Opening Bell:
Gift Nifty is up by 22.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are set to mostly rise, largely mirroring moves on Wall Street as US stocks saw a Nvidia-fueled tech rally on Tuesday. Investors will be bracing for Australia’s inflation numbers for July, which are expected to come in at 5.2%, according to a Reuters poll — softer than the 5.4% seen in June. The Australian S&P/ASX 200 climbed 0.61% in early trade. Japan’s Nikkei 225 is on pace for its third straight day of gains, opening 0.61% up, while the Topix also extended gains and rose 0.56%. South Korea’s Kospi led gains in the region among major indices, advancing 0.81%, while the Kosdaq was up 0.98%. Futures for Hong Kong’s Hang Seng index stood at 18,669, pointing to a stronger open and on pace for its third straight day of gains compared with the HSI’s close of 18,484.03.
Stock futures traded flat on Tuesday night India time after another positive session, marking the latest leg in an end-of-month rally as investors try to mitigate August losses. Futures tied to the Dow Jones Industrial Average gained 28 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures also both hovered around 0.1% higher. The moves followed a third consecutive winning session on Wall Street as investors made up some ground at the end of the month. The technology-heavy Nasdaq Composite added 1.7% in the session. The S&P 500 rose about 1.5%, notching its best performance since June. The Dow climbed nearly 0.9%, which equates to a gain of more than 290 points.
Stocks News:
👉Zomato: SoftBank Vision Fund (SVF Global) is likely to offload a 1.17% stake it holds in food delivery giant Zomato for Rs 940 crore through a block deal, CNBC TV-18 reported, citing sources. A total of 10 crore shares will be sold by SVF Growth Fund, at a price of Rs 94 apiece, the sources added. Svf Growth (Singapore) Pte Ltd holds 3.35% stake in Zomato as of June 2023.
👉ONGC: State-owned ONGC plans to invest around ₹2 trillion towards its energy transition efforts until 2038, said chairman and chief executive Arun Kumar Singh. At a press briefing following its annual general meeting, Singh said the company is focussing on many aspects of energy transition, including green hydrogen, offshore endeavors, and solar initiatives.
👉Maruti Suzuki India: The country’s largest carmaker is looking to invest around ₹45,000 crore to double its production capacity to 40 lakh units annually in the next eight years, chairman RC Bhargava said on Tuesday. The company will also take up suggestions by shareholders for a stock split to its board for consideration, he said while speaking at the annual general meeting of the carmaker.
👉Hero MotoCorp: India’s largest two-wheeler maker plans to to create a portfolio of premium motorcycles and scooters with the launch of multiple products in the next two years, according to media reports. Known for its entry-level bikes, the company is looking to introduce a new product every quarter in the next one year to ramp up its presence in the 150cc to 450cc bike segment.
👉Foreign institutional investors (FII) bought shares worth Rs 61.51 crore, while domestic institutional investors (DII) purchased Rs 305.09 crore worth of stocks on August 29, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- The Indian government has announced a reduction of Rs 200 in the price of cooking gas cylinders for all subscribers, on top of the existing subsidy. This move will cost the exchequer around Rs 7,680 crore for the 2023-24 fiscal year. The decision is being seen as a pre-election gift, with Assembly elections scheduled in four states and Lok Sabha elections due next year. Ujjwala scheme subscribers already get Rs 200 subsidy on cooking gas cylinders, while the reduction of Rs 200 in prices of LPG cylinders announced on Tuesday will be on top of that.
- India’s decision to impose a 20% duty on exports of parboiled rice has led buyers and sellers to delay shipments to avoid paying the tax. shipments of around 500,000 metric tons to after mid-October to avoid paying the tax, three leading exporters told Reuters on Tuesday. This could lead to depleted inventories and higher local prices in importing countries such as Benin, Ghana, Cote d’Ivoire, and Liberia. Indian exporters have also raised their prices to a record high due to rising costs and the duty.
- Oil prices edged higher on Tuesday as Hurricane Idalia intensified as it headed towards Florida’s Gulf Coast, threatening to hit crude oil supplies in an already tightening market. Brent crude oil futures rose 34 cents, or 0.4%, to $84.76 a barrel, while the U.S. West Texas Intermediate futures rose 36 cents, or 0.5%, to $80.46 a barrel.
- Gold climbed to a three-week peak on Tuesday as the dollar and Treasury yields slipped after weaker labour market readings cast doubts over the chances of another rate hike by the Federal Reserve. Spot gold was up 0.9% at $1,935.95 per ounce. US gold futures also rose 0.9% to $1,964.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,484 | 2.0 % |
| Shanghai Composite | 3,136 | 1.2 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,853 | 0.9 % |
| DAX | 15,931 | 0.9 % |
| FTSE 100 | 7,465 | 1.7 % |
| Nikkei | 32,227 | 0.2 % |
| Straits Times | 3,223 | 0.3 % |
