Opening Bell:
Gift Nifty is up by 41.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets started the final trading week of August higher after US Federal Reserve chair Jerome Powell said that inflation remains “too high” and that the central bank is “prepared to raise rates further if appropriate.” Japan’s Nikkei 225 climbed 0.93%, while the Topix was up 0.89%. South Korea’s Kospi gained 0.41% and Kosdaq 0.7%. Australia’s S&P/ASX 200 gained 0.47% on its open, ahead of the country’s July retail sales data expected later Monday. Futures for Hong Kong’s Hang Seng index stood at 17,970, also pointing to a positive open compared with the HSI’s close of 17,956.38.
The stock futures gained slightly to kick off the final trading week of August. Futures tied to the Dow Jones Industrial Average rose 50 points, or about 0.15%, while S&P 500 futures and Nasdaq-100 futures added 0.14% and 0.7%, respectively. Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average gained 247.48 points, or 0.7%, on Friday, but finished the week 0.45% lower. The S&P 500 added about 0.7%, while the Nasdaq Composite advanced about 0.9%. Both the broad-based and tech-heavy index notched their first winning week in four, adding about 0.8% and 2.3%.
Stocks News:
👉Bharat Electronics: The state-run defence company has received defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date). These orders also include the Rs 1,075-crore contract received from Hindustan Shipyards for the supply of CMS, communication systems, EW systems and other sensors for fleet support ships. With these orders, BEL has received orders of Rs 11,380 crore in current financial year.
👉One 97 Communications: Foreign investor Antfin (Netherlands) Holding B V, owned by Chinese billionaire Jack Ma’s Ant Group, has sold 2.27 crore equity shares or 3.59% stake in the Paytm operator, via open market transactions, at an average price of Rs 895.20 per share, which amounted to Rs 2,037.01 crore. However, Societe Generale has bought 59.87 lakh shares and Morgan Stanley Asia Singapore Pte purchased 39.96 lakh shares in Paytm at an average price of Rs 895.20 per share. Antfin (Netherlands) Holding held 23.79% stake in Paytm as of June 2023.
👉Reliance Industries: Reliance AGM 2023 date has been fixed on 28th August 2023. The Sensex heavyweight is expected to unveil its business blueprint for the future. According to market experts, after the demerger of Jio Financial Services Ltd (JFSL) from RIL, the market is expecting some concrete announcements in regard to Future Retail IPO and Reliance Jio IPO. They said that the launch of 5G devices at a reasonable price and some succession from the company in this regard is also expected.
👉Adani Enterprises: A single market participant took a derivatives position worth an estimated ₹600 crore in Adani Enterprises Ltd (AEL), flagship of the Adani Group and a Nifty 50 stock, just days before India’s markets regulator submitted its status report on the Adani probe to the Supreme Court on 25 August. While it’s unknown whether the position is a hedge or a punt, market experts said such positions are normally taken in anticipation of a sharp price move based on an event.
👉Foreign institutional investors (FII) sold shares worth Rs 4,638.21 crore, whereas domestic institutional investors (DII) purchased Rs 1,414.35 crore worth of stocks on August 25, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- Foreign direct investment (FDI) into India dipped by 34% to $10.94 billion during April-June period this fiscal year, according to the Department for Promotion of Industry and Internal Trade (DPIIT). FDI inflows stood at $16.59 billion during April-June 2022-23, the data from DPIIT showed. According to the data, FDI dipped from countries including Mauritius, Singapore, the US and the UAE during April-June 2023-24. Inflows dipped in segments including computer hardware and software, trading, automobile and pharma. Maharashtra was the top destination for FDI, followed by Karnataka, Gujarat and Delhi.
India had gained one notch to emerge the seventh highest FDI recipient in calendar 2021 despite inflows shrinking about 30% to $45 billion from $64 billion in 2020, according to the United Nations Conference on Trade and Development. Global FDI flows recovered to pre-pandemic levels in 2021, reaching nearly $1.6 trillion.
- The primary market segment for this week will see four IPOs worth over Rs 500 crore opening for subscription and six stocks that will be scheduled for listing on the bourses. Test and measuring instruments maker Rishabh Instruments will be the first from the mainboard segment, launching its maiden public issue on August 30 and also closing in the same week on September 1.
- Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped, and a fire broke out at a refinery in Louisiana. Brent crude futures rose $1.12, or 1.3%, to settle at $84.48 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1.0%, to settle at $79.83.
- Gold fell on Friday, en route to snap a four-session streak of gains after Federal Reserve Chair Jerome Powell left the door open to more interest rate hikes. Spot gold last fell 0.21% to $1,913.3643 per ounce. U.S. gold futures settled 0.4% lower at $1,939.90.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,956 | (1.4) % |
| Shanghai Composite | 3,064 | (0.6) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,347 | 0.7 % |
| DAX | 15,632 | 0.1 % |
| FTSE 100 | 7,339 | 0.1 % |
| Nikkei | 31,624 | (2.1) % |
| Straits Times | 3,190 | 0.3 % |
