Opening Bell:
Gift Nifty is up by 95.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets partially recovered after a global sell-off, with traders eyeing US payroll data for clues on the Federal Reserve’s next move, Bloomberg reports. The MSCI Asia Pacific Index rose 0.5% after a 2% drop, while South Korea’s Kospi gained over 1%, led by chipmakers. Japan’s benchmarks also improved, though the yen eased after gains driven by rising real earnings.
After Tuesday’s steep decline, US stock indexes continued to fall on Wednesday. The S&P 500 dropped 0.2%, and the Nasdaq composite fell 0.3%. However, the Dow Jones Industrial Average managed a 0.1% gain. Losses were mainly from the technology, energy, and other sectors.
Stocks News:
👉 Reliance Industries won a 10 GWh battery storage project under India’s ₹3,620 crore production-linked incentive (PLI) scheme, advancing the country’s self-reliance in battery manufacturing. The project attracted bids from seven companies, including JSW Neo Energy and Waaree Energies.
👉 Adani Enterprises’ first bond issuance for individual investors showed robust demand, raising nearly ₹720 crore on the first day against a target of ₹800 crore. Led by Gautam Adani’s conglomerate, the retail segment was fully subscribed, with offers worth ₹250 crore surpassing the reserved ₹240 crore, signaling renewed investor confidence.
👉 Canara Bank raised $300 million through its first five-year bond issuance in over five years. Conducted via the GIFT International Financial Services Centre, the offer was oversubscribed by more than 2.5 times. Priced at 125 basis points above the five-year US Treasury, the bonds, with a 4.89% semi-annual coupon, attracted strong interest, particularly from Asian investors.
👉 On the first day of its offer for sale (OFS), General Insurance Corporation of India (GIC Re) received bids totaling nearly ₹2,300 crore. The OFS aims to divest up to 6.78% of the government’s stake, with 58 million shares bid on. The final divestment may be less than 3.4%, and additional divestments will be needed to meet the 25% public shareholding requirement.
👉 The foreign institutional investors (FIIs) continued their buying on the fifth consecutive session on September 4 as they bought equities worth Rs 975 crore, while domestic institutional investors bought equities worth Rs 97 crore on the same day.
Domestic and International Events
- India’s services sector activity reached a five-month high in August, driven by strong domestic demand and easing inflation. The HSBC India Services PMI rose to 60.9 from 60.3 in July. Despite a decline in international demand growth, firms remain optimistic about future growth, with cost pressures rising at a slower pace.
- July’s US job openings data pointed to a weakening labor market, raising expectations of further Federal Reserve rate cuts. As a result, the dollar fell against major currencies, with the dollar index down 0.3% to 101.4. The dollar also dropped 1% to a one-week low of 144.07 yen, as global markets avoided riskier assets.
- Crude futures fell over $1 per barrel on Wednesday, driven by demand concerns and mixed signals from producers. Brent crude declined by 1.42% to $72.70, while U.S. West Texas Intermediate dropped 1.62% to $69.20. Prices fluctuated throughout the session, influenced by reports of OPEC potentially delaying an output increase due to expected higher Libyan production.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,457 | (1.1) % |
| Shanghai Composite | 2,784 | (0.7) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,975 | 0.1 % |
| DAX | 18,592 | (0.8) % |
| FTSE 100 | 8,270 | (0.4) % |
| Nikkei | 37,048 | (4.2) % |
| Straits Times | 3,441 | (1.1) % |
