Sensex gains, closed at 64,965 level: While Nifty at 19,300 level
Indian Market
FII AND DII
| FII Sold | 4,638.21 Cr |
| DII Purchased | 1,414.35 Cr |
Indian Market News
- Sensex up 78 points, Nifty at 19,300; real estate gains, FMCG and IT drag
- Asia’s stocks rise as the week ahead is jam-packed with data.
- Indexes finish higher in tumultuous trade as investors digest Powell’s remarks.
- The dollar is weakening as investors analyze the ‘higher for longer’ route.
- Gold fell after Powell’s hawkish speech; attention now turns to economic data.
- Oil prices rise as China works to shore up the economy.
- The GIFT Nifty indicates a strong start for India’s broader index.
- Gold maintains its gains as markets assess the future for US interest rates.
- Schaeffler India buys out KRSV Innovative Auto at Rs 143 crore.
- Kalyani Rafael Advanced Systems receives Rs 2875 million contract
- GG Engineering sells an additional 1.5% share in GI Engineering Solutions.
- CCL Products is down 3% following a machine breakdown in Vietnam.
- Man Infraconstruction secures Mumbai redevelopment project
- Linde India’s stock rose 2% following SAIL’s order to build an oxygen plant.
- Amber Enterprises is up 3% as Singapore acquires 11 lakh shares.
- With effect from August 25, the government slapped a 20% export tariff on parboiled rice.
- Indian Railways place orders with Responsive Industries.
- Reliance Industries names Isha Ambani, Akash Ambani, and Anant Ambani as non-executive directors.
- In his AGM speech, Mukesh Ambani stated that Reliance Industries had invested $150 billion in the last ten years, which is more than any other company in the country.
- The withdrawal of Jio Financial from the BSE indexes has been postponed by three days until September 1.
- During July-August, Bharat Electronics receives orders totaling Rs 3,289 crore.
- Star Health; CNBC-TV18 reported that 1.9 crore shares (3.3 percent equity) worth Rs 65.1 crore changed hands in a block sale window.
- Zomato; CNBC-TV18 said that 3.2 crore shares worth Rs 288 crore changed hands in a block sale window at Rs 90.10 per share.
- Gulf Oil would invest Rs 103 crore to buy 51% of Tirex Transmission.
| SENSEX | 78.56 | +0.12% | 64,965.07 |
| NIFTY50 | 34.70 | +0.18% | 19,300.50 |
| BANK NIFTY | 266.10 | +0.60% | 44,497.55 |
INDIAN MARKET MOVERS
| Power Grid Corp |
6.80 2.81% |
Reliance | -32.45 -1.31% |
| Larsen | 56.10 2.13% | Adani Enterpris | -25.75 -1.03% |
| M&M | 28.65 1.88% | Hindalco | -4.05 -0.90% |
| Cipla | 19.50 1.61% | Nestle | -188.45 -0.85% |
| BPCL | 4.45 1.27% | Titan Company | -20.25 -0.66% |
MAJOR UPDATES
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FPIs invest Rs 10,689 cr in Aug; pace of investment slows
Foreign direct investment (FDI) in Indian equities dropped to Rs 10,689 crore in August, following a surge in foreign investment in the past three months. The slowdown was attributed to higher crude oil prices and inflation risks. FPIs are now relocating funds to US securities, as markets are expected to remain volatile due to macroeconomic uncertainty and rising US bond yields. This has led to a decrease in the pace of investment in Indian equities.
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What to expect from RIL’s 46th AGM: Retail & Jio IPOs, green energy & Jio Financial plans, and more
Reliance Industries’ 46th annual general meeting (AGM) is expected to set the market tone with major announcements. The event follows Jio Financial Services’ listing and Qatar Investment Authority’s acquisition of stake in Reliance Retail Ventures Limited. RIL’s AGM has become more about its newer divisions, but the oil-to-chemicals segment still forms the biggest chunk of the conglomerate’s revenue. In 2022, the company announced the rollout of Jio 5G across India by December 2023, entered green energy in 2021, and inducted Google as a minority investor. The company’s focus on newer divisions and growing revenue streams is expected to continue.
