Opening Bell:
Gift Nifty is down by 21.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets rose across the board as Wall Street came off a winning day on Monday. Names like Meta and Apple traded slightly higher, while Nvidia added 1.8%. Shares of electric vehicle giant Tesla inched up 0.1%. Japan’s Nikkei 225 climbed 0.28% after leading gains in Asia on Monday, while the Topix was up 0.15%. The country’s unemployment rate for July also came in higher than expected, at 2.7%, compared with the 2.5% expected in a Reuters poll. Australia’s S&P/ASX 200 rose 0.11%, while South Korea’s Kospi gained 0.27% and the Kosdaq was 0.17% higher. Futures for Hong Kong’s Hang Seng index stood at 18,300, pointing to a stronger open compared with the HSI’s close of 18,130.74.
Stock futures were near flat on Monday night as investors looked to the final days of what’s been a difficult August for the market. Futures tied to the Dow Jones Industrial Average gained 15 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures wavered near the flat line. Overnight in the US, all three major indices gained ground, with the Dow Jones Industrial Average climbing 0.62% and the S&P 500 cup 0.63% limbed 0.63%. The Nasdaq Composite advanced 0.84%. Monday’s rally was broad: Ten of the 11 sectors in the S&P 500 were positive. The only outlier was the utilities sector, which ticked lower by 0.04%.
Stocks News:
👉Zomato: Internet Fund III Pte Ltd, a venture capital fund managed by the US-based investment management company Tiger Global Management, has exited the food delivery giant by selling entire its shareholding in the company for Rs 1,123.85 crore. The fund sold 12.34 crore shares or 1.44% stake in Zomato, through open market transactions at an average price of Rs 91.01 per share.
👉Sun Pharmaceutical Industries: The pharma major expects high-single-digit consolidated topline growth for FY24. The expansion of its global specialty business is expected to continue, while the research and development (R&D) spending is expected to be about 7-8% of sales in FY24 with an increasing share of spending in specialty R&D.
👉Adani Group companies: The Supreme Court is set to hear the contentious Adani-Hindenburg case today. Following allegations against the Adani Group by short-seller Hindenburg Research in their January report, the top court had instructed Sebi to provide an update on their ongoing investigation. Stay tuned for further developments. A Reuters report quoting sources said the investigation has found violations of rules on disclosures by listed entities.
👉LTIMindtree: The technology consulting and digital solutions company has announced a strategic collaboration with SaaS company CAST AI that specialises in automated cost optimisation for customers who run their cloud-native applications on Google Cloud, AWS, and Microsoft Azure. This collaboration brings together LTIMindtree’s Infinity platform, with CAST AI’s cloud cost optimization platform to provide enterprises with a complete view of their cloud portfolio.
👉Foreign institutional investors (FII) sold shares worth Rs 1,393.25 crore, whereas domestic institutional investors (DII) purchased Rs 1,264.01 crore worth of stocks on August 28, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s automotive industry is poised to rank number three in the world by 2030, with various schemes like the Rs 25,938 crore PLI for Automobile and Auto Components supporting the sector’s growth, the government said on Monday. Ministry of Heavy Industries (MHI) is organising a conference on Tuesday to review the performance of the Production Linked Incentive -Auto Scheme that will be chaired by Heavy Industries Minister Mahendra Nath Pandey, as per PTI.
- The central government may review its capital expenditure plans for the current financial year during pre-budget meetings scheduled to start in October-November. For now, it plans to stick to the provisions made in the 2023-24 annual budget and doesn’t have any plan to exceed the provisioned capital spending worth Rs 1.18 lakh crore. There are expectations that the incumbent administration will launch populist schemes to drum up support ahead of the 2024 general elections that would require additional fiscal support.
- Oil rose on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output in the US Gulf. Brent crude rose 65 cents, or 0.8%, to $85.13 a barrel by 1350 GMT, breaking above the $85 mark after failing to do so earlier in the session.
- Gold prices edged higher on Monday, helped by a retreat in the dollar and bond yields, while investors awaited a slew of U.S. economic data this week for more clues on interest rate outlook. Spot gold rose 0.4% to $1,921.86 per ounce. US gold futures gained 0.6% to $1,952. The dollar was down 0.1% against rivals, making gold less expensive for other currency holders.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,131 | 1.0 % |
| Shanghai Composite | 3,099 | 1.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,560 | 0.6 % |
| DAX | 15,793 | 1.0 % |
| FTSE 100 | 7,339 | 0.1 % |
| Nikkei | 32,170 | 1.7 % |
| Straits Times | 3,214 | 0.8 % |
