Opening Bell:
Gift Nifty is down by 10.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian stocks traded mixed on Wednesday after US shares fell and a rally in oil increased concern about inflation. The S&P 500 fell 0.4%, Nasdaq 100 futures were little changed. The Nasdaq 100 rose 0.1%, Japan’s Topix index rose 0.5%, Australia’s S&P/ASX 200 Index fell 0.2%, The Nikkei 225 is higher by 0.41%, while the Hang Seng is leading the Shanghai Composite lower. They are down 0.81% and 0.43% respectively.
S&P 500 futures traded near flat on Tuesday night as Wall Street looked beyond the losing session that marked the start of the holiday-shortened trading week. Futures tied to the broad index and Dow Jones Industrial Average were little changed. Nasdaq 100 futures shed 0.1 percent. The moves follow a down session on Wall Street, which was the first of the holiday-shortened trading week. The Dow finished close to 200 points, or roughly 0.6 percent, lower, while the S&P 500 and Nasdaq Composite slipped 0.4 percent and nearly 0.1 percent.
Stocks News:
👉Jio Financial Services: JFS will be removed from the NSE Indices, including the Nifty50, from September 7, as the stock has not hit the price band on two consecutive trading days on September 4 and September 5 on the NSE. Even if Jio Financial Services hits the price band on September 6, the exclusion will not be deferred further, the exchange said. Along with Nifty50, the stock will be excluded from Nifty 100, Nifty 200, Nifty 500, Nifty Energy, Nifty India Manufacturing and 13 other indices.
👉Zee Entertainment: Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.
👉Vedanta: Vedanta Resources Ltd (Vedanta) on Tuesday said it will restart copper operations in Zambia after a government decision in favour of the company. In a statement, the metal and mining giant said: “The ownership and management of Konkola Copper Mines (KCM) has been returned to the company following a historic decision by the Government of the Republic of Zambia”. KCM is a world-class asset having reserves of 16 million tonnes of contained copper. It has a copper grade of 2.3 per cent, the company said.
👉Tata Consultancy Services: Indian technology major Tata Consultancy Services on Tuesday said it has entered a multi-year partnership with agriculture and bio-energy company Lantmännen Ekonomisk Förening (Lantmännen) to transform its IT infrastructure. TCS on Tuesday said they will harmonise Lantmännen’s digital workplace to support hybrid working for all users, and transform Lantmännen’s global service desk to deliver 24×7 multi-lingual support.
👉Foreign institutional investors (FII) sold shares worth Rs 1,725.11 crore, while domestic institutional investors (DII) bought Rs 1,077.86 crore worth of stocks on September 5, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- The S&P Global India services Purchasing Managers’ Index (PMI) fell to 60.1 in August from 62.3 in July, indicating a slight slowdown in the growth of the services industry. However, overall conditions remained strong, with exports at a record high and the index reading above the 50-mark for the 25th consecutive month. The survey also showed that foreign demand was the highest since September 2014.
- India’s auto sales in August grew by 9%, slightly lower than previously reported figures, according to the Federation of Automobile Dealers Association (FADA). Sales increased across various vehicle categories, with two-wheelers up by 6%, passenger vehicles by 6.5% and commercial vehicles by 3%. Three-wheeler sales saw the biggest jump, increasing by 66% compared to the previous year.
- Oil prices surged 2 percent on Tuesday to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts by three months to the end of this year, worrying investors about potential shortages during peak winter demand. Brent crude futures rose by $2.08, or about 2.3%, to $91.08 a barrel, eclipsing the $91 level for the first time since last November. Meanwhile, US. West Texas Intermediate crude October futures rose $2.42, or about 2.8 percent, to $87.97 a barrel, also a 10-month high.
- Gold slipped to a one-week low on Tuesday on rising bond yields and as investors opted for the U.S. dollar to hedge against global growth concerns. Spot gold declined 0.6 percent to $1,926.49 per ounce. US gold futures fell 0.8 percent to $1,952.00. Jitters about global growth, particularly in China and the Euro zone, caused rival safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,457 | (2.1) % |
| Shanghai Composite | 3,154 | (0.7) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,642 | (0.6) % |
| DAX | 15,772 | (0.3) % |
| FTSE 100 | 7,438 | (0.2) % |
| Nikkei | 33,037 | 0.3 % |
| Straits Times | 3,227 | (0.4) % |
