up by 23 points, indicating a mildly positive start. After the recent volatility, the market continues to remain range-bound, and sustaining above 23,900 will be important for the bulls. Immediate resistance is seen around 24,100-24,200, while 23,700-23,800 will act as key support. A sustained move above 24,200 can improve the momentum and open the way towards higher levels, while a break below 23,700 can bring back selling pressure. Traders should avoid aggressive positions at the open and look for confirmation before taking directional trades. Overall, the bias remains cautiously positive as long as Nifty holds above 23,800, with a buy-on-dips approach preferable."

Prateek Gupta, Head of Business, Mudrex

Bitcoin has rallied from around $77,200 to above $81,000 after Fed Governor Christopher Waller signaled support for holding rates at the upcoming FOMC meeting if inflation continues to ease. The shift pushed September rate-hike expectations down 12 percentage points to 54.6% and weakened the dollar, improving the appetite for risk assets. Bitcoin is also showing a stronger link with gold, with its correlation at the highest level since 2020. However, unusually extreme fund flows for six consecutive days could be a warning sign for prices. BTC now needs to break the $83,000 resistance, while support has moved up to $78,000.

Balaji Srihari, VP - Business, India, CoinSwitch

BTC climbed above $81K, supported by U.S. spot ETF inflows and Strategy returning to the market as a buyer. The broader trend remains positive, with BTC trading above its key moving averages. However, momentum is starting to look stretched, as daily RSI has moved above 73, while the hourly RSI is above 80, signalling overbought conditions. A short-term consolidation or pullback would therefore be healthy. $80K remains the key support zone, while a decisive move above $83K could open the door for further upside. 

Capri Global Capital Limited, one of the leading Non-banking financial companies, has successfully completed its first-ever US Dollar bond issuance, raising US$ 300 million through Senior Secured Notes maturing in 2029.

The transaction was managed by a consortium of global banks comprising Barclays, Citi, Deutsche Bank, Emirates NBD and UBS. Bonds were priced at a coupon of 7.55% per annum. The issue was oversubscribed by over 2.3x with an order book exceeding US$ 700 million, across 64 high-quality accounts and the issue saw one of the highest allocations to global real money investors.
 

Riya Sehgal, Research Analyst, Delta Exchange

"Bitcoin and the broader crypto market staged a sharp recovery, with total market capitalisation rising 3.9% to around $2.72 trillion as major digital assets moved higher.
Bitcoin climbed more than 4% to around $81,000 after briefly testing $82,000, while Ethereum gained 4.5%. BNB, Solana and XRP also advanced, with XRP among the strongest major tokens, rising nearly 6%. The broad-based gains suggest the move extended well beyond Bitcoin and Ethereum.
The rally followed comments from Federal Reserve Governor Christopher Waller indicating that a September rate hike may not be necessary if inflation continues to moderate. The remarks eased some concerns over US monetary policy and supported a broader risk-on move across financial markets.
Leverage appears to have amplified the rally. Around $691 million in crypto positions were liquidated over the latest 24-hour period, a 166% increase from the previous day. The sharp rise in liquidations alongside higher prices suggests forced short covering contributed significantly to the move, adding buying pressure as bearish positions were closed.
Market sentiment has also strengthened, with the Crypto Fear & Greed Index reaching 78, firmly in greed territory.
Bitcoin now faces resistance around $82,000-$84,000. A pullback toward $78,000-$78,900 could provide a test of the breakout, while US employment data could determine whether the recovery extends or loses momentum."

Avinash Shekhar, Co-Founder & CEO, Pi42

"The crypto market has staged a strong rebound, with Bitcoin reclaiming the $80,000 mark and trading around $81,000, while Ethereum has moved above $2,500 and XRP has gained nearly 6% to around $1.43. The broad-based recovery suggests buying interest has returned across major assets, supported in part by easing expectations of a September Fed rate hike. XRP's relative outperformance is particularly notable as momentum extends beyond Bitcoin into large-cap altcoins.

The next few sessions will be important in determining whether this recovery can sustain. Investors should avoid chasing sharp intraday moves and instead consider staggered entries while watching whether Bitcoin can establish itself firmly above $80,000 and Ethereum holds the $2,500 zone. Upcoming US employment data could also influence expectations around the Federal Reserve and therefore remain an important trigger for crypto markets."

The Thesis
Private banks and real estate led Thursday's session as the rupee touched a two-month high at 94.28, driven by FCNR inflows and soft US labour data. FII rotation into rate-sensitive names signals the domestic rate-cut window is reopening. Today's August payrolls print is the next verdict on that thesis.

Where We're Concentrated
The basket concentrates in rate-sensitive financials - PSU banks, private lenders, NBFCs - alongside premium real estate at peak conviction. Both move on one input: if the Fed turns dovish and rupee stability holds, NIM compression eases while home-loan demand reignites. A secondary commodity hedge in thermal coal and steel guards against Middle East supply disruption. What breaks it: an NFP beat that reloads dollar strength and reverses FII flows.

