Shivani Nyati, Head of Wealth at Swastika Investmart LTD.

Annu Projects made a weak debut, listing at Rs 72 on NSE, a 27.27% discount to its Rs 99 IPO price. However, the post-listing valuation looks reasonable at 19.6x P/E, below peers like EMS (24.6x) and Likhitha Infrastructure (23.2x).

The company has a strong Rs 938.65 Cr order book and Rs 1,959 Cr visibility from ongoing projects. Profitability is also healthy, with 21.27% ROE and 20.81% EBITDA margin.

However, high customer concentration and weak operating cash flows due to working-capital requirements and delayed receivables remain key risks.

Existing investors can Hold with a Rs 65 stop loss, while fresh investors can consider gradual buying on dips, rather than chasing the stock after listing.

Overall, the listing discount makes valuations attractive for long-term investors, but cash flows and customer concentration should be closely monitored.

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Avinash Shekhar, Co-Founder & CEO, Pi42

"Bitcoin is consolidating around the $77,000 mark after a strong August, as renewed geopolitical tensions, rising oil prices and expectations of tighter monetary policy weigh on broader market sentiment. The immediate focus remains on whether BTC can defend the $76,000-$77,000 zone and reclaim $80,000. Ethereum is trading around $2,400 and continues to benefit from institutional accumulation, but a sustained move higher will depend on broader market strength and its ability to build momentum above current levels. XRP, meanwhile, remains relatively resilient around $1.34, supported by growing institutional participation in regulated futures markets.

The next few sessions could remain sensitive to macro developments, particularly expectations around the US Federal Reserve and movements in bond yields and the dollar. Investors should avoid chasing sharp intraday moves and instead look for confirmation around key support and resistance levels. Staggered entries, disciplined position sizing and maintaining adequate liquidity would be preferable while the market establishes a clearer direction."

Optimistic Capital, India's first alcobev-focused fund managed by alumni of INSEAD and the Indian School of Business (ISB), today announced that its maiden investment, 33&Brew, a Bengaluru-based microbrewery, has turned profitable. The fund has also announced strategic investments in Brewden and 33&Craft, expanding its portfolio across the alcobev and hospitality sector.

Funded through a SEBI-registered Alternative Investment Fund (AIF) Category I structure, 33&Brew attracted participation from more than 100 angel investors.
 

Riya Sehgal, Research Analyst, Delta Exchange

Crypto markets have started September on a risk-off note as traders reassess positions after August's rally amid renewed macro and geopolitical risks.
Bitcoin has fallen below $77,000 after failing to reclaim the $78,000-$80,000 supply zone. Ethereum has slipped below $2,400 after repeated rejection near $2,480-$2,520. The short-term structure now favours sellers.
Both BTC and ETH are trading below key short-term moving averages, pointing to weaker momentum. For Bitcoin, a move back above the 20-day and 50-day moving averages would support a recovery. Continued trading below them would keep the short-term bias bearish. Ethereum faces a similar test around its moving-average cluster.
The main catalyst is renewed US-Iran tensions. Fresh strikes and retaliatory attacks have pushed Brent crude above $95, raising concerns over supply disruptions around the Strait of Hormuz and their impact on inflation.
For crypto, the key risk is the impact on financial conditions. Higher oil prices can raise inflation expectations, while the US 10-year yield has moved toward 4.8% and expectations for a September Fed rate hike have increased. Higher yields and a stronger dollar can pressure risk assets such as crypto.
Leverage is adding to the move, with the decline triggering another round of liquidations and increasing selling pressure.
For BTC, $76,000-$75,000 is the key support zone. Holding this area could support a bounce, while a break could expose lower levels. For ETH, $2,340 is the key support below $2,400.
Until BTC reclaims $78,000-$80,000 with stronger momentum, rallies may remain resistance tests rather than a resumption of the August uptrend. Focus on US jobs data, inflation releases, Fed expectations and developments in the Iran conflict for the next volatility trigger.

At 9:17 am, the total market cao of all BSE Sensex companies stood at Rs 4,84,11,317.

Gaurav Udani, Founder - Thincredblu 

"Nifty is expected to open lower around 23,990, down nearly 60 points, indicating a cautious start.

The index is now at a crucial technical level, with 23,900-24,000 acting as the immediate support zone. It will be important for Nifty to hold this range; a sustained break below 23,900 could increase selling pressure and lead to further downside.

On the upside, 24,200-24,300 remains the key resistance range. Any recovery towards these levels may face selling pressure unless accompanied by strong buying.

Given the recent volatility, traders should remain cautious and avoid aggressive positions at the open. For now, the focus should remain on how Nifty behaves around the 23,900-24,000 support zone before taking a directional call."

