Opening Bell:
Gift Nifty is up by 81.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian stocks were taking a breather on Monday after global equities enjoyed their best week in nine months on expectations the US economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts. Japan’s Nikkei 225 was down 0.16%, with the Topix also lower by 0.13%. South Korea’s Kospi declined by 0.33%, and Hang seng was up by 1% respectively.
US stocks ended higher on Friday, extending their biggest weekly percentage gains of the year as worries of an economic downturn eased and investors focused on the Jackson Hole Economic Symposium next week. The Dow Jones Industrial Average rose 96.7 points, or 0.24%, to 40,659.76. The S&P 500 gained 11.03 points, or 0.20%, at 5,554.25 and the Nasdaq Composite added 37.22 points, or 0.21%, at 17,631.72
Stocks News:
👉 GMR Airports Infrastructure: Passenger traffic at GMR Airports grew 7.7% YoY in July, reaching 1.06 crore passengers. Domestic traffic increased by 7.1%, while international traffic rose 9.3%. Aircraft movements also saw a 6% YoY and 2% MoM rise, reaching 68,755.
👉 Samvardhana Motherson International: Samvardhana Motherson Innovative Solutions, a subsidiary of Samvardhana Motherson International, has acquired a 34% stake in Motherson Auto Solutions from Sojitz Corporation. This acquisition makes Motherson Auto Solutions an indirect wholly-owned subsidiary of the company.
👉 Adani Enterprises: The Management Committee of Adani Enterprises has approved a public issuance of non-convertible debentures (NCDs) worth Rs 400 crore, with an option to retain over-subscription of an additional Rs 400 crore, totaling up to Rs 800 crore.
👉 Hindustan Zinc: Promoter Vedanta is exercising the oversubscription option in the offer-for-sale (OFS) of Hindustan Zinc, adding 1,21,65,562 equity shares (0.29% of paid-up equity) to the base offer of 5,14,40,329 shares (1.22% stake). The total offer will now be 6,36,05,891 shares (1.51% stake). A portion of 63,60,590 shares is reserved for retail investors on August 19.
👉 The foreign institutional investors (FIIs) turned net buyers on August 16 as they bought equities worth Rs 766 crore, while domestic institutional investors also bought equities worth Rs 2606 crore on the same day.
Domestic and International Events
- Fast-moving consumer goods (FMCG) companies expect to sustain volume growth in the coming quarters, buoyed by recovery of demand in rural markets and good monsoon, despite concerns over growing food inflation. FMCG majors, including HUL, ITC, Dabur, Britannia, Nestle and Emami, in their June quarter earnings have reported ‘green shoots’ from the rural markets and strong growth from e-commerce channels, particularly from quick-commerce platforms.
- The week comes ahead of US jobless claims and economic activity data, while Jerome Powell is expected to confirm Federal Reserve interest-rate cuts are on the cards when he speaks in Wyoming. The meeting caps a volatile period for global stocks, partially driven by concern the Fed wouldn’t reduce borrowing costs fast enough to prevent a deeper US slowdown.
- Oil prices eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,430 | 1.2 % |
| Shanghai Composite | 2,879 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,660 | 0.2 % |
| DAX | 18,322 | 0.8 % |
| FTSE 100 | 8,311 | (0.4) % |
| Nikkei | 38,062 | 3.6 % |
| Straits Times | 3,353 | 1.1 % |
