Things to know before the opening bell

Opening Bell:

The selling trend continued in the Indian equity indices on August 22nd, amid negative global cues. Rising dollar index and higher US 10-year bond yield spooked investors. All the sectoral indices on the NSE ended in the red. Banks, metals and realty shares dropped.

The S&P BSE Sensex, slumped 872.28 points or 1.46% to 58,773.87. The Nifty 50 index lost 267.75 points or 1.51% to 17,490.70. Both the indices fell over 2.5% in two consecutive sessions.

Wall Street ended sharply lower on Monday as investors are looking at US Federal Reserve gathering later this week in Jackson Hole, Wyoming, which is expected to reinforce a strong commitment by the central bank to control inflation.

Asia-Pacific traded lower early Tuesday morning after major indexes on Wall Street finished their worst day since June amid mounting rate hike concerns. Trends in SGX Nifty indicate a negative start for the broader indices in India with a loss.

Stocks News:

IIFL Finance to receive Rs. 2200 crore from subsidiary of Abu Dhabi Investment Authority against an allotment of 53,76,457 equity shares. After the said transaction, the investor will hold 20 percent shareholding in IIFL Home Finance.

EBL Bank has approved the issue of debt securities on private placement basis, up to an amount of Rs 3,000 crore. This is subject to the approval of the members of the bank at the ensuing annual general meeting.

NTPC opens first part of 10 MW out of 20 MW Gandhar Solar PV project at Gandhar, Gujarat, for commercial operation. With this, standalone installed and commercial capacity of NTPC will become 55099 MW, while group installed and commercial capacity of NTPC will become 69464 MW.

TVS Electronics enters into mobile POS software solutions and authentication solutions space, offering hardware along with required applications, digital payment solutions, cloud computing software solutions to segments like retail, banks and government.

Lemon Tree Hotels has signed a licence agreement for a 65-room hotel at Hubli, Karnataka, under its brand ‘Lemon Tree Hotel’. The hotel is expected to be operational by May, 2023. Its hotel management subsidiary Carnation Hotels will be operating this hotel.

Stock under F&O Ban: Tata Chemicals – is under the NSE F&O ban list for August 23. Securities in the ban period under the F&O segment include companies whose security has crossed 95 percent of the market-wide position limit.

Foreign institutional investors (FIIs) have net sold shares worth Rs 453.77 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 85.06 crore on August 22, as per provisional data available on the NSE.

Domestic and International Events:

As per Deutsche Bank the Reserve Bank’s rate setting panel is likely to opt for slowing down the pace of hikes and increase the repo rate by 0.25 per cent in September.

British consumer price inflation is set to peak at 18.6 percent in January, more than nine times the Bank of England’s target, an economist at U.S. bank Citi said on Monday, raising his forecast once again in light of the latest jump in energy prices.

China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin on Monday, adding to last week’s easing measures, as Beijing boosts efforts to revive an economy hobbled by a property crisis and a resurgence of Covid-19 cases.

Japan’s factory activity growth slowed to a 19-month low in August as output and new order declines deepened, amid growing pressure from persistent rises in raw material and energy costs and weakening global demand.