Harish Vatnani, Head of Trade, ZebPay

"August was a strong month for crypto. Bitcoin gained around 26%, briefly crossed $81,000 and posted its strongest weekly candle in more than three years. But by the end of the month, the rally started to lose some steam. 

The shift came after Fed Chair Kevin Warsh spoke at Jackson Hole. His comments suggested that inflation is still a concern, which made markets rethink expectations for September. Bitcoin fell about 3.3% to $77,678 on August 29, putting the rally on pause. 

At the same time, ETF flows were giving the market a reason to stay optimistic. U.S. spot Bitcoin and Ether ETFs pulled in $2.6 billion in a single week, their strongest inflows since October 2025. That helped bring the 2026 outflow deficit down from $5.7 billion to $3.1 billion. So, while Bitcoin was struggling to move higher, investors were still putting money into crypto products. The demand is there, but the macro backdrop is making it harder for the rally to continue. 

And that's pretty much how September started. Bitcoin is trading around $77,951 after opening at $78,571, briefly touching $79,184 before closing 0.91% lower. It's not a major move, but after the kind of run we saw in August, the lack of follow-through is something bulls will be keeping an eye on."

Vikram Subburaj, CEO, Giottus.com

Bitcoin traded near $77,300 on Wednesday morning, down about 2.2% over 24 hours, as renewed inflation concerns weighed on global risk assets. Immediate support lies around $76,800-$77,000. A break below this area could expose the $74,000-$75,000 zone. Resistance is clustered around $79,500-$80,300. The next resistance level is around $80,800.

The latest on-chain picture is increasingly mixed. Bitcoin is currently in a transitional phase. Institutional allocation and settlement activity remain healthy, even as retail participation softens. Entity-adjusted transfer volumes remain elevated. Most circulating Bitcoin also continues to sit in unrealised profit. However, speculative leverage is rising, while volatility spreads are narrowing and spot momentum is weakening. These conditions suggest the market is becoming more sensitive to short-term volatility.

Institutional demand remains supportive overall. US spot Bitcoin ETFs recorded a fully reported $216.7 million net inflow on August 31. This followed the $201.9 million net outflow on August 28. Farside currently shows $35.3 million in net outflows for September 1. However, BlackRock's IBIT figure remains unreported. Therefore, the latest session should still be treated as incomplete.

Large-cap altcoins are under greater pressure than Bitcoin. Ethereum traded around $2,418 (-2.2%), BNB near $684 (-1.3%), XRP around $1.36 (-1.5%), Solana near $99 (-4.0%) and TRON around $0.323 (-3.3%). Solana's sharper decline highlights the more defensive tone across higher-beta assets.

Macro remains the dominant near-term risk. Markets now price roughly a 67% probability of a 25-basis-point Fed hike in September, up from about 40% a week ago. Higher oil prices and Treasury yields are reinforcing inflation concerns. Attention now turns to Friday's US employment report. Economists expect roughly 56,000 new jobs. CPI follows on September 11, ahead of the Fed's September 15-16 meeting.

Our advice: Investors should remain measured while macro uncertainty is elevated. Staggered accumulation and controlled exposure are preferable. Bitcoin has immediate support around $76,800-$77,000. The $79,500-$80,800 zone remains the key resistance area to monitor.

The Thesis
India's domestic credit cycle is today's anchor - an NBFC-to-bank cluster spanning CV lending, private banking, and infrastructure credit, the exact pocket least exposed when global risk-off is Middle East-driven. A PSU commodity layer adds a secondary conviction on the energy-security premium. FII and DII both closed net buyers Tuesday, validating the domestic-first stance despite a US selloff.

Where We're Concentrated
Financials dominate: a commercial-vehicle NBFC and a quality private bank price in RBI holding rates and rural-credit acceleration. Steel and port infrastructure extend the domestic capex play. Pharma delivers a geopolitics-agnostic export stream with dollar revenue that benefits from rupee softness. Break risk: a sustained Brent move past $95 that widens the current-account deficit and forces the RBI's hand, or an FII reversal if the Iran escalation triggers a global bond-yield spike.

Conviction Picks
Highest Conviction
Shriram Finance Ltd.
CV and rural credit acceleration makes this the purest domestic bet as geopolitical noise stays offshore.
Adani Ports and Special Economic Zone Ltd.
Port throughput tracking India's trade expansion; energy import surge on Iran tensions adds near-term volume.
Steel Authority of India Ltd.
Domestic infra pipeline sustains steel demand; PSU re-rating intact as government capital expenditure holds.
Kotak Mahindra Bank Ltd.
BankNifty's one-session pullback has not erased the credit-growth signal; quality franchise at a reset entry.
Glenmark Pharmaceuticals Ltd.
US-facing pharma exports insulated from crude shock; domestic formulations ride rural purchasing-power recovery.
One Thing to Watch
Iran's threat to Gulf oil terminals Fresh US strikes and Tehran's vow of severe punishment bring Gulf oil terminal infrastructure into play - if Iran retaliates against UAE or Kuwait export hubs, Brent clears $95 and the import-cost cushion collapses.

