Asia-Pacific benchmarks declined on Wednesday before the release of US CPI data for August, which investors will parse to get a sense about the quantum of rate cuts the Federal Reserve will opt for in its policy meeting next week.
Market participants will also assess presidential debate between candidates Donald Trump and Kamala Harris.
The Nikkei 225 was trading 214.24 points, or 0.59 lower at 35,944.92, and the Kospi was trading 2.10 points, or 0.08% down at 2,521.33 as of 06:29 a.m.
US stocks struggled to gain traction as Wall Street's biggest banks strike cautious chord. Meanwhile, Brent oil prices fell below $70 a barrel, due to growing concerns about oversupply.
On Tuesday, the S&P 500 and Nasdaq Composite settled 0.45% and 0.84% higher, respectively. The Dow Jones Industrial Average ended 0.23% lower.
Brent crude was trading 0.55% higher at $69.57 a barrel. Gold was flat at $2,516.46 an ounce.
The GIFT Nifty was trading 0.16%, or 40 points lower at 25,073.50 as of 06:32 a.m.
The Indian benchmark indices extended their rally to close higher for the second session in a row on Tuesday, led by gains in the IT sector. The NSE Nifty 50 closed 104.70 points, or 0.42% higher, at 25,041.10, while the S&P BSE Sensex ended higher by 361.75 points, or 0.44%, at 81,921.29.
Overseas investors remained net buyers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors mopped up equities worth Rs 2,208.2 crore, domestic institutional investors turned net sellers after six sessions and offloaded equities worth Rs 275.4 crore, the NSE data showed.
The Indian currency weakened by 3 paise to end at 83.98 against the US dollar.
Stocks to Watch
Tata Motors: The CCI approves proposed merger of Tata Motors Finance with Tata Capital.
Hindustan Zinc: HZL and Skipper Ltd. partnered for India's heaviest transmission steel pole structure, weighing around 200 tonnes.
Ceat: India Ratings and Research has revised outlook of the company to positive from stable.
Ramco Systems: The company announces the launch of Aviation Software 6.0 for smarter aircraft management.
Ashoka Buildcon: The company has finalized an agreement to transfer its complete 90% stake in ABL Indira Projects JV LLP for a sum of Rs 5.44 crore to Indira Projects & Development (Tamil Nadu) Pvt.
Happiest Minds Technologies: The company has obtained a certified true copy of the first motion order from the NCLT, Bengaluru bench, concerning the scheme of amalgamation with Sri Mookambika Infosolutions Pvt. This order relates to the merger of the two companies and their respective shareholders and creditors.
Fiem Industries: The company has received an interim insurance payment of Rs 30 crore related to the fire incident in June 2023. The company has estimated the total claim at Rs 112.7 crore on a reinstatement value basis, with the final assessment still in progress.
Reliance Industries: Reliance Retail Ventures, Delta Galil in pact for JV in India Delta Galil to establish apparel innovation platform focused on Indian market via Joint Venture with Reliance Retail.
Jubilant Pharmova: US FDA classifies the company's Washington facility as voluntary action indicated.
Entero Healthcare Solutions: India Ratings and Research has upgraded the company’s long-term issuer rating to ‘IND A-’ from ‘IND BBB’. The outlook is stable.
PDS: The company has secured a key trade financing facility, backed by HSBC Bank Middle East Ltd., to strengthen its position as a global fashion infrastructure platform. The facility will support the company's working capital needs and align with measurable sustainable finance objectives.
Steel Strips Wheels: The company has signed a supplementary shareholders agreement with Clean Max Astria, an associate company involved in renewable energy production and distribution. The company will invest Rs 6.93 crore through a rights issue to expand wind and solar capacity. As part of the agreement, the additional power generated will be supplied exclusively to the two companies.
Brigade Enterprises: Brigade Foundation Inaugurates 108-bed Hospital in collaboration with St. John’s Medical College Hospital at Brigade Meadows, Kanakapura Road, Bengaluru.
Ireda: Ireda Global Green Energy Finance IFSC Ltd. has received provisional registration from the International Financial Services Centre Authority.
Tinna Rubber and Infrastructure: The company has entered into a JV agreement with Lionshare Holdings and Mbodla Investments in Johannesburg. The partnership aims to acquire and recycle used tyres, either in India or by setting up a recycling plant in South Africa.
Astra Microwave Products: The company has signed a memorandum of understanding with Premier Explosives Ltd., Hyderabad. The strategic alliance aims to jointly develop and market a range of products.
Genus Power Infrastructures: Genus Power Infrastructure has established two wholly owned step-down subsidiaries namely Genus Shekhawati Smart Metering Solutions SPV Pvt. and Genus Marwar Smart Metering Solutions SPV Pvt.
Goa Carbon: The company has resumed operations at its Goa unit, with the kiln being lit. After the preliminary heat-up and the start of raw material feeding, normal production is expected to resume shortly.
Premier Explosives: The company has signed a MoU with Astra Microwave for joint development & sale of products
IRB Infrastructure Developers: Transport Ministry said that no toll would be charged for travelling up to 20 km on highways and expressways per day. Toll collection for over 20 km to be based on distance covered by vehicle as per satellite data.
Oil India: The company, ONGC Videsh and Kabil have signed an MoU with UAE-based International Resources Holding.
Adani Ports-Rorix Pact: International Holding Co.'s subsidiary Rorix has entered into an agreement with Adani Ports. This pact focuses on the integration of advanced technologies into India's infrastructure.
