Opening Bell:
Gift Nifty is up by 23.0 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets traded higher on Wednesday, buoyed by an overnight rally on Wall Street. Japan’s Nikkei 225 advanced 0.98%, with the Topix rising 0.72%. South Korea’s Kospi climbed 1.1%, while the Kosdaq surged 1.4%. Hong Kong’s Hang Seng Index signaled a higher opening.
The US stock market closed higher on Tuesday, reaching a near two-week high, as softer producer price data fueled expectations of a Fed rate cut. The Dow Jones Industrial Average surged 408.63 points, or 1.04%, to 39,765.64, while the S&P 500 climbed 90.04 points, or 1.68%, finishing at 5,434.43. The Nasdaq Composite rose 407.00 points, or 2.43%, to close at 17,187.61.
Stocks News:
👉 Hero MotoCorp reported a strong performance in Q1 on a standalone year-on-year basis. The company’s profit jumped 36.1% to ₹1,122.6 crore, compared to ₹825 crore in the same quarter last year. Revenue also saw significant growth, rising 15.7% to ₹10,143.7 crore from ₹8,767.3 crore.
👉 FSN E-Commerce Ventures, the parent company of Nykaa, delivered a robust Q1 performance on a consolidated year-on-year basis. The company’s profit surged by 151.7% to ₹13.64 crore, up from ₹5.42 crore in the same quarter last year. Revenue also saw a healthy increase of 22.8%, reaching ₹1,746.1 crore compared to ₹1,421.8 crore. Additionally, Nykaa announced its plan to acquire a 39% stake in Dot & Key Wellness from promoters or existing shareholders for.
👉 Apollo Hospitals Enterprise reported a strong performance for Q1 on a consolidated year-on-year basis. The company’s profit spiked 82% to ₹315.5 crore, compared to ₹173.4 crore in the same quarter last year. Revenue grew by 15.1%, reaching ₹5,085.6 crore, up from ₹4,417.8 crore.
👉 Piramal Enterprises reported a challenging Q1 on a standalone year-on-year basis. The company’s profit sank 60.5% to ₹228.1 crore, down from ₹577 crore in the same quarter last year. Revenue also fell sharply by 63.3%, reaching ₹348.2 crore compared to ₹949 crore.
👉 Vedanta has received approval from the Committee of Directors to sell up to 11 crore equity shares, representing a 2.6% stake, in Hindustan Zinc through an offer-for-sale.
👉 The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 2107 crore on August 13, while domestic institutional investors bought equities worth Rs 1239 crore on the same day.
Domestic and International Events
- India’s retail inflation dropped to a 59-month low of 3.5% year-on-year (YoY) in July, according to government data, largely due to the high base effect. This marks the first time in nearly five years that the inflation rate has fallen below the Reserve Bank of India’s (RBI) medium-term target of 4%. Meanwhile, India’s factory output, measured by the Index of Industrial Production (IIP), grew by 4.2% in June on an annual basis, compared to a 6.2% increase in May. In June 2023, the IIP growth was recorded at 4.0%.
- US producer prices rose less than anticipated in July. The Producer Price Index (PPI) for final demand edged up by 0.1% last month, following an unrevised 0.2% increase in June. Over the 12 months through July, the PPI increased by 2.2%, down from a 2.7% rise in June. Economists surveyed by Reuters had expected the PPI to gain 0.2%.
- Crude oil prices increased due to estimates of shrinking US crude and gasoline inventories. Brent crude futures climbed 0.50% to $81.09 per barrel, while US West Texas Intermediate crude rose 0.63% to $78.84 per barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,174 | 0.4 % |
| Shanghai Composite | 2,868 | 0.3 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,766 | 1.0 % |
| DAX | 17,812 | 0.5 % |
| FTSE 100 | 8,235 | 0.3 % |
| Nikkei | 36,233 | 3.5 % |
| Straits Times | 3,259 | 0.7 % |
