Morning Update: Sensex gains, at 67227 level: While Nifty at 19950 level

 Indian Market 

FII AND DII 

 Indian Market News

1. On Tuesday, Asian markets were uneven, with the Hang Seng rising 0.5 percent and the Nikkei and Straits Times falling slightly.
2. Wall Street closes lower as Oracle falls due to a poor projection.
3. In August, retail inflation fell more than predicted to 6.83%, while industrial growth reached a five-month high of 5.7%.
4. The dollar remains steady ahead of critical US inflation data, as the yen retraces gains.
5. Updater Services receives approval from the Sebi to proceed with its IPO plans.
6. Oil prices are hovering near a 10-month high due to supply concerns.
7. Bain Capital reduces its shareholding in L&T Finance Holdings by 2.8% for Rs 910 crore.
8. RR Kabel raises Rs 585.62 crore from anchor investors ahead of its first public offering (IPO).
9. Experts believe the RBI would keep repo rates unchanged despite August inflationary pressures.
10. GMR Power receives approval for a Rs 2,470 crore smart metering project in Uttar Pradesh.

Global Market Check

GIFT Nifty

The GIFT Nifty index started slightly positive with a 62-point gain, while futures reached 20,092 points after reaching a high of 20,153 points.

US Markets

US stock futures were little changed on Tuesday as investors awaited the release of the consumer price index for inflation insights.

Dow Jones Industrial Average futures fell by 6 points, while S&P 500 and Nasdaq 100 futures saw gains.

Major averages all posted losses, with the Nasdaq Composite declining 1 percent due to tech pressure.

Apple slipped 1.7%, while Oracle had its worst day in over 20 years due to disappointing revenue and soft guidance.

Wall Street now focuses on the August CPI report, which is expected to show a 3.6% year-over-year rise in inflation, up from the prior month’s 3.2% reading.

Core CPI, which excludes food and energy costs, is forecasted to have risen 4.3% in August.

European Markets

European stock markets closed slightly lower on Tuesday, paring earlier gains as investors monitor a busy week for economic data.

The pan-European Stoxx 600 ended 0.2% lower, with chemical stocks dipping 1.5% and auto and telecom stocks up 0.7%.

The index gained Monday due to signs of easing deflation pressures in China, sending metals prices and mining stocks higher.

US inflation data is expected this week, with the latest consumer price index figures due on Wednesday and producer price index on Thursday.

  Asian Markets

Asia-Pacific markets are mixed as investors evaluate key economic data from Japan and South Korea.

South Korea’s unemployment rate reached 2% in August, its lowest since June 1999.

Corporate confidence in Japan fell in September, with large manufacturers’ confidence sliding to +4, while the non-manufacturers index dropped nine points to +23.

Japan’s Nikkei 225 and Topix saw gains, while South Korea’s Kospi increased by 0.14 percent, the Kosdaq fell by 0.67 percent, and Australia’s S&P/ASX 200 slid 0.5% in early trade.

Hong Kong’s Hang Seng index futures are at 18,156, suggesting a stronger open compared to the HSI’s close of 18,025.89.

Oil Prices

Oil prices rose by 2% to a near 10-month high on Tuesday due to tighter supply outlook and OPEC optimism about energy demand resilience in major economies. Brent futures rose by 1.8% to $92.28 a barrel, while US West Texas Intermediate crude rose by 2.2% to $89.20. Both benchmarks remained technically overbought for an eighth consecutive day, on track for their highest settlements since November 2022. OPEC forecasts robust global oil demand growth in 2023 and 2024, with world oil demand rising by 2.25 million barrels per day in 2024.

Dollar Index

The Dollar index rose 0.15 percent in futures to 104.72, while the dollar’s value was near Rs 83.09.

Gold Prices

Gold hit a two-week low on Tuesday due to the dollar’s rebound and investors anticipating the US inflation print. Spot gold fell 0.6% to $1,909.50 per ounce, its lowest since August 25, while US gold futures fell 0.8% to $1,932.60. Market strategist Bob Haberkorn suggests people are waiting for the data and buying gold at a lower price due to safety buying.

STOCK IN NEWS 

• Wipro: On September 12, Wipro Holdings (UK) transferred all of its shares in Wipro 4C NV to Wipro IT Services UK Societas. Wipro 4C NV is the step-down subsidiary, whereas Wipro Holdings (UK) and Wipro IT Services UK Societas are both wholly owned subsidiaries of the business. The goal of the stake transfer is to rationalise and streamline the entire business structure.

• Vakrangee: The tech firm and private equity investor International Finance Corporation have signed a legally binding term sheet to buy an 8.8% ownership holding in Vortex Engineering. In addition, 48.5 percent were already purchased from Aavishkaar Capital. Vakrangee will have a cumulative stake of 57.3 percent in Vortex, one of the top manufacturers of automated teller machines (ATMs), after this transaction.

• NTPC: Stage-I (2 x 800 MW) of the Telangana super thermal power project’s trial operation of unit-1, with an 800 MW capacity, was successfully completed by the nation’s largest power producing firm. As a result, NTPC and the NTPC group now have installed capacities of 57,838 MW and 73,824 MW, respectively.

• Waaree Renewable Technologies: A letter of intent for engineering, procurement, and construction (EPC) services has been received by the business. The EPC services will be used to build up a 52.6 MWp solar power project.

• RITES: Caminho De Ferro De Moçâmedes (CFM) Angola and the state-run engineering and consulting business for transportation infrastructure recently signed a Memorandum of Understanding (MoU) for cooperation in the construction of railroads and related infrastructure, including the provision of rolling stock.

• KEC International: The RPG Group company has received new orders totaling Rs 1,012 crore for its different operations, including projects for transmission and distribution in India and the Americas and orders from new clients in the data centre and FMCG segments in India.

• The Indian Railway Catering and Tourism Corporation:  (IRCTC) and NBCC Services, a fully-owned subsidiary of NBCC, have signed a memorandum of understanding (MoU) for the planning, interior design, and construction of IRCTC’s planned office space at the World Trade Centre in Delhi. The order will reportedly cost Rs 31.40 crore.

   

• GE Power India: Vedanta has issued a purchase order to GE Power India, a manufacturer of equipment for power generation and transmission. Vedanta’s Lanjigarh CGPP unit, which has a capacity of 90 MW (3 x 30 MW), placed the NOX reduction order for Rs 25 crore.

   

• L&T Finance Holdings: At an average price of Rs 130 per share, US-based Bain Capital-owned BC Investments VI and BC Asia Growth Investments sold 7 crore equity shares, or 2.82% of the non-banking finance company, through open market transactions. At the end of June 2023, they owned 4.04% of the business. However, at the same average price, BNP Paribas Arbitrage purchased an extra 3.63 crore shares, or 1.46% of L&T Finance. BNP had 5.78 crore shares, or 2.33%, as of June 2023.

   

• Saroja Pharma Industries India: On September 13, the trader of specialised chemicals & APIs will make their debut on the NSE Emerge. The share price for the issuance is Rs. 84. The stock has a 5 percent upper/lower circuit limit above the final pre-opening session price and is eligible for trading in the trade-for-trade sector.

   

• Pramara Promotions: On September 13, the Mumbai-based firm will float its shares on the NSE Emerge. The share price is Rs. 63 under the offer. The stock has a 5 percent upper/lower circuit limit above the final pre-opening session price and is eligible for trading in the trade-for-trade sector.

 Must read book about investing – check here 

• Read more Check the latest news

Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update Morning Update