Conviction Picks
Highest Conviction
Godrej Properties Ltd.
Rupee at two-month high and FII inflows reshaping home-loan demand; soft payrolls today keep the rate-cut thesis intact.
Union Bank of India
PSU credit growth returns to focus as rupee stability reduces imported inflation and opens the rate-cut path.
Axis Bank Ltd.
Private bank margins benefit as overnight risk-on and FII rotation favour India's best-capitalised lenders.
Phoenix Mills Ltd.
Premium retail real estate anchored to urban discretionary spend; easing rates ahead support footfall-linked rental yields.
Coal India Ltd.
Thermal energy procurement locked ahead of winter; government offtake shields volume as Brent hovers near elevated levels.
One Thing to Watch
US August payrolls at 8:30 am ET Consensus is 53K after two months near zero; a miss keeps the rupee bid alive and validates the rate-sensitive positioning; a beat reloads dollar strength and tests the FII inflow story.

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Rajesh Palviya, Head of Research, Axis Direct

The Nifty 50 closed 41 points, or 0.17%, lower at 23,873.45, as profit-booking across IT, auto, FMCG and pharma outweighed gains in realty and financials. Bank Nifty rose 0.36%, while the Realty index outperformed with a 2.58% gain. Global cues, however, turned supportive as Wall Street rallied sharply overnight after softer Treasury yields and dovish Fed commentary raised hopes that further rate hikes may not be warranted if inflation continues to ease. The S&P 500 gained 1.1%, the Dow surged 620 points and the Nasdaq advanced 1.40%, led by financials and AI-linked technology stocks.

Asian markets are trading mixed, with the Nikkei 225 up around 0.7%, the Kospi holding firm while the Hang Seng trades marginally lower. Brent crude remains elevated near $96 a barrel amid persistent Middle East tensions, keeping pressure on India's import bill, although a softer dollar provides some relief. Gold extended its rally beyond $4,549 an ounce. GIFT Nifty is trading around 120 points higher, signalling a gap-up opening for domestic equities.

Technically, the Nifty's near-term bias remains constructive above 23,800. A sustained move above 24,000 could pave the way for 24,250, while a break below 23,800 may trigger a move towards 23,650. Any moderation in crude prices could further support the market's recovery and improve overall sentiment.

Nischal Shetty, Founder, WazirX

"US services PMI rose to 55.4, supporting confidence and demand for Bitcoin and Ethereum, but the 72.6 price index signals inflation that could keep crypto liquidity tight. Low jobless claims reinforce risk appetite, while weaker exports and a wider trade deficit may lower growth and yields, benefiting digital-asset valuations. A Fed pause would support ETF flows, whereas Bank of Japan tightening could unwind carry trades and trigger volatility. Brent above $95 threatens easing. Overall, crypto's backdrop remains constructive.

Bitcoin trades near $81,000 in a bullish daily structure, with RSI near 71 indicating elevated momentum. Immediate support sits at $79,700-$80,000, while $81,000-$81,500 forms resistance. Holding support could sustain buyer control; clearing resistance may strengthen momentum, while losing support would expose secondary support around $78,400-$78,850 during near-term consolidation.

Ethereum trades near $2,506 with a strong bullish daily setup and neutral RSI near 67. Immediate support rests around $2,460-$2,480, while $2,520-$2,550 represents resistance above the psychological $2,500 level. Futures traders may monitor volume, open interest, and funding before confirming broader upside participation.

Zcash trades near $940 after a strong advance, with moving averages firmly bullish but RSI near 74 showing stretched momentum. Immediate support is at $908-$920, while $950-$975 marks nearby supply. Remaining above support could protect the uptrend; a breakdown would bring the $845-$850 secondary zone back into focus for traders.

Global risk appetite strengthened as the Dow gained 1.18%, the S&P 500 rose 1.06%, and the Nasdaq advanced 1.40%, while the VIX dropped 5.79% to 14.32. Asian equities were broadly positive, led by the Hang Seng at 2.03% and KOSPI at 1.13%, despite Sensex weakness. Gold slipped 0.43%, signaling limited defensive positioning, while oil rose 0.69%. Stronger equities, lower volatility and broad Asian participation create a constructive backdrop for crypto demand and capital rotation globally.

US spot Bitcoin ETFs recorded roughly $135 million in net outflows week-to-date through September 2, as a $101 million daily rebound only partly offset earlier withdrawals, while Ethereum ETFs saw about $37 million in net outflows over the same period. Bitcoin subsequently rallied above $81,000, while Ether reclaimed $2,500. ETF flows do not always translate directly into price gains, as macro conditions, derivatives positioning, profit-taking, and broader spot-market activity can offset institutional demand."

At the close on Thursday, the total market cap of all BSE Sensex companies stood at Rs 4,87,08,118.