Indices in Asia opened lower on Wednesday, tracked the decline in S&P 500 and Nasdaq Composite's after an eight-day winning streak. Japan's Nikkei was 0.9% lower, Australia's ASX 200 fell 0.50%, while South Korea's Kospi traded flat.
US stocks faced challenges in gaining further ground after a vigorous rally brought the market close to its all-time highs.
On Tuesday, a decline in equities broke what would have been the S&P 500's ninth consecutive session of gains, its longest winning streak in two decades. This drop marked a sharp reversal from the negative momentum observed during the panic selling of early August.
The S&P 500 closed 0.20% lower at at 5,597.12, Dow Jones fell 0.15% to close at 40,834.97 and Nasdaq Composite ended at 17,816.94, down 0.33%.
At 6:32 a.m., gold was trading flat at $2,514.2 an ounce and brent crude was down 0.06% at $77.6 per barrel.
The GIFT Nifty was flat at 24,707.50 as of 6:28 a.m.
The NSE Nifty 50 extended its gains for a fourth consecutive session and the S&P BSE Sensex continued its rally after a one-day blip to record their highest closing since Aug. 2, as shares of finance and IT companies led the gains. The Nifty ended 126.20 points or 0.51%, higher at 24,698.85 and the Sensex was 378.18 points or 0.47%, up at 80,802.86.
Overseas investors stayed net sellers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors offloaded stocks worth approximately Rs 1,458 crore, while domestic investors stayed net buyers for the 12th successive session and bought equities worth Rs 2,252.1 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by 8 paise to close at 83.79 against the US dollar.
Also Read: Your Guide To FII Positions On Aug. 21 Trade
Stocks to Watch
Cyient: The company approved the sale of a 14.5% stake in the arm of Cyient DLM via a block deal. The sale is to be completed by Aug. 21.
Sansera Engineering: The company approved raising funds of Rs 1,200 crore via QIP or other means.
Dhanuka Agritech: The company approved the buyback of 5 lakh shares at Rs 2,000 apiece. The total value of the buyback is Rs 100 crore.
Genus Power Infrastructure: The company received three orders worth Rs 3,609 crore for the appointment of advanced metering infrastructure service providers.
GE T&D India: Promoters are in the process of reviewing their shareholding structure and express strong intention to continue as the majority shareholder block of the company. The promoters also added that they would evaluate the possibility of a minority stake sale.
Petronet LNG: The company entered into a MoU for the supply of LNG with LTL Holdings in Sri Lanka.
CESC: The company arm incorporated a wholly owned subsidiary, Ecofusion Power, to explore opportunities in the renewable power sector.
Zaggle Prepaid Ocean Services: Zuzu Software Services sold a 4% stake in the company via the open market on Monday.
GIC Housing Finance: The company clarified that a report on the GIC weighing stake sale is incorrect. The company is unaware of any developments in this regard.
P I Industries: The UK Companies Court approved the acquisition of Plant Health Care for £32.8 million. The acquisition is to be completed by Aug. 20.
BGR Energy Systems: The company received a letter of termination of contract from Jharkhand Urja Sancharan Nigam. There is no material impact on financials or operations.
Exide Industries: The company made an investment of Rs 75 crore in Li-ion making subsidiary Exide Energy Solutuions Ltd. The company's total investment in the arm stands at Rs 2,652 crore.
RMC Switchgears: The company unit received Rajasthan Renewable Energy Corp.'s nod to set up a 50 MW renewable energy park in the state.
NHPC: A subsidence or landslide occurred over the Tail Race Tunnel outlet structure and behind the gas-insulated substation building of the 510 MW Teesta-V power station in Sikkim. The station was undergoing restoration after the October flash floods.
IPO offering
Interarch Building Products: The public issue was subscribed to 10.84 times on day 2. The bids were led by non-institutional investors (30.82 times), employees reserved (11.75 times), retail investors (7.31 times), and qualified institutional investors (1.47 times).
