Opening Bell:
Gift Nifty is down by 7.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets largely rose even as yields of US 10-year Treasury bonds hit levels not seen in over a decade. The benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007. This is notable as higher bond yields generally mean lower stock prices. Japan’s Nikkei 225 climbed 0.86%, while the Topix rose 0.72%. Overnight, SoftBank Group’s chip unit Arm filed for a Nasdaq listing that is expected to be the largest of the year. South Korea’s Kospi also gained 0.88%, and the Kosdaq was 0.84% up. However, the Australian S&P/ASX 200 extended losses from Monday and slid 0.19%. Futures for Hong Kong’s Hang Seng index point to a rebound for the index and stood at 17,680, compared with the HSI’s close of 17,623.29.
US stock futures traded flat Monday night Indian time as the Nasdaq Composite and the S&P 500 snapped a four-day negative streak, in what has been a losing month for all the major averages. Futures tied to the Dow Jones Industrial Average slipped 33 points, or 0.1%. S&P 500 and Nasdaq 100 futures both ticked down 0.1%. The Nasdaq Composite posted its biggest advance of the month during Monday’s main trading session, rising 1.6%. The S&P 500 added close to 0.7%. Meanwhile, the Dow ticked down 0.1%.
Stocks News:
👉Adani Power: The private power company has a target to raise the thermal generation capacity up to 21,110 MW by FY29 including 1,100 MW via inorganic route and expects net senior debt at Rs 26,690 crore in FY24, increasing from Rs 24,350 crore in FY23, but net senior debt to EBITDA is expected to fell from 1.7x to 1.6x during the same period.
👉Welspun Enterprises: The infrastructure development arm of Welspun World has completed acquisition of 50.10% stake in Michigan Engineers (MEPL), a trenchless technology-based EPC company in the urban water infrastructure segment, from the existing shareholders for Rs 137.07 crore. With the completion of the transaction, MEPL is now a subsidiary of Welspun Enterprises and enables company’s expansion into the promising water and tunnelling solutions segment in India.
👉Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a power purchase agreement (PPA) for 9MWp on campus solar plant with Tata Motors’ Pantnagar plant in Uttarakhand. This solar plant will be the largest on campus solar facility in Uttarakhand. The project will be commissioned within 6 months from the PPA execution date.
👉Adani Enterprises: Promoter entity Kempas Trade & Investment has acquired 2.53 crore equity shares, or 2.22% stake, in the Adani Group company through open market transactions during August 7-18. With this, its shareholding in Adani Enterprises increased to 69.87%, from 67.65%.
👉Foreign institutional investors (FII) sold shares worth Rs 1,901.10 crore, whereas domestic institutional investors (DII) purchased Rs 626.25 crore worth of stocks on August 21, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- A healthy growth in India’s services segments has helped the country’s total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5% to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9% to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022. “India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5% over the same period last year (January-June 2022),” the report said.
- Mumbai-based flexible flow solutions provider Aeroflex Industries has mopped up Rs 103.68 crore from 15 anchor investors on August 21, ahead of the IPO launch. The 15 investors that participated in the anchor book included Nippon Life, Invesco, Winro Commercial India, Whiteoak Capital Mutual Fund, Bank of India Mutual Fund, Quatum State Investment Fund, Societe Generale, and Universal Sompo General Insurance Company. “We have finalised the allocation of 95,99,980 equity shares to anchor investors at Rs 108 per equity share,” the metallic flexible flow solution products said in its filing to exchanges.
- Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. Brent crude was up 52 cents to $85.32 a barrel at 1348 GMT and US West Texas Intermediate crude was up 65 cents at $81.90.
- Gold prices hovered near a five-month low on Monday, as elevated bond yields pressured bullion, while investors looked ahead to the Federal Reserve’s Jackson Hole symposium later this week for more clarity on the interest rate path. Spot gold was 0.1 percent lower at $1,887.09 per ounce. US gold futures were steady at $1,916.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,623 | (1.8) % |
| Shanghai Composite | 3,093 | (1.2) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,464 | (0.1) % |
| DAX | 15,603 | 0.2 % |
| FTSE 100 | 7,258 | (0.1) % |
| Nikkei | 31,566 | 0.4 % |
| Straits Times | 3,154 | (0.6) % |
