Opening Bell:
Gift Nifty is up by 21.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets were mixed on Friday as Japan released revised second quarter gross domestic product figures. Japan’s Nikkei 225 extended losses from Wednesday, falling 0.37%, while the Topix was down 0.42%. Second quarter GDP in Japan expanded by 4.8% on a quarter-on-quarter annualized basis, a smaller climb than the 6% seen in the preliminary estimates and lower than the 5.5% expected in a Reuters poll. Hong Kong markets may see limited trading today after the city’s observatory issued a “black rainstorm” warning. Under Hong Kong Exchange guidelines, the pre-opening session will be cancelled if a black rainstorm warning is in force after 7 a.m Hong Kong time. Should it be lifted before 9 a.m., the morning session will begin on the first half hour at least two hours after the discontinuation of the signal. In Australia, the S&P/ASX 200 climbed marginally. South Korea’s Kospi was also just below the flatline, and the Kosdaq rose 0.6%.
The Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve’s interest rate policy path, and whether policymakers will enact another hike this year. The tech-heavy Nasdaq sold off 0.89% to end at 13,748.83, while the S&P 500 slipped 0.32% to finish at 4,451.14. The Dow Jones Industrial Average added 57.54 points, or 0.17%, to settle at 34,500.73.
Stocks News:
👉LTIMindtree: The technology consulting and digital solutions company has launched two industry solutions, AdSpark and Smart Service Operations, to accelerate the time-to-market for businesses on the salesforce platform. AdSpark helps retailers get a jumpstart in expanding their own Retail Media platforms, while Smart Service Operations combines the power of Salesforce Service Cloud and the NxT Platform for clients in manufacturing, construction, transport, mining, power & utilities, etc.
👉Mazagon Dock Shipbuilders: The state-owned shipbuilding company has signed Master Ship Repair Agreement (MSRA) with the US Government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka. This is a non-financial agreement. There are only two shipyards in the country including Mazagon Dock which has signed MSRA. The agreement is expected to open up voyage repairs of US Navy Ships at Mazagon Dock.
👉ONGC/GAIL India: State-owned Oil and Natural Gas Corporation (ONGC) will invest ₹15,000 crore in ONGC Petro-additions Ltd (OPaL) as part of a financial restructuring exercise. The move will result in gas utility GAIL being edged out of the petrochemical firm, according to a report by news agency PTI. ONGC currently holds 49.36% stake in OPaL, which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent, according to the report.
👉Nazara Technologies: The country’s largest asset management company SBI Funds Management Ltd, on Thursday, acquired around 8% stake in online gaming firm Nazara Technologies Ltd, for ₹410 crore, which follows the 4 September ₹100 crore surprise investment by Nikhil and Nithin Kamath, the founders of India’s largest brokerage Zerodha Broking Ltd. Nazara Tech, which has staged a stellar rally this year and gained over 39% in the last three months, said the firm will issue 5.74 million fresh shares on preferential basis to three MF schemes of SBI Mutual Fund at ₹714 apiece.
👉Foreign institutional investors (FII) sold shares worth Rs 758.55 crore, while domestic institutional investors (DII) bought Rs 28.11 crore worth of stocks on September 7, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- Inflation in India is expected to have eased in August due to lower vegetable prices, but it is likely to remain above the Reserve Bank of India’s target range for the second consecutive month. Erratic monsoon rains have damaged crops, leading the government to subsidize vegetable prices and ban cereal exports. While this has helped bring down food inflation, rising energy prices may limit the decline. Economists predict that the consumer price index rose 7.00% in August compared to a year ago.
- India has removed additional duties on several US products, including chickpeas, lentils, and apples, which were imposed in retaliation to America’s tariffs on steel and aluminum products. This move comes ahead of US President Joe Biden’s visit to India for the G20 Summit. Both countries had previously agreed to terminate WTO disputes and remove retaliatory tariffs on certain US products.
- Oil prices eased on Thursday as an uncertain economic outlook for China outweighed expectations of tighter supplies from extended supply cuts in Saudi Arabia and Russia. Brent crude futures fell 18 cents, or 0.2%, to $90.42 a barrel by 1323 GMT, while US West Texas Intermediate crude (WTI) futures fell 21 cents, or 0.2% to $87.33.
- Gold held steady after briefly trimming gains on Thursday as data showed tightness in the US job market, with focus now shifting to a host of Federal Reserve speakers for cues on interest rate hikes. Spot gold was up 0.1% to $1,918.49 per ounce by 10:25 a.m. EDT (1425 GMT), after hitting a one-week low on Wednesday. US gold futures fell 0.1% to $1,943.00 per ounce.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,202 | (1.3) % |
| Shanghai Composite | 3,122 | (1.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,501 | 0.2 % |
| DAX | 15,719 | (0.1) % |
| FTSE 100 | 7,442 | 0.2 % |
| Nikkei | 32,991 | (0.8) % |
| Straits Times | 3,227 | 0.1 % |
