Opening Bell:
Gift Nifty is up by 43.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are set to fall, reversing gains markets made across the board on Monday. This comes as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore. In Australia, the S&P/ASX 200 inched down marginally. Australia’s business activity contracted at the fastest pace in 19 months, according to Juno Bank, with the composite purchasing managers index coming in at 47.1 for August. Japan’s Nikkei 225 also fell ahead of its August PMI figures, down 0.3%, while the Topix slipped 0.36%. Meanwhile, South Korea’s Kospi fell 0.27%, and the Kosdaq dropped 0.32%. Futures for Hong Kong’s Hang Seng index stood at 17,655, pointing to a weaker open compared to the HSI’s close of 17,791.01.
Stock futures are near flat Tuesday night as investors awaited on the latest crop of corporate earnings reports from well-known names including Nvidia. Dow Jones Industrial Average futures added 22 points, or 0.1%. S&P 500 and Nasdaq 100 futures also each climbed 0.1%. Retail stocks had been weak in Tuesday’s session, but Urban Outfitters shares were more than 5% higher in extended trading on the back of a better-than-expected quarterly report. The moves follow a mixed session on Wall Street. The S&P 500 and Dow slid around 0.3% and 0.5%, respectively. But the Nasdaq Composite eked out a 0.06% advance.
Stocks News:
👉Hindalco Industries will be investing up to Rs 2,000 crore to set up a “first of its kind” of copper and e-waste recycling unit in India, announced Kumar Mangalam Birla, the company’s chairman, while addressing its 64th annual general meeting (AGM) on August 22 “I am delighted to announce that your company is making an investment of Rs 2,000 crore to establish the first of its kind Copper and E-waste recycling facility in India. This move addresses the mounting challenge posed by e-waste, recognized as the foremost waste stream on a global scale,” Birla said in his keynote address.
👉Vodafone Idea: The debt-ridden telecom operator plans to clear about Rs 2,400 crore of dues to the government by September, sources privy to the development told PTI. The company will clear dues for the June 2023 quarter and spectrum instalment with applicable interest by September, the source said. Vodafone Idea had to pay a licence fee of around Rs 770 crore by July and Rs 1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.
👉SJS Enterprises: Promoter entity Evergraph Holdings Pte Ltd sold 29.52% stake out of its personal holding of 34.15% in the aesthetics solutions provider, through open market transactions. Evergraph offloaded 45.82 lakh shares each in SJS at an average price of Rs 600 per share, and Rs 600.06 per share, respectively, amounting to Rs 549.87 crore. Investor Sanders Consulting sold 1.73 lakh shares in the company at an average price of Rs 600.78 per share. However, investors bought 75.35 lakh shares or 24.3% stake in SJS at an average price of Rs 600 per share.
👉Jio Financial Services: The BSE has deferred the removal of Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance Industries, from all the S&P BSE indices to 29 August from 24 August. Jio Financial Services listed on the bourses on Monday and hit the lower circuit for the second straight on Tuesday.
👉Foreign institutional investors (FII) sold shares worth Rs 495.17 crore, whereas domestic institutional investors (DII) purchased Rs 533.75 crore worth of stocks on August 22, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India produced a total of 2.50 million metric tonnes (MMT) of crude oil in July 2023 – registering a growth of 2.1 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell (PPAC). Out of 2.5 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.62 MMT of crude oil while Oil India Limited (OIL) and private sector producers contributed 0.28 MMT and 0.60 MMT, data released by the Oil Ministry showed.
- India is not considering imposing any restrictions on exports of non-basmati parboiled rice, Food Secretary Sanjeev Chopra said on Tuesday. Last month, India surprised buyers by imposing a ban on the export of widely consumed non-basmati white rice, following a ban on broken rice exports last year. “There is no proposal as of now to restrict parboiled rice exports,” Chopra said in response to questions about whether India was considering imposing an export tax or introducing a floor price for parboiled rice exports. Currently, there are no restrictions on the exports of parboiled rice, which constitutes nearly a third of India’s total rice exports.
- Oil prices steadied on Tuesday as investors remained downbeat on China’s economic malaise hobbling demand from the world’s top crude importer, limiting the impact of supply cuts. US West Texas Intermediate inched 13 cents higher to $80.85 a barrel, while Brent crude traded 9 cents higher at $84.55 a barrel.
- Gold prices gave up early gains to hover near a five-month low on Tuesday, as a stronger dollar and higher bond yields dented bullion’s appeal as focus shifts to the Jackson Hole Symposium for more cues on the interest rate outlook. Spot gold was down 0.2 percent at $1,890.39 an ounce after rising as much as 0.6 percent earlier in the session. US gold futures gained 0.4 percent to $1,930.90.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,791 | 1.0 % |
| Shanghai Composite | 3,120 | 0.9 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,289 | (0.5) % |
| DAX | 15,706 | 0.7 % |
| FTSE 100 | 7,271 | 0.2 % |
| Nikkei | 31,857 | 0.9 % |
| Straits Times | 3,160 | 0.2 % |