Orient Technologies: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 195 to Rs 206 per share. The Rs 214.8-crore IPO is a combination of a fresh issue of Rs 120 crore and the rest of the offer for sale.
Block Deals
HG Infra Engineering: Girishpal Singh Family Trust sold 6.08 lakh shares (0.93%) at Rs 1,566.5 apiece; Harendra Singh Family Trust sold 6.05 lakh shares (0.92%) at Rs 1,566.5 apiece; and Vijendra Singh Family Trust sold 5.82 lakh shares (0.89%) at Rs 1,566.5 apiece. Aditya Birla Sun Life Mutual Fund bought 4.87 lakh shares (0.74%) at Rs 1,566.5 apiece, Tata Mutual Fund bought 4.78 lakh shares (0.73%) at Rs 1,566.5 apiece, and Iti Mutual Fund bought 2.6 lakh shares (0.39%) at Rs 1,566.5 apiece.
Krishna Institute of Medical Sciences: India Advantage Fund S4-I sold 7.13 lakh shares (0.89%) at Rs 2,373.3 apiece and Dynamic India Fund S4 Us I sold 0.62 lakh shares (0.07%) at Rs 2,373.3 apiece. On the other hand, SBI Life Insurance Co. bought 7.75 lakh shares (0.89%) at Rs 2,373.3 apiece.
ADF Foods: Infinity Holdings sold 44 lakh shares (4%) at Rs 227.51 apiece, while Infinity Portfolio Holdings bought 44 lakh shares (4%) at Rs 227.51 apiece.
Bulk Deals
Zomato: ANTFIN Singapore Holding Pte. sold 18.54 crore shares (2.14%) at Rs 257.46 apiece.
Prataap Snacks: Rajesh Kumar Mehta sold 1.47 lakh shares (0.61%) at Rs 865.42 apiece.
Hinduja Global Solutions: Reliance Value Services Pvt. sold 2.36 lakh shares (0.5%) at Rs 730.36 apiece.
Insider Trade
Info Edge (India): Promoter Endeavour Holding Trust sold 10,500 shares on Aug. 19 and promoter Hitesh Oberoi sold 14,245 shares on Aug. 19.
Pledge share Details
Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge for 30 lakh shares on Aug. 16.
Trading Tweaks
Ex/record dividend: Gateway Distriparks, ITD Cementation India, Engineers India, Snowman Logistics, Symphony, Pfizer, Credo Brands Marketing, LINC, KPI Green Energy, India Glyols, and HAL.
Ex/record AGM: ITD Cementation India, Urja Global, PCBL, India Glyols, Isgec Heavy Engineering, HAL.
Ex/record buyback: Symphony.
Moved into short term ASM Framework: GRM Overseas, Jeena Sikho Lifecare, PCBL, Sterling Tools, and UFLEX.
Moved out short term ASM Framework: Century Enka, Fusion Micro Finance.
Also Read: Sansera Engineering To Raise Rs 1,200 Crore
F&O Cues
Nifty August futures up 0.47% to 24,711 at a premium of 13 points.
Nifty August futures open interest down by 1.77%.
Nifty Bank August futures up by 0.81% to 50,892 at a premium of 89 points.
Nifty Bank August futures open interest down by 8.5%.
Nifty Options Aug. 22 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,300.
Bank Nifty Options Aug. 21 Expiry: Maximum call open interest at 51,000 and maximum put open interest at 50,000.
Securities in ban period: Aaarti Industries, Aditya Birla Fashion, Balrampur Chini Mills, Bandhan Bank, Birlasoft, GNFC, Granules, Hindustan Copper, India Cements, LIC Housing Finance, Manappuram, National Aluminium, PEL, RBL Bank, SAIL, and Sun TV.
Research Reports
Q1 FY25 Results Review - Muted Quarter, As Expected: Motilal Oswal
Banking Q1 Results Review - Seasonally Weak Quarter; Margins To Remain Under Pressure: DRChoksey
HPCL Rajasthan Refinery - A White Elephant Or Prized Asset? Motilal Oswal
Arihant Superstructures - Developing A Growth Story: Axis Securities
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