Sensex gains, closed at 65,216 level: While Nifty at 19,393 level
Indian Market
FII AND DII
| FII Sold | 266.98 Cr |
| DII Purchased | 339.18 Cr |
Indian Market News
- Sensex up 200 points, Nifty above 19,390; all sectors up.
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Gold regains ground as attention shifts to the Jackson Hole summit
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As traders look ahead, the dollar’s gains remain intact. Jackson Hole, Wyoming
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Oil prices are flat as rate worries and China’s gloom outweigh tighter supplies.
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The value of India’s foreign exchange reserves has increased by $708 million to $602.16 billion.
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Moody’s maintains India’s Baa3 rating but warning of political concerns.
- On Day 2 of bidding, the Pyramid Technoplast IPO was booked 4.27 times.
JBIC Financing lends PFC Rs 105 crore. -
Jio Financial will go public today as the second-largest NBFC, valued at Rs 1.65 lakh crore.
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ABB India receives a game-changing order to automate Reliance Life Sciences’ biopharmaceutical operations.
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Yes Bank collects Rs 230 crore from a single security receipts trust.
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PNB Housing Finance resolves and fully recovers a Rs 784 crore corporate non-performing account.
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Ashok Leyland issues a corporate guarantee worth 82.1 million pounds to cover two companies’ loan facilities.
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Bharat Forge arm secures EUR 93.87 million order
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Shriram Properties adds 2%, while Sammy Dreamland sells a share.
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According to GMR Airports Infrastructure, passenger traffic increased by 30% year on year in July.
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Bharat Forge arm secures EUR 93.87 million order
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Shriram Properties adds 2%, while Sammy Dreamland sells a share.
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Jio Financial Services is trading at Rs 262 per share, compared to the discovered price of Rs 261.85 per share.
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Khurshed Yazdi Daruvala sells 1.05% of his share in Sterling and Wilson Renewable Energy.
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Morgan Stanley acquires 1.24% of Repro India.
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Societe Generale acquires 0.6% of Global Surfaces.
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KEC International receives fresh orders totaling Rs 1,007 crore from a variety of businesses.
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Titan acquires CaratLane’s remaining 27.18% stake for Rs 4,621 crore.
| SENSEX | -202.36 | -0.31% | 65,216.09 |
| NIFTY50 | -55.10 | -0.28% | 19,393.60 |
| BANK NIFTY | -40.30 | -0.09% | 44,002.00 |
INDIAN MARKET MOVERS
| Bajaj Finance | 186.1 2.71% | Reliance | -36.80 -1.44 % |
| Adani Ports | 22.25 2.66% | M&M | -14.10 -0.91 % |
| Power Grid Corp | 6.20 2.57% | Britannia | -24.55 -0.54 % |
| Adani Enterpris | 62.35 2.42% | SBI Life Insura | -3.90 -0.30 % |
| Hindalco | 9.90 2.25% | BPCL | -0.85 -0.24% |
MAJOR UPDATES
- Jio Financial Services lists today: Know about valuation, capital gains tax and more
Jio Financial Services, previously known as Reliance Strategic Investments, will debut on Dalal Street today, with a discovered price of Rs 261.85. The stock is expected to list on the bourses at Rs 300-310. Investors are allotted one share of JFS for every share of Reliance Industries held. After a month as a dummy stock, JFS shares will become tradeable after a month of demerger. The symbol for Jio Financial Services stock is JIOFIN. With over Rs 1.5 lakh crore of market capitalisation, it will become the second largest listed NBFC in India, surpassing several Nifty 50 giants and IndusInd Bank, SBI Life, and HDFC Life.
- Bullish on India | This is India’s time under the sun: Piyush Goyal
India’s Minister Piyush Goyal believes that the country is in a prime position for growth, investment, and expansion, with opportunities galore for the next 30-35 years. He sees India as a 30-30-30 matrix, with a young population below 30 years old and a strong foundation laid by PM Modi. Goyal believes that within the next 30 years, India will add 30 trillion dollars to its economy, making it a potential engine of global growth. He believes India’s story is unfolding and will become the engine of growth for the world.
