Opening Bell:
Gift Nifty is up by 26.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded higher on Tuesday, following an overnight rally on Wall Street and the release of key economic data from China. Japan’s Nikkei 225 climbed 1.1%, with the Topix rising 0.78%. In South Korea, the Kospi advanced 0.99%, while the Kosdaq soared 1.19%. Hong Kong’s Hang Seng index futures pointed to a positive opening.
The U.S. stock market closed higher on Monday, driven by gains in tech stocks, with the S&P 500 and Nasdaq extending their winning streak to eight consecutive sessions, the longest in 2024. The Dow Jones Industrial Average jumped 236.77 points, or 0.58%, to 40,896.53. The S&P 500 increased by 54 points, or 0.97%, to 5,608.25, while the Nasdaq Composite climbed 245.05 points, or 1.39%, to close at 17,876.77.
Stocks News:
👉 Zomato: Antfin Singapore Holding, a subsidiary of Alibaba Group, is planning to sell a 1.54% stake in Zomato, valued at $408 million, through block deals, according to sources from CNBC-TV18. The floor price for the sale has been set at ₹251.68 per share. As of June 2024, Antfin held a 4.3% stake in Zomato.
👉 Bajaj Auto has made a provision of ₹211 crore for deferred tax on investment income in Q2FY25, following the withdrawal of the indexation benefit and a change in the tax rate. The company stated that the provision amount of ₹211 crore is below the materiality threshold as outlined in Regulation 30 of the Listing Regulations, 2015.
👉 IndusInd Bank has received approval from the Reserve Bank of India to establish a wholly owned subsidiary to manage its mutual fund asset management business. The approval also allows the bank to infuse equity capital into the newly formed asset management subsidiary.
👉 Vedanta has announced that its shareholding in its subsidiary Hindustan Zinc has decreased to 63.42% following the sale of 6,36,05,891 equity shares, representing 1.51% of the paid-up equity, through an offer-for-sale.
👉 The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 2,667crore on August 19, while domestic institutional investors also bought equities worth Rs 1802 crore on the same day.
Domestic and International Events
- In June, India’s holdings of U.S. government securities increased to USD 241.9 billion, marking the third consecutive month of growth. Meanwhile, Japan and China continued to hold the top positions. This development comes against a backdrop of global economic challenges and the IMF’s projection of 3.2% global growth for 2024.
- Gold prices remained above the $2,500 mark, supported by a weaker U.S. dollar and declining Treasury yields. Spot gold edged up 0.1% to $2,505.92 per ounce, after reaching an all-time high of $2,509.65 on Friday. U.S. gold futures also increased by 0.1% to $2,543.90.
- Crude oil prices edged lower as concerns over a potential supply disruption in the Middle East eased. The Brent crude October contract slipped 0.45% to $77.31 per barrel, while U.S. West Texas Intermediate (WTI) September futures decreased by 0.50% to $74.00 per barrel. On Monday, Brent had declined around 2.5%, and WTI had fallen by 3%.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,570 | 0.8 % |
| Shanghai Composite | 2,894 | 0.5 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,897 | 0.6 % |
| DAX | 18,422 | 0.5 % |
| FTSE 100 | 8,357 | 0.6 % |
| Nikkei | 37,389 | (1.8) % |
| Straits Times | 3,356 | 0.1 % |
