Morning Update: Sensex gains, at 66371 level: While Nifty at 19,747 level
Indian Market
FII AND DII
| FII Sold | 758.55Cr |
| DII purchased | 28.11Cr |
Indian Market News
- Indices trade higher; power, realty gain, pharma, metals drag
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Asia-Pacific markets experienced mixed results on Friday as Japan released revised second quarter GDP figures.
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Japan’s Nikkei 225 fell 0.37 percent, while the Topix fell 0.42 percent.
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The GDP expanded by 4.8% on a quarter-on-quarter annualized basis, a smaller climb than the 6.6% seen in preliminary estimates and 5.5% expected in a Reuters poll.
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Hong Kong markets may see limited trading today due to a “black rainstorm” warning issued by the city’s observatory.
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Under Hong Kong Exchange guidelines, the pre-opening session will be cancelled if the warning is in force after 7 a.m Hong Kong time.
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The morning session will begin on the first half hour at least two hours after the signal is discontinued.
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In Australia, the S&P/ASX 200 climbed marginally, while South Korea’s Kospi was just below the flatline.
- Mazagon Dock Shipbuilders signs Master Ship Repair Agreement with US government
- RBI approves appointment of Dipak Gupta as Interim MD & CEO of Kotak Mahindra Bank
Global Market Update
GIFT Nifty
The GIFT Nifty index started slightly positive, gaining 24 points, while futures reached 19,786 points after reaching a high of 19,803 points.
US Markets
The Nasdaq Composite fell for a fourth session on Thursday due to concerns over the Federal Reserve’s interest rate policy path and whether another hike will be enacted this year.
The tech-heavy Nasdaq sold off 0.89 percent, while the S&P 500 slipped 0.32 percent.
The Dow Jones Industrial Average added 57.54 points to settle at 34,500.73.
Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, said that people were expecting the Fed to be on hold for the rest of the year.
European Markets
European stock markets closed slightly lower on Thursday, with the Stoxx 600 index ending down 0.14 percent, marking its seventh consecutive negative session.
Mining stocks led the declines, down by 2.2%, while utilities stocks climbed 1.4%.
Global market sentiment has deteriorated due to weak Chinese data, higher government bond yields, and renewed inflationary concerns in the US.
The euro zone’s economy grew by 0.1% in the second quarter, lower than the 0.3 percent growth estimated in a preliminary reading.
The bloc is narrowly skirting a recession after GDP growth for the first quarter was revised up from a 0.1% contraction to flat.
Asian Markets
Asia-Pacific markets experienced mixed results on Friday as Japan released revised second quarter GDP figures.
Japan’s Nikkei 225 fell 0.37 percent, while the Topix fell 0.42 percent.
The GDP expanded by 4.8% on a quarter-on-quarter annualized basis, a smaller climb than the 6.6% seen in preliminary estimates and 5.5% expected in a Reuters poll.
Hong Kong markets may see limited trading today due to a “black rainstorm” warning issued by the city’s observatory.
Under Hong Kong Exchange guidelines, the pre-opening session will be cancelled if the warning is in force after 7 a.m Hong Kong time.
The morning session will begin on the first half hour at least two hours after the signal is discontinued.
In Australia, the S&P/ASX 200 climbed marginally, while South Korea’s Kospi was just below the flatline.
Oil Prices
Oil prices fell on Thursday due to an uncertain economic outlook for China, outweighing expectations of tighter supplies from extended supply cuts in Saudi Arabia and Russia. Brent crude futures fell 18 cents to $90.42 a barrel, while US West Texas Intermediate crude futures fell 21 cents to $87.33. Both benchmarks had spiked earlier in the week after Saudi Arabia and Russia extended voluntary supply cuts to the year-end. Market participants also digested mixed data from China, with overall exports falling 8.8% in August and imports contracting 7.3%, but crude imports surged 30.9%.
Dollar Index
The Dollar index rose 0.09 percent in futures to reach 104.95, while the dollar’s value was near Rs 83.16.
Gold Prices
Gold held steady after a brief trim on Thursday due to tightness in the US job market. Focus now shifts to Federal Reserve speakers for interest rate hike cues. Spot gold was up 0.1% to $1,918.49 per ounce, while US gold futures fell 0.1% to $1,943.00 per ounce. Gold is choppy due to lack of fresh fundamental news and technicals favoring bearish sentiment. Short covering on dips based on perceived value buying is keeping it afloat, according to senior market analyst Jim Wyckoff.
STOCK IN NEWS
Bajaj Finserv: The gross direct premium covered for August was Rs 1,677.87 crore, while the total premium for the current financial year up to August was Rs 9,228.81 crore, according to Bajaj Finserv’s subsidiary Bajaj Allianz General Insurance Company. The entire premium paid by subsidiary Bajaj Allianz Life Insurance Company in August was Rs 926.41 crore, while the total premium paid in the current fiscal year (FY24) up to August was Rs 3,828.06 crore.
Sterlite Technologies: In order to further the development and improvement of South Carolina’s rural connection infrastructure, Sterlite Technologies, a provider of optical and digital solutions, has teamed with TruVista, a business that offers broadband services and apps. The South Carolina-based company TruVista is extending fibre optic access throughout the state’s rural areas.
Mazagon Dock Shipbuilders: The US government, represented by NAVSUP Fleet Logistics Centre (FLC) Yokosuka, has signed a Master Ship Repair Agreement (MSRA) with the state-owned shipbuilding firm. This arrangement is not for financial gain. Only two shipyards, namely Mazagon Dock, which has signed the MSRA, are located in the nation. The deal is anticipated to allow US Navy ships to undergo voyage maintenance at Mazagon Dock.
Landmark Cars: With a view to opening a dealership in Howrah, West Bengal, Mahindra & Mahindra and Landmark Cars have signed a letter of intent (LoI). This dealership will be located in Landmark Mobility, one of Landmark Cars’ fully owned subsidiaries. Mahindra’s Personal, Pickup, and Supro line of cars will be sold as well as serviced under this firm.
Shemaroo Entertainment: The entertainment business has told exchanges that on September 5, the CGST and Central Excise Department conducted a search operation at the firm’s facilities. Atul H Maru, the joint managing director, Hiren Gada, the WTD & CEO, and Amit Haria, the chief financial officer, were held on September 6; on September 7, bail was granted for them. In line with the rules of the legal system, the corporation is refuting the accusations.
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