- Moody’s affirms India’s Baa3 rating, but warns of political tensions
- Moody’s Investors Service has affirmed its Baa3 rating on India, maintaining a stable outlook. However, the rating is criticized for political issues, including the ongoing violence in Manipur. The curtailment of civil society and rising sectarian tensions support a weaker assessment of political risk and the quality of institutions. Rising domestic political tensions suggest an ongoing risk of populist policies, amid social risks like poverty, income inequality, and inequitable access to education and basic services. The periodic flaring of border tensions with neighboring countries is an outlier among sovereigns assessed as having a lower overall susceptibility to political risk.
- Mcap of seven of top 10 firms declines by Rs 80,200 crore; TCS, HDFC Bank biggest laggards
- The market valuation of seven of the top 10 firms in India declined by Rs 80,200.24 crore last week due to a weak equities trend. Tata Consultancy Services and HDFC Bank were the biggest laggards. The BSE benchmark fell by 373.99 points or 0.57 percent. Reliance Industries, Hindustan Unilever, and Infosys were the gainers, while Tata Consultancy Services, HDFC Bank, ICICI Bank, ITC, State Bank of India, Bharti Airtel, and Bajaj Finance saw a decline. Bharti Airtel’s market capitalisation fell by Rs 8,081.38 crore, while State Bank of India’s mcap dropped by Rs 1,026.33 crore. Hindustan Unilever added Rs 12,347.1 crore, Infosys’ mcap increased by Rs 6,972.87 crore, and Reliance Industries’ mcap climbed by Rs 5,886.09 crore.
- GQG raises stake in Adani Ports to over 5%; investment in Adani firms now more than Rs 38,700 cr
- US-based investment firm GQG Partners has increased its stake in Adani Ports & Special Economic Zone (APSEZ) to over 5%, following a bulk deal with the Adani Group. The firm now owns a stake in five of the 10 Adani Group firms. GQG bought a 7.73% stake in Adani Power Ltd., which was sold by Worldwide Emerging Market Holding and Afro ASIA Trade And Investments. The move comes after Deloitte quit as auditor of APSEZ, rekindling investor concerns. Adani Group has denied all allegations by Hindenburg Research and is preparing a comeback strategy, including recasting ambitions, scrapping acquisitions, pre-paying debt, and scaling back spending on new projects.
Global Market Update
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GIFT Nifty
The GIFT Nifty saw a 24-point gain after closing 55 points lower on August 18, while GIFT Nifty futures were at 19,348 points.
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US Markets
US S&P 500 futures saw little change after another losing week for major averages.
Futures tied to the broader index rose by 0.03 percent, while Dow Jones Industrial Average futures dipped 7 points.
Nasdaq 100 futures rose 0.18 percent.
Palo Alto Networks jumped 11% in extended trading after reporting earnings results that topped analysts’ estimates.
Investors are coming off a mixed session on Friday, with the Dow Jones Industrial Average adding 25.83 points, the S&P 500 edged down 0.01 percent, and the Nasdaq Composite fell 0.2%.
However, the major averages declined on a weekly basis, with the Nasdaq Composite closing the week lower by 2.6%, the Dow by 2.2%, and the S&P 500 dropping 2.1%, posting its third consecutive losing week since February.
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European Markets
European markets retreated on Friday due to cautious global sentiment and concerns about China’s real estate sector.
The Stoxx 600 index closed 0.6% lower, while mining stocks and retail stocks fell 1.5% and 1.2% respectively.
The European blue-chip index closed 0.9 percent lower on Thursday’s session after the US Federal Reserve’s July meeting minutes showed further interest rate hikes were not off the table.
European stocks are expected to follow counterparts in Asia-Pacific, where markets fell across the board as investors assessed Japan’s July inflation print and Evergrande’s US bankruptcy filing.
US stocks traded lower after major averages dropped for a third straight day, with the Dow closing below the 50-day moving average for the first time since June 1.
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Asian Markets
Asia-Pacific markets are generally up following China’s announcement of its one-year and five-year loan prime rates.
The one-year and five-year LPR currently stand at 3.55 percent and 4.2%, respectively.
A poll of 35 market watchers predicted cuts to both rates after China’s central bank unexpectedly lowered the medium-term lending facility rate last week.
Hong Kong’s Hang Seng index closed at 17,794, marking a weaker open compared to its Friday close of 17,950.85.
In Australia, the S&P/ASX 200 slipped by 0.13 percent, while other markets were up.