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Primary market schedule | 4 IPOs to be launched, 6 listings this week
This week, the primary market segment will see four IPOs worth over Rs 500 crore opening for subscription and six stocks scheduled for listing on the bourses. Test and measuring instruments maker Rishabh Instruments will launch its maiden public issue on August 30 and close on September 1. The fund raising will be Rs 490.78 crore, including a fresh issuance of shares worth Rs 75 crore and an offer for sale of Rs 415.78 crore by investor SACEF Holdings II and promoters. Infrastructure company Vishnu Prakash R Punglia’s public issue will close on August 28.
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Seeing green shoots of pickup on volumes as inflation moderates: ITC CMD Sanjiv Puri
ITC, a diversified group, is experiencing significant volume growth as inflation moderates. Chairman and Managing Director Sanjiv Puri stated that this will lead to improvements in volume, but it won’t happen overnight. Puri also mentioned that ITC plans to benefit existing shareholders by incorporating a wholly owned new subsidiary, ITC Hotels Ltd., focused on hospitality. This new subsidiary will leverage ITC’s institutional strengths and synergy with its hospitality and FMCG businesses. Puri also mentioned that the demerger of its hotel business will benefit existing shareholders.
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Mcap of three of top-10 most-valued firms erodes by Rs 82,082.91 crore
The combined market valuation of three of the top-10 most-valued firms in India has eroded by Rs 82,082.91 crore, with Reliance Industries taking the biggest hit. The three laggards were Reliance Industries, HDFC Bank, and State Bank of India, while Tata Consultancy Services, ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel, and Bajaj Finance were the gainers. The combined gain of the seven firms was Rs 67,814.1 crore. The BSE benchmark declined 62.15 points or 0.09 percent last week.
Global Market Update
GIFT Nifty
The GIFT Nifty showed a slight positive start, gaining 40 points after closing 120 points lower on August 25 at 19,265 points, while futures stood at 19,278 points.
US Markets
Stock futures saw slight gains in the final trading week of August, with the Dow Jones Industrial Average futures rising 50 points or 0.15%.
The S&P 500 futures and Nasdaq-100 futures added 0.14 percent and 0.7 percent, respectively.
Stocks are following a winning session following remarks from Federal Reserve Chair Jerome Powell.
The Dow Jones Industrial Average gained 247.48 points or 0.7 percent, but finished the week 0.45% lower.
The S&P 500 added about 0.7 percent, while the Nasdaq Composite advanced about 0.9%.
Powell pointed to signs of continued economic growth and strong consumer spending but indicated that the central bank would “proceed carefully” with additional hikes.
He stated that inflation remains too high and plans to raise rates further if appropriate.
European Markets
European markets closed mixed on Friday due to traders reacting to comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.
The Stoxx 600 ended flat, with sectors and major bourses pointing in opposite directions.
The continental blue-chip index closed down 0.4%, while shares in Asia-Pacific retreated, with Japan’s Nikkei 225 leading losses.
Fed Chair Jerome Powell warned that further interest rate increases could be necessary in the fight against inflation, and that the US central bank intends to hold policy at a restrictive level until it is confident that inflation is moving sustainably down towards its objective.
Asian Markets
Asia-Pacific markets began the final trading week of August higher after US Federal Reserve chair Jerome Powell stated that inflation remains high and the central bank is prepared to raise rates further if appropriate. Powell acknowledged progress has been made on inflation and that the Fed will remain flexible, but gave little indication of easing rates anytime soon. Japan’s Nikkei 225 climbed 0.93 percent, while the Topix was up 0.89 percent. South Korea’s Kospi and Kosdaq gained 0.41 percent and 0.70 percent respectively.
Oil Prices
Oil futures reached a one-week high on Friday due to rising US diesel prices, a drop in oil rigs, and a Louisiana refinery fire. Brent crude futures rose 1.3% to $84.48 a barrel, while West Texas Intermediate crude rose 1.1% to $79.83. Diesel futures soared 5% to a near seven-month high, reaching its highest since January 2023, boosting the diesel crack spread.
