Opening Bell:
Gift Nifty is down by 30.0 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets traded lower, influenced by overnight losses on Wall Street and recent trade data from Japan. Japan’s Nikkei 225 declined by 0.75%, while the Topix fell by 0.54%. In South Korea, the Kospi eased by 0.18%, and the Kosdaq dropped by 0.66%. Additionally, Hong Kong’s Hang Seng index futures pointed to a lower opening.
The U.S. stock market ended lower on Tuesday, breaking an eight-day winning streak ahead of the Jackson Hole Economic Symposium. The Dow Jones Industrial Average slipped by 61.56 points, or 0.15%, to close at 34,834.97. The S&P 500 declined by 11.13 points, or 0.20%, to 4,397.12, while the Nasdaq Composite dropped 59.83 points, or 0.33%, to finish at 13,816.94.
Stocks News:
👉 Cyient, the promoter, is expected to divest a 14.5% stake, equivalent to 1.15 crore equity shares, in Cyient DLM through block deals on August 21. The transaction is anticipated to be valued at Rs 860.9 crore, with a floor price set at Rs 748.65 per share. Following this sale, Cyient’s ownership in Cyient DLM will decrease from 66.66% to 52.16%.
👉 Ola Electric Mobility’s scooters, the S1 X 3 kWh and S1 X 4 kWh, have been certified for compliance with the eligibility assessment requirements under the Production Linked Incentive (PLI) scheme for the automobile and auto components industry. Both models have successfully met the stringent 50% minimum localization criteria mandated by the Ministry of Heavy Industries.
👉 Reliance Jio, a subsidiary of Reliance Industries, added 19.11 lakh subscribers in June, down from 21.95 lakh subscribers in May. As of June 2024, it held a 40.71% market share in the wireless subscriber segment.
👉 Bharti Airtel added 12.52 lakh subscribers in June, slightly up from 12.50 lakh subscribers in the previous month. As of June 2024, the telecom operator held a 33.23% market share in the wireless subscriber segment.
👉 The foreign institutional investors (FIIs) sold equities worth Rs 1457 crore on August 20, while domestic institutional investors bought equities worth Rs 2252 crore on the same day.
Domestic and International Events
- The Reserve Bank of India suggested that persistently high food prices may necessitate a more cautious approach to monetary policy. While retail inflation declined in July, the central bank projected that it would rise again due to ongoing pressures from food prices. Climatic shocks were identified as a significant factor contributing to the stubbornly high food prices, which raises concerns about broader inflation trends.
- Japan’s exports increased at a slightly slower pace than anticipated in July, with shipment volumes continuing to decline, according to recent data. Exports rose by 10.3% year-on-year in July, marking the eighth consecutive month of growth, but this was below the median market forecast of an 11.4% increase. On the other hand, imports grew by 16.6% in July compared to the previous year, surpassing the economists’ expectations of a 14.9% increase, as reported by Reuters. The trade balance recorded a deficit of 621.8 billion yen ($4.28 billion), significantly larger than the forecasted deficit of 330.7 billion yen.
- Crude oil prices traded mixed as estimates indicated an increase in U.S. crude inventories. Brent crude futures edged up by 0.10% to $77.28 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by 0.44% to $74.04 per barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,511 | (0.3) % |
| Shanghai Composite | 2,867 | (0.9) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,835 | (0.2) % |
| DAX | 18,358 | (0.4) % |
| FTSE 100 | 8,273 | (1.0) % |
| Nikkei | 38,063 | 1.8 % |
| Straits Times | 3,370 | 0.4 % |