Japan’s Nikkei 225 climbed by 0.31 percent, while the Topix rose by 0.28 percent.
South Korea’s Kospi gained by 0.45 percent, while the Kosdaq was up 0.38 percent.
In the US, the Dow Jones Industrial Average rose by 0.07 percent, while the S&P 500 and Nasdaq Composite fell by 0.01 percent.
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Oil Prices
Oil prices rose by about 1% on Friday due to slowing US output, but both benchmarks ended their longest weekly rally of 2023 due to concerns about global demand growth. West Texas Intermediate (WTI) crude futures gained 86 cents to settle at $81.25 a barrel, while Brent crude futures rose 68 cents to $84.80 a barrel. The US oil and natural gas rig count fell for the sixth week in a row, which could exacerbate supply tightness throughout the year. Concerns, spurred by output cuts from the Organization of the Petroleum Exporting Countries and allies, have helped oil prices gain for seven straight weeks since June.
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Gold Prices
Gold is expected to experience its third consecutive weekly dip due to strong U.S. economic data, which suggests interest rates may remain higher for longer. Spot gold was steady at $1,887.79 per ounce, down 1.4% for the week so far. US gold futures settled 0.1% higher at $1,916.5. Gold is struggling to compete with instruments yielding 4-5%, such as bonds, which yield nothing in comparison. Gold may struggle to attract investor demand until something breaks, such as a credit event, a weaker dollar, or the FOMC’s focus on cutting rates.
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Dollar Index
The Dollar index closed 0.08 percent lower in futures at 103.35, while the dollar’s value was near Rs 83.16.
Stock in News
- KEC International: Across its different operations, the RPG Group firm has received fresh orders totaling Rs 1,007 crore. The design, engineering, procurement, and construction of a multi-specialty hospital in India has been ordered for the first time by the civil company, and a significant order for a 380 kV overhead transmission line project in the Middle East has been acquired by the transmission and distribution industry.
- Tanla Platforms: In November 2021, the firm agreed into a contract sheet with Vodafone Idea for the supply of platform and firewall services for international A2P services. The term sheet was effective for a period of two years. Tanla Platforms offers value-added services in the cloud communications arena. According to the corporation, this collaboration would end after the original period. This will have a full-quarter revenue effect of Rs 17 crore and a PAT impact of Rs 9 crore after November 2023.
- GMR Airports Infrastructure: The business said that passenger traffic in July surged by 30% YoY to 98.6 lakh, but remained unchanged from the prior month, while aircraft movements increased by 17% YoY and 3% MoM to 64,809.
- CreditAccess Grameen: The microlender said that the fund raising up to Rs 1,000 crore via public sale of non-convertible debentures with a face value of Rs 1000 each has been approved by its executive borrowing & investment committee. A base issuance of Rs 400 crore and a green shoe option of up to Rs 600 crore are available for NCDs’ capital raising.
- Jio Financial Services: The demerged subsidiary of Mukesh Ambani’s billionaire-led Reliance Industries, Jio Financial Services (formerly Reliance Strategic Investments), will be offered on the markets on August 21. The scrip would be in the Trade-for-Trade section for 10 trading days, according to the exchanges’ circular. Jio Financial Services will remain in the FTSE Indices in the meantime and be included in the MSCI Global Standard Index on August 23.
- Infosys: The Pennsylvania Department of Revenue and the Commonwealth of Massachusetts have each fined the IT services firm $1124.6 and $12.28, respectively. On the company’s finances, operations, or other activities, there is no discernible influence.
- Mahindra & Mahindra: The SUV maker has revealed that a few XUV models would be actively inspected. The manufacturer of the 1,08,306 XUV700 vehicles produced between June 8, 2021, and June 28, 2023 shall check the engine compartment wire loom routing for any potential risks of wiring loom abrasion cuts. Additionally, 3,560 XUV400 vehicles produced between February 16 and June 5, 2023, will be examined for a brake potentiometer with an inefficient spring return action. All consumers will receive a free inspection and subsequent correction after being contacted by the business personally.
- South Indian Bank: With effect from August 20, South Indian Bank, a private sector lender, increased its marginal cost of funds-based lending rates (MCLR) across all tenures by 15-20 bps. The loan rate has been updated by 20 basis points for the overnight, one-month, three-month, and six-month tenures, while it has increased by 15 basis points for the one-year tenure.
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