Morning Update : Indices rise amid volatility; August Services PMI stands at 60.1. Sep-05

Morning Update: Sensex gains, closed at  65,734 level: While Nifty at 19,568 level

 Indian Market 

FII AND DII 

 Indian Market News

1. Indices rise amid volatility; August Services PMI stands at 60.1.
2. As the RBA looms, the dollar stabilizes and the Australian dollar falls.
3. Oil prices are uneven as support from China’s economic stimulus measures fades.
4. Japan’s service activity increased at the quickest rate in three months in August, according to the PMI.
5. China Data Watch | The August Caixin Services PMI was 51.8, compared to 54.1 in July, and the Caixin Composite PMI was 51.7, compared to 51.9 in July.
6. Asian markets are trading lower; the Hang Seng is down 1%, while Shanghai is down 0.5%.The August Services PMI was 60.1 compared 62.3 and the Composite PMI was 60.9 versus 61.9.
7. FADA August Data: Total vehicle retail sales increased 8.6 percent year on year to 18.18 lakh units from 16.74 lakh units.
8. Vishnu Prakash R Punglia lists at Rs 165, a premium of more than 66% above the issue price.
9. Zen Technologies gains 2% after receiving a Rs 123.3-crore defense contract.
10. Cipla Medpro South Africa will pay $48.6 million for Actor Pharma.
11. The BSE Metal index fell 0.4 percent, led by NALCO, SAIL, and Hindalco Industries.
12. GMR Power increases gain; upper circuit locked at 10%
13. Cipla Medpro South Africa will pay $48.6 million for Actor Pharma.
14. Unihealth Consultancy’s initial public offering (IPO) is scheduled to begin on September 8 and is expected to raise Rs 56.55 crore.
15. DLF has a Rs 20,000 crore residential launch pipeline planned for the country.
16. August Business Update | Angel One The company’s client base increased by 46.3 percent year on year to 16.36 million, while grossclient acquisition increased by 64.9 percent year on year to 0.73 million.

     INDIAN MARKET MOVERS 

Global Market Update

US Markets

Stock futures are divided Monday night as the market attempts to retain momentum in the holiday-shortened week. Futures related to the Dow Jones Industrial Average fell 37 points, or 0.11 percent. S&P 500 futures were lower by 2.25 points, or 0.05 percent, while Nasdaq 100 futures gained 6.25 points, or 0.04 percent.
The changes follow an encouraging week for Wall Street, with the Dow and the Nasdaq notching their greatest results since July. The 30-stock Dow and the Nasdaq climbed 1.4 percent and around 3.3 percent for the week. The S&P 500 climbed 2.5 percent to post its best week since June.
Traders last week were assessing new indicators of a weakening economy and lessening pricing pressures. The latest US non-farm payrolls report showed the unemployment rate moved higher to 3.8 percent in August, marking its highest level in more than a year. Economists had expecting it to remain at 3.5 percent. Average hourly earnings also grew 4.3 percent on a year-over-year basis, less than the 4.4 percent increase projected by economists polled by Dow Jones.

European Markets

European stock markets closed flat on Monday, losing momentum over the session after attempting to shake off the recent gloom. The Stoxx 600 index ended little changed from the previous day, trimming gains after touching its highest level since August 9 in morning trade.
Travel and leisure companies climbed 0.5 percent as sentiment around equities brightened following Friday’s US jobs report. Investors observed hints of a downturn which might rein in Federal Reserve hawkishness.
Max Kettner, chief multi-asset strategist at HSBC, told CNBC that a significant question for equities was whether the Fed will really deliver the five rate cuts in 2024 that are now priced in by markets.
“I think we don’t have a recession on the cards in the US, never had, and also don’t have it for 2024. In fact, when we look at some of the data right now around the manufacturing sector in the US, there are hints the industry can pick up a bit further steam,” Kettner said.

Asian Markets

Asia-Pacific markets slumped ahead of Australia’s central bank’s rate announcement, as well as inflation and business activity figures from throughout the region. The Reserve Bank of Australia is anticipated to retain its benchmark policy rate at 4.1 percent for the third straight month, according to a Reuters poll of economists. In Australia, the S&P/ASX 200 fell 0.45 percent.
Elsewhere, South Korea’s inflation rate for August came in higher than predicted at 3.4 percent. Thailand and the Philippines are also slated to announce inflation statistics Tuesday.
Investors will also be tracking purchasing managers index readings from China, India and Hong Kong. South Korea’s Kospi fell 0.19 percent, while the Kosdaq held marginally below the flatline. Both Japan’s Nikkei 225 and Topix were also slightly below the flatline. Futures for Hong Kong’s Hang Seng index stood at 18,719, hinting to a weaker open compared to the HSI’s close of 18,844.16.

Oil Prices

Oil prices rose higher in Asian early trade on Monday, as market confidence was lifted by encouraging China and US economic statistics, as well as anticipation of further oil supply cuts from major producers. Brent crude was up 17 cents, or 0.2 percent, at $88.72 a barrel at 0015 GMT. The US West Texas Intermediate crude increased 25 cents, approximately 0.3 percent, to $85.80.
The continuous upward price movement comes after both contracts settled at their highest levels in more than half a year last week, snapping a two-week losing run. On the demand side, China’s industrial activity surprisingly expanded in August, statistics from Caixin’s manufacturing PMI survey suggested, leading to fresh optimism about the economic health of the world’s top oil importer.

Dollar Index

The Dollar index traded 0.10 percent down in futures at 104.13, but the value of one dollar held near Rs 82.73.

Gold Prices

Gold prices surged on Monday towards a one-month peak set in the previous session, backed by a minor dip in the dollar and predictions that the U.S. Federal Reserve will take a pause from interest rate hikes this year. Spot gold climbed 0.3 percent to $1,945.40 per ounce by 0334 GMT, after soaring to as high as $1,952.79 on Friday. The US gold futures climbed 0.2 percent to $1,971.70.

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