Opening Bell:
Gift Nifty is up by 6.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets were mixed on Thursday, following a sell off on Wall Street and ahead of trade data from China and Australia. Chinese imports and exports for August are forecasted to fall 9.2% and 9% year-on-year, respectively, according to a poll of economists by Reuters, which is smaller than the 14.5% and 12.4% drops in July. In Australia, the S&P/ASX 200 slid 0.45% ahead of its August trade data release. Japan’s Nikkei 225 rose marginally after eight straight days of gains, while the Topix was 0.1% higher. South Korea’s Kospi saw a 0.12% loss, while the Kosdaq was 0.35% higher. Futures for Hong Kong’s Hang Seng index were mostly flat and stood at 18,449, compared with the HSI’s close of 18,449.98.
Stock futures were little changed late Wednesday as renewed concern swirled on Wall Street over the course of the Federal Reserve’s interest rate policy, and whether policymakers will enact another hike this year. Futures tied to the Dow Jones Industrial Average fell 28 points, or 0.08%. S&P 500 futures ticked down 0.07% while Nasdaq futures declined 0.1%. Technology stocks were the biggest underperformer during regular trading hours, with the Nasdaq Composite closing 1.1% lower and notching a third-consecutive losing session. The tech-heavy index was dragged lower by a more than 3% decline in both Apple and Nvidia.
Stocks News:
👉Reliance Industries: Reliance Retail Ventures Ltd. (RRVL) on Wednesday said it has signed a joint venture agreement to acquire a 51% stake in Ed-a-Mamma, a kid and maternity-wear brand founded by actor Alia Bhatt. The partnership will see the brand grow into new categories such as personal care and baby furniture, children’s story books and an animated series, RRVL said in a statement announcing the investment. The company did not give financial details of the transaction.
👉Tata Consumer Products: The Tata Group company sent clarification note to exchanges on the Reuters news saying Tata Consumer is in talks to buy at least 51% stake in Haldiram’s. The company said they are not in negotiations for stake in Haldiram, while Haldiram’s also denied stake sale reports, saying not in talks with Tata Consumer.
👉HCLTech: IT services company HCL Technologies has been selected by Elders, an Australian agribusiness, to drive digital transformation across business operations. Under the multi-year IT services deal, HCLTech will provide managed IT services and a wide portfolio of IT capabilities to Elders, including the ability to harness HCLTech’s artificial intelligence offerings and other opportunities, according to a release. HCLTech will also be responsible for application development and management, digital workplace capabilities, infrastructure, cybersecurity and data management for Elders.
👉AU Small Finance Bank Ltd: AU Small Finance Bank Ltd aims to use its premium credit card offering to attract new deposits and retain existing customers seeking more banking services. On Tuesday, the SFB introduced the Zenith+ metal card, with an annual fee of ₹4,999, excluding taxes. It offers customers complimentary rounds of golf, free movie tickets, as well as other benefits.
👉Foreign institutional investors (FII) sold shares worth Rs 3,245.86 crore, while domestic institutional investors (DII) offloaded Rs 247.46 crore worth of stocks on September 6, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- According to National Securities Depository Limited (NSDL) data, FPIs allocated a dominant ₹11,563 crore to power sector stocks. FPIs’ investment in power stocks includes a $1.1 billion investment by US-based GQG in Adani Power. They pumped ₹11,343 crore into Indian equities in August as against ₹26,442 crore in July.
- Jupiter Life Line Hospitals IPO has received decent response from investors on the first day of bidding. The offer has been subscribed 87% with bids for 74.07 lakh shares against issue size of 84.97 lakh shares. Retail investors and high net worth individuals have bought shares 1.11 times and 1.43 times the allotted quota, which was 35% and 15% to the total issue size, respectively. Qualified institutional investors have bid for 1% shares of the reserved portion which is 50% in the IPO. The Mumbai-based multi-specialty, tertiary and quaternary healthcare provider aims to mop up Rs 869.08 crore via maiden public issue, at the upper price band.
- Oil prices reversed course on Wednesday after rising over 1% in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia. Brent crude futures were last down by 39 cents to $89.65 a barrel. US West Texas Intermediate crude (WTI) futures traded at $86.46 a barrel, down 23 cents.
- Gold languished near one-week lows on Wednesday on strength in the dollar and Treasury yields, driven by expectations for US interest rates to stay elevated for longer and worries about China’s economy. Spot gold was last down 0.27% to $1,920.70 per ounce, after hitting its lowest since Aug. 29 earlier in the session. US gold futures slipped 0.33% to $1,946.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,450 | (0.0) % |
| Shanghai Composite | 3,158 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,443 | (0.6) % |
| DAX | 15,741 | (0.2) % |
| FTSE 100 | 7,426 | (0.2) % |
| Nikkei | 33,241 | 0.6 % |
| Straits Times | 3,223 | (0.1) % |