Dollar Index
The Dollar index rose by 0.20 percent in futures to reach 104.19, while the dollar’s value was near Rs 82.55.
Gold Prices
Gold fell on Friday, ending a four-session streak of gains after Federal Reserve Chair Jerome Powell opened the door for more interest rate hikes. Spot gold fell 0.21% to $1,913.3643 per ounce, while U.S. gold futures settled 0.4% lower at $1,939.90. The dollar and 10-year Treasury yields rose, denting gold’s appeal as Powell aims to hold rates higher for longer.
Stock in News
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Reliance Industries: The stock will be in the spotlight as the 46th annual general meeting of the firm owned by billionaire Mukesh Ambani will be conducted on August 28 (after the IPO of Jio Financial Services).
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Jio Financial Services: Due to the stock hitting the lower circuit on both August 24 and August 25, the removal of Jio Financial Services from the Sensex and other BSE indices would be delayed by an additional three days. As of today, Jio Financial will no longer be included in any S&P BSE Indices as of the start of trading on September 1. Jio Financial’s removal from the Nifty 50 and Sensex was originally scheduled for August 24, but it was postponed to August 29 because the stock kept falling. At an average price of Rs 202.8 per share, Motilal Oswal Mutual Fund purchased 3.72 crore shares, or 0.58 percent of Jio Financial, through open market transactions.
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Bharat Electronics: Between July and August 2023 (to date), the government-owned defence industry got fresh orders for both defence and non-defence products totaling Rs. 3,289 crore. These orders bring BEL’s total order volume for the current fiscal year to Rs 11,380 crore.
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Linde India: Steel Authority of India (SAIL) has given Linde India a letter of acceptance for the installation of a 1,000 tpd cryogenic oxygen plant at SAIL’s Rourkela plant on a construct, operate, and maintain (COM) basis for a period of 20 years beginning on the date the plant and ancillary facilities are commissioned.
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Indostar Capital Finance: The non-banking financing company Indostar Capital financing has sold a sizable chunk of its corporate loan book to Phoenix ARC. The sale consisted of a number of accounts that were classified as Stage 2 due to outstanding debts totaling Rs 915 crore. Phoenix ARC will establish a trust to keep tabs on the development of the real estate projects and will also consider contributing a specific amount to the financing of these projects’ completion.
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One 97 Communications: Through open market transactions, Antfin (Netherlands) Holding B V, a foreign investor and subsidiary of Chinese billionaire Jack Ma’s Ant Group, sold 2.27 crore equity shares, or 3.59% of the Paytm operator, for a total of Rs 2,037.01 crore. However, at an average price of Rs 895.20 per share, Societe Generale purchased 59.87 lakh shares in Paytm, while Morgan Stanley Asia Singapore Pte bought 39.96 lakh shares. As of June 2023, Antfin (Netherlands) Holding owned 23.79% of Paytm.
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UNO Minda: Promoter Nirmal Kumar Minda sold 74.46 lakh equity shares, or 1.3% of the firm, through open market transactions for a total of Rs 448.27 crore, or an average price of Rs 602.02 per share. As of June 2023, Nirmal owned 22.54% of the company, and the total shareholding of the promoters was 70.05%.
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Amber Enterprises India: At an average price of Rs 2,800 per share, or Rs 203.06 crore, the Government of Singapore purchased an additional 7.25 lakh shares, or 2.15% of Amber Enterprises. However, Ascent Investment Holdings Pte Limited sold 12.6 lakh shares, or 3.74% of Amber, for Rs 352.95 crore, at the same price. As of June 2023, Ascent owned 9.76% of Amber, or 32.88 lakh shares, whilst the previous session saw the Government of Singapore acquire 1.2% of Amber, or 4.05 lakh shares.
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GG Engineering Solutions:- GG Engineering has kept selling its shares of GI Engineering. At an average price of Rs 11.95 per share, GG Engineering sold 12.93 lakh shares on Friday, representing a 1.5% stake. As of June 2023, GG Engineering held 2.1 crore shares, or a 24.47% position in GI Engineering. Over the past five days, GG Engineering sold a total of 1.36 crore shares, or 15.88% of GI Engineering.
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