Opening Bell:
Gift Nifty is down by 11.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets fell as investors braced for July consumer price index data out from the US on Thursday. Expectations from economists polled by Reuters are the inflation rate will come in at 3.3%, slightly higher from the 3% seen in June. Japan’s Nikkei 225 slid 0.33% and the Topix was down 0.16%. The country saw its July wholesale inflation rate — which measures the price companies charge each other for goods and services — slow to 3.6%, down from a revised figure of 4.3% in June. Australia’s S&P/ASX 200 traded just below the flatline, with South Korea’s Kospi was down 0.43% and the Kosdaq lost 0.77%. Futures for Hong Kong’s Hang Seng index stood at 19,168, pointing to a lower open compared to the HSI’s last close of 19,246.03.
Stock futures gained slightly in overnight trading as Wall Street looked ahead to a key inflation reading that could impact the Federal Reserve’s next rate move. Futures tied to the Dow Jones Industrial Average climbed 87 points, or 0.25%. S&P 500 futures and futures connected to the Nasdaq-100 added 0.26% and 0.29%, respectively. The overnight moves followed another down session on Wall Street. The Dow Jones Industrial Average dropped about 191 points, or 0.54%, while the S&P 500 shaved off 0.7%, and the Nasdaq Composite shed 1.17%.
Stocks News:
👉Zee Entertainment Enterprises: The media and entertainment company has reported a 97% year-on-year decline in profit from continuing operations at Rs 3.87 crore for quarter ended June FY24, impacted by weak operating numbers and exceptional loss (Rs 70.6 crore against Rs 29.9 crore YoY). Revenue from operations at Rs 1,984 crore grew by 7.6% during the same period, with subscription revenue rising 18% driven by pick up in subscription revenue post NTO 3.0 and ZEE5, but domestic advertising revenues dropped 2.6% YoY. On the operating front, EBITDA dropped 42.3% on-year to Rs 154.9 crore with margin falling 680 bps to 7.8% for the quarter.
👉Tata Power Company: The Tata Group company has registered consolidated profit at Rs 972.5 crore for the quarter ended June FY24, rising 22.4% over a year-ago period, backed by healthy operating performance, and exceptional gain (Rs 234.7 crore). Revenue grew by 5% on-year to Rs 15,213.3 crore and EBITDA rose by 43% to Rs 3,005 crore on sustained business growth across all clusters.
👉Bata India: The footwear major has reported consolidated profit at Rs 106.9 crore for June FY24 quarter, falling 10.5% compared to year-ago period, primarily on early start of end of season sale by industry and subdued operating numbers. Revenue from operations for the quarter at Rs 958.15 crore grew by 1.6% over a year-ago period.
👉Indian Railway Catering and Tourism Corporation: The state-owned railway company has recorded profit at Rs 231 crore for quarter ended June FY24, falling 7% compared to corresponding period last fiscal, impacted by exceptional loss (Rs 51.9 crore) and lower operating margin. Revenue from operations jumped 17.5% year-on-year to Rs 1,001.8 crore for the quarter.
👉Foreign institutional investors (FII) made buying in the cash segment of Indian equities for the first time in the last 10 consecutive sessions, purchasing shares worth Rs 644.11 crore, whereas domestic institutional investors (DII) sold Rs 597.88 crore worth of stocks on August 9, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s imports from China in at least 25 major commodity groups increased in fiscal 2023, including consumer electronics, auto components, and iron and steel products. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi’s efforts to reduce its trade deficit with China since border tensions flared in 2020.
- The market regulator has reduced the timeline for listing of securities after the closure of public issue to three days, from six days now. With T as the issue-closing date, the securities will now have to be listed on T+3 day versus the current T+6 day. This will be an option for public issues opening after September 1, 2023, and will be a mandatory requirement for issues opening after December 1, 2023.
- Oil hit new peaks on Wednesday with Brent crude touching the highest price since April, as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude inventories. Brent crude was up $1.00, or 1.2 percent, having touched $87.24, the highest price since April 13. U.S. West Texas Intermediate (WTI) crude gained 80 cents, or 1.0 percent, to $83.72. The U.S. benchmark touched $84.11, the highest price since November 2022.
- Gold prices fought for traction on Wednesday as investors stayed on the sidelines ahead of key U.S. inflation data that could offer more cues on the Federal Reserve’s stance on monetary policy. Spot gold was flat at $1,924.39 per ounce, having dropped to its lowest since July 10 earlier in the session. U.S. gold futures were little changed at $1,958.50 per ounce
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,246 | 0.3 % |
| Shanghai Composite | 3,244 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,123 | (0.5) % |
| DAX | 15,853 | 0.5 % |
| FTSE 100 | 7,587 | 0.8 % |
| Nikkei | 32,204 | (0.5) % |
| Straits Times | 3,314 | 0.1 % |
