Asia-Pacific share indices rose early Wednesday as traders await the outcome of the US Federal Open Market Committee's policy decision, due to be released later today.
The Nikkei 225 rebounded Wednesday, and was trading 243.24 points, or 0.67% higher at 36,446.46 as of 06:28 a.m. On Tuesday, the Japanese yen declined against the dollar, which supported the country's stocks and turned the outlook for the export oriented country positive, Bloomberg reported.
The Kospi and S&P ASX 200 were trading 0.13% and 0.08% higher, respectively.
US stocks ended with little gains on Tuesday as the FOMC started its two-day policy meeting. Traders are still divided about the quantum of rate cut from the US rate-setting panel.
The S&P 500 and Nasdaq Composite ended 0.03% and 0.20% higher, respectively. The Dow Jones Industrial Average ended 0.04% lower.
November contract of brent crude was trading 0.08% lower at $73.06 per barrel as of 06:36 a.m. Gold was trading 0.17% higher at $2,573.88 as of 06:37 a.m.
The GIFT Nifty was trading 0.10%, or 25 points higher at 25,447.00 as of 06:37 a.m.
The Nifty and the Sensex logged gains on Tuesday, led by Bharti Airtel Ltd. and Larsen & Toubro Ltd. Throughout the session, the benchmarks traded near record highs, while market participants shifted their focus to the US Federal Open Market Committee's policy meeting, starting later in the day.
The Nifty settled 34.80 points or 0.14%, higher at 25,418.55 and the Sensex ended 90.88 points or 0.11%, up at 83,079.66. Intraday, the Nifty rose 0.23% to 24,441.65 and the Sensex jumped 0.20% to 83,152.41.
Overseas investors turned net buyers of Indian equities on Tuesday after a day of selling. Foreign portfolio investors mopped up stocks worth Rs 482.7 crore, while domestic institutional investors stayed net buyers for the third consecutive session and purchased equities worth Rs 874.2 crore, the NSE data showed.
The Indian rupee rose 0.15% to settle at Rs 83.76 against the US dollar.
Stocks To Watch
Infosys: The company entered into a pact with UK-based Metro Bank for digital transformation, which includes Infosys Topaz, an AI-first offering using generative AI technologies.
Oil Companies: ONGC, Oil India, Vedanta and Reliance Industries will be in focus after the government reduced the windfall tax on domestic crude production to zero.
Mankind Pharma: The board will consider raising funds via NCDs, commercial papers, debt securities, and others on Sept. 20.
SKF India: The board decided to initiate a separation of its automotive business with the objective of a separate listing on Nasdaq Stockholm through a Lex Asea distribution to its shareholders. The intention is to list the business during the first half of 2026.
REC: The company will undertake non-binding financial commitment to increase renewable book by over Rs 3 lakh crore by 2030. The commitment is to increase the renewable share to 30% by 2030 from 8% at present. The loan book was projected at Rs 10 lakh crore by then.
Torrent Power: The company received a letter of intent from Maharashtra Discom for a 1,500 MW pumped hydro storage project.
Ceigall India: The National Highway Authority of India has designated the company as the L1 bidder for the construction of the 4/6 lane northern Ayodhya Bypass, with a bid project cost of Rs 1,199.3 crore, and the 4/6 lane southern Ayodhya Bypass, with a bid project cost of Rs 1,299.2 crore.
DCM Shriram: The company received an observation letter from BSE on the amalgamation of Lilly Commercial with itself.
Satin Creditcare: The board will consider fundraising via NCDs on Sept. 20.
RattanIndia Enterprises: The company's unit Revolt Motors launched the electric motorcycle RV1 at an introductory price of Rs 84,990 and the electric motorcycle premium variant RV1+ to have an introductory price of Rs 99,990.
Vakrangee: The company partnered with Star Health Insurance to offer health insurance products across its network.
AYM Syntex: The board approved preferential issue of shares to promoters for Rs 141 crore.
IPO Offering
Western Carriers (India): The public issue was subscribed to 9.43 times on day 3. There bids were led by retail investors (13.27 times), non-institutional investors (12.74 times) and Qualified institutional investors (0.09 times).
Arkade Developers: The public issue was subscribed to 16.21 times on day 2. There bids were led by retail investors (20.00 times), non-institutional investors (28.27 times) and reserved for employees (19.25 times), and Qualified institutional investors (0.44 times).
Northern Arc Capital: The public issue was subscribed to 9.99 times on day 2. The bids were led by, non-institutional investors (21.72 times), retail investors (10.84 times), reserved for employees (2.25 times), and Qualified institutional investors (0.2 times).
Block Deals
Nuvoco Vistas Corp: Kotak Special Situations Fund sold 45 lakh shares (1.25%), while SBI Mutual Fund bought 45 lakh shares (1.25%) at Rs 352 apiece.
Trent: Dodona Holdings sold 10.95 lakh shares (0.3%) and Siddhartha Yog bought 10.95 lakh shares (0.3%) at Rs 7,330 apiece.
Bulk Deals
Suraj Estate Developers: LIC Mutual Fund bought 2.83 lakh shares (0.63%) at Rs 758.89 apiece.
VST Industries: Damani Radhakishan sold 1 lakh shares (0.64%) at Rs 439.19 apiece.
Insider Trades
Cupid: Promoter Aditya Kumar Halwasiya bought 3.25 lakh shares on Sept. 16.
Trading Tweaks
Moved into short term ASM: Arihant Capital Markets, Globus Spirits, Rama Steel Tubes, Renaissance Global.
Moved out of short term ASM: 63 Moons Technologies, Indraprastha Medical Corp.
Who’s Meeting Whom
SBI Life Insurance: To meet analysts and investors on Sept. 20.
Saksoft: To meet analysts and investors on Sept. 20.
eClerx Services: To meet analysts and investors on Sept. 17.
F&O Cues
Nifty September futures up by 0.03% to 25,449 at a premium of 31 points.
Nifty September futures open interest down by 1.9%.
Nifty Bank September futures up by 0.07% to 52,295 at a premium of 107 points.
Nifty Bank September futures open interest down 3.66%.
Nifty Options Sept. 19 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 25,000.
Bank Nifty Options Sept. 18 Expiry: Maximum call open Interest at 53,000 and maximum put open interest at 52,000.
Securities in ban period: Aarti Industries, Balrampur Chini Mills, Biocon, Birlasoft, GNFC, Granules, Hindustan Copper, LIC Housing Finance, Punjab National Bank, and RBL Bank.
Money Market Update
The Indian rupee strengthened against the US dollar on Tuesday as anticipation grew over a likely reduction in interest rates by the FOMC. The local currency rose 0.15% to settle at Rs 83.76 against the US dollar, according to Bloomberg data.
Research Reports
Bajaj Auto - Volume Growth To Moderate In The Domestic Market: Motilal Oswal
Awfis Space Solutions - Compounding Story On Track: ICICI Securities
Happiest Minds - Digital Business To Shine In An Improved Macro: Nirmal Bang
Orient Electric - Long Term Focus, Premiumisation Are Future Growth Levers: Nirmal Bang
Star Cement - Capacity Expansion To Drive Growth; Outlook Remains Positive: Axis Securities
Ather Energy DRHP Takeaways - R&D, Premium Positioning Key Differentiator: Yes Securities
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