BTC slipped below $77K as rising oil prices and bond yields added strain across crypto markets. Brent crude climbed, while the U.S. 10-year Treasury yield reached a 19-month high after U.S. strikes near the Strait of Hormuz increased geopolitical uncertainty. Higher oil prices could keep inflation elevated and reduce the chances of near-term Fed rate cuts, which is typically negative for risk assets like BTC. $77K is now a key support level to watch. September has historically been one of BTC's weakest months, so after August's strong rally, some consolidation and higher volatility would not be surprising. 

Prateek Gupta, Head of Business, Mudrex

Bitcoin is consolidating below $77,000 as renewed Middle East tensions raise concerns over higher oil prices and inflation. However, a key bullish signal is emerging as Bitcoin's 30-day correlation with gold has reached a record 0.8. The last two times this correlation spiked to similar levels, Bitcoin went on to rally 172% and 350% in the following months. Additionally, Bitcoin spot ETFs continue to see positive inflows, recording $3.5 billion in net inflows during August, their strongest monthly inflow since September 2025. With BTC near support, holding above $76,000 is crucial. A break below that level could lead to a deeper pullback toward $73,000.

Rajesh Palviya, Head of Research, Axis Direct

The Nifty 50 remained under pressure for a second straight session on Tuesday, ending 24.60 points lower at 24,055.80, as renewed US-Iran tensions and a hawkish Fed stance weighed on risk appetite. Financials, autos and pharma led the decline, while buying in FMCG and IT offered some support. Strong domestic GDP data also cushioned the downside. The Sensex slipped marginally by 12.99 points to 76,944.28.

Global cues remain cautious, with Wall Street extending its decline overnight and Asian markets opening lower. Brent crude is edging toward $75 a barrel amid persistent Strait of Hormuz supply concerns, adding pressure on India's import bill. GIFT Nifty around 24,048 points to a flat-to-marginally lower start.

Technically, the Nifty remains vulnerable below 24,150. A break of 23,950 could trigger further weakness toward 23,800, while a sustained move above 24,150-24,200 would ease selling pressure. Near-term direction will largely hinge on crude prices and developments in the Middle East.

Nischal Shetty, Founder, WazirX

"US manufacturing PMI remained expansionary at 54.6, although slower orders and employment signaled moderating momentum. Eurozone inflation rose to 3.3%, strengthening ECB rate-hike expectations, while WTI gained 5.2%, adding energy-driven price pressure. Global bond yields reached multiyear highs, tightening liquidity and increasing competition for crypto capital. India's PMI held above 50, supporting participation. Overall, economic expansion supports Bitcoin and Ethereum, but higher oil prices, yields and rates may restrain momentum.

Bitcoin trades near $76,921 in a short-term pullback within its broader constructive structure. Immediate support sits around $76,300-$76,600, while $77,100-$77,300 forms resistance. Reclaiming resistance could restore buyer control, whereas losing support may expose the secondary $74,500-$74,600 zone. Momentum remains conditional on sustained participation above nearby moving averages during coming sessions.

Ethereum is positioned near $2,395 after easing below its short-term moving averages. The $2,370-$2,390 region provides immediate support, while $2,410-$2,455 represents resistance before the psychological $2,500 level. Remaining above support would stabilize the setup, though Futures traders may seek stronger volume, open interest, and balanced funding before confirming renewed momentum.

Filecoin trades near $0.767 with a constructive but mixed daily setup. Support rests around $0.735-$0.740, while $0.774-$0.780 forms resistance ahead of $0.80. Holding support could preserve buyer interest; a break below it may weaken the current structure over coming sessions.

Global risk appetite weakened as the Nasdaq fell 1.03%, while the S&P 500 and Dow also declined. Asian pressure centered on the KOSPI and Nikkei 225, although the Sensex and Singapore market remained nearly flat. The VIX rose to 16.34 but stayed within a moderate range. Gold dropped 0.98%, suggesting limited defensive rotation, while oil gained 1.76%. Crypto's relative stability could reinforce its diversification appeal, although broader risk aversion may keep participation selective near term.

Institutional demand remained strong last week, with US spot Bitcoin ETFs recording about $924.5 million in net inflows, while Ethereum ETFs attracted roughly $815.7 million. Despite these flows, Bitcoin finished the week broadly flat near $77,800, while Ethereum declined around 2%. The divergence suggests ETF demand is providing underlying support but not immediately driving prices higher, as profit-taking, broader market selling, macro uncertainty, and existing liquidity can absorb fresh institutional capital."

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