Lemon Tree Hotels: The company has signed a new property featuring 108 rooms in Mumbai.
Yes Bank: The company has proposed the name of Manish Jain, the head of wholesale banking, for the position of executive director for a term of three years.
UCO Bank: The bank will hike MCLR by 5 bps in most tenures
InterGlobe Aviation: The Bureau of Civil Aviation Security has reduced the penalty imposed on the company from Rs 1.2 crore to Rs 70 lakh.
Inox India: The company has been granted a patent for a 'cryogenic liquid-based variable temperature cold storage unit and method'.
Hindustan foods: Further Investment in wholly owned subsidiary company.
HDFC Bank: The Reserve Bank of India has imposed a penalty of Rs 1 crore on the bank for non-compliance with its directions on 'Interest Rate on Deposits' and the engagement of 'Recovery Agents' by the bank.
Zee Media Corp.: Announcement of changes in the company's senior management personnel.
Dixon Technologies (India): The Competition Commission of India has approved the proposed acquisition of a minority stake in Aditya Infotech Ltd.
IPO Offering
Kross: The initial share sale of auto parts manufacturer Kross received 2.56 times subscription on the second day of bidding on Tuesday. The company is looking to mop up Rs 500 crore through its maiden share sale. The offering consists of a fresh issue as well as an offer for sale, each worth Rs 250 crore.
Tolin Tyres: The initial public offering of Tolins Tyres Ltd. has been subscribed 5.22 times on the second day of subscription on Tuesday. The IPO was subscribed 1.8 times on the first day of bidding on Monday, led by demand from retail investors.
Bajaj Housing Finance: The IPO was subscribed 7.51 times on its second day of bidding on Tuesday. The issue was subscribed 2.02 times on the first day.
PN Gadgil Jewellers: The IPO was subscribed 2.01 times on the first day of issue on Tuesday, led by bidding from retail investors. The offering consists of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore.
Block Deals
Pidilite Industries: Ishijas Chemicals Pvt. bought 4 lakh shares (0.06%) at Rs 3,303 apiece. Neerav Apurva Parekh sold 1 lakh shares (0.01%) and Kalpana Apurva Parekh sold 3 lakh shares (0.05%).
Trent: Siddhartha Yog bought 1.19 lakh shares (0.03%) at Rs 7080 apiece. Dodona Holdings Limited sold 1.19 lakh shares (0.03%).
Insider Trades
Dr Lal Path Labs: Promoter Arvind Lal sold 40,000 shares between Sept. 6 and Sept. 10.
Annual General Meeting
Jindal Stainless: Held on Sept. 10
Goa Carbon: Held on Sept. 10
5Paisa Digital: Held on Sept. 10
Equitas Small Finance Bank: Held on Sept. 10
Trading Tweaks
Price band change from 20% to 5%: Infibeam Avenues Ltd.
Price band change from 5% to 20%: Orient Technologies Ltd.
Ex dividend: Finolex Industries Ltd., General Insurance Corp., Infibeam Avenues Ltd., Insecticides (India) Ltd., Pondy Oxides and Chemicals Ltd.
Ex/record dividend: Andhra Paper Ltd., Uttam Sugar Mills Ltd.
Who's Meeting Whom?
Aavas Financiers: To meet analysts and investors on Sept. 18 and 19.
Mrs Bectors Food Specialities: To meet analysts and investors on Sept. 13,14 and 17.
Century Textiles: To meet analysts and investors on Sept. 17.
Varroc Engineering: To meet analysts and investors on Sept. 13.
KFin Tech: To meet analysts and investors on Sept. 19 and 23.
Indian Hotels: To meet analysts and investors on Sept. 26 and 27.
Shriram Finance: To meet analysts and investors on Sept. 13.
VA Tech Wabag: To meet analysts and investors on Sept. 13.
SBI Life Insurance: To meet analysts and investors on Sept. 13,18, 24.
Matrimony.com: To meet analysts and investors on Sept. 25.
Bajel Projects: To meet analysts and investors on Sept. 13.
Symphony Ltd: To meet analysts and investors on Sept. 13.
Aegis Logistics: To meet analysts and investors on Sept. 13.
Venus Pipes: To meet analysts and investors on Sept. 13.
Five Star Business Finance: To meet analysts and investors on Sept. 12.
Tata Chemicals: To meet analysts and investors on Sept. 16, 18.
Mankind Pharma: To meet analysts and investors on Sept. 17, 23.
Oberoi Realty: To meet analysts and investors on Sept. 17, 18, 23.
F&O Cues
Nifty September futures rose by 0.45% to 25,083 at a premium of 41.9 points.
Nifty September futures open interest fell by 3.1%.
Nifty Bank September futures rose by 0.19% to 51,371.2 at a premium of 98.9 points.
Nifty Bank September futures open interest fell by 0.65%.
Nifty Options Sept. 12 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,600.
Bank Nifty Options Sept. 11 Expiry: Maximum call open interest at 59,000 and maximum put open interest at 51,000.
Securities in ban period: Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Biocon, Chambel Fertilizers, Hindustan Copper, RBL Bank.
Money Market
The Indian rupee closed weaker against the US dollar on Tuesday amid expectations of a continued RBI intervention. Market participants are waiting on the sidelines for the release of US inflation data due Wednesday for insights on the scale of the Federal Reserve’s anticipated interest rate cut.
The rupee closed three paise weaker at Rs 83.98 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.95 on Monday.
Research Reports
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