Opening Bell:
Gift Nifty is down by 186.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets fell sharply on Wednesday after a tech-driven sell-off on Wall Street. Japan’s Nikkei 225 plunged 4.01%, with the Topix down 2.74%. South Korea’s Kospi dropped 2.61%, while the Kosdaq declined 2.94%. Hong Kong’s Hang Seng index futures signaled a lower opening.
On Tuesday, the US stock market experienced its steepest drop since early August. The Dow Jones Industrial Average fell by 626.15 points (1.51%) to 40,936.93, the S&P 500 dropped 119.47 points (2.12%) to 5,528.93, and the Nasdaq Composite plummeted 577.33 points (3.26%) to 17,136.30.
Stocks News:
👉 The Government of India plans to sell a 6.78% stake, including a 3.39% greenshoe option, in General Insurance Corporation of India (GIC Re) through an offer-for-sale (OFS) on September 4-5. The OFS will open for non-retail investors on September 4, with retail investors and employees able to participate on September 5. The floor price has been set at ₹395 per share.
👉 In August 2024, the Indian Energy Exchange recorded a total volume of 12,040 MU, marking a 35.8% increase from the same period last year. Electricity volume rose by 17.1% YoY to 9,914 MU, while renewable energy certificates (REC) surged by 737.4% to 2,116 MU. The Day-Ahead Market (DAM) saw a 22.5% YoY increase, reaching 4,666 MU, and the Real-Time Electricity Market (RTM) achieved its highest-ever monthly volume of 3,485 MU, up 27.3% YoY.
👉 NHPC has signed a Memorandum of Understanding (MoU) with Maharashtra’s Department of Water Resources (WRD) to develop energy storage systems (pumped storage) and other renewable energy sources like solar, wind, and hybrid systems, with a combined capacity of 7,350 MW.
👉 Mankind Pharma has executed a Business Transfer Agreement to transfer its over-the-counter (OTC) business to its subsidiary, Mankind Consumer Products (MCPPL), on a slump sale basis.
👉 The foreign institutional investors (FIIs) continued their buying on the fourth consecutive session on September 3 as they bought equities worth Rs 1029 crore, while domestic institutional investors also extended their support and bought equities worth Rs 1986 crore on the same day.
Domestic and International Events
- The Defence Acquisition Council, chaired by Rajnath Singh, approved 10 capital acquisition proposals worth Rs 1,44,716 crore on September 3, 2024. Notably, 99% of the cost is from indigenous sources. The Indian Army’s tank fleet will be modernized with Future Ready Combat Vehicles featuring advanced mobility and protection.
- US manufacturing continued to contract in August, with the ISM’s manufacturing PMI rising slightly to 47.2 from July’s 46.8, which was the lowest since November. The PMI has remained below the 50 mark for five consecutive months.
- Crude oil prices extended their losses after a nearly 5% drop in the previous session. Brent crude fell 0.53% to $73.36 per barrel, while US West Texas Intermediate (WTI) futures declined 0.63% to $69.90.
- Gold prices remained stable on Wednesday as investors awaited the monthly US payrolls report. Spot gold was unchanged at $2,493.62 per ounce, while US gold futures inched up 0.1% to $2,524.90.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,651 | (0.2) % |
| Shanghai Composite | 2,803 | (0.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,937 | (1.5) % |
| DAX | 18,747 | (1.0) % |
| FTSE 100 | 8,298 | (0.8) % |
| Nikkei | 38,686 | (0.0) % |
| Straits Times | 3,480 | 0.5 % |
