In Asia, while South Korea's Kospi and Australia's ASX 200 were trading 1.28% and 0.45% higher at 6:41 a.m., Japan's Nikkei was 0.6% lower.
Indices in Japan fell after the release of Japan’s July wage data, which rose at rose 3.6% year-on-year, as against 4.5% in June.
Indices in the US kicked off Wednesday's session in the red; however, they recovered later in the day to end mixed as July job openings reinforced hopes of a September rate cut.
The GIFT Nifty was at 25,362.00, up by 14 points or 0.06% as of 6:43 a.m.
Job openings for the month of July in the country fell to 7.67 million against the estimated 8.1 million, the lowest since the start of 2021.
S&P 500 ended 0.16% down, while tech-heavy Nasdaq Composite fell 0.3% and Dow Jones Industrial Average was up 0.1% at close.
Brent crude was trading 0.25% higher at $72.88 a barrel as of 06:45 a.m. Gold remained flat at $2,496.08 an ounce.
Treasury yields fell sharply after data revealed a further slowdown in the US labour market, leading Wall Street to bet on upcoming Federal Reserve rate cuts.
The Indian benchmark indices took a breather from a record rally to close lower on Wednesday as sentiment was hit after a rout in global stocks. The closing came after Asian stocks plunged, tracking the overnight losses in the US markets, led by weak economic data and easing oil prices on weak global demand.
The NSE Nifty 50 ended 0.32% or 81.15 points, down at 25,198.70, while the S&P BSE Sensex declined 0.25% or 202.80 points, to close at 82,352.64.
Overseas investors remained net buyers of Indian equities for the fifth consecutive session on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 975.5 crore, while domestic institutional investors stayed net buyers for the third consecutive day and purchased equities worth Rs 97.4 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.97 against the US dollar.
Stocks to Watch
Raymond: Shares of Gautam Singhania's consumer lifestyle business, Raymond Lifestyle Ltd., to list on stock exchange today.
PNB Housing Finance: The board will consider raising up to Rs 2,500 crore through NCDs on Sept. 9.
Sona BLW Precision Forgings: The company has set the floor price at Rs 699.01 per share for qualified institutional placement to raise Rs 2,400 crore. The QIP price is at a 3% discount to the current market price. The company may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue.
Linde India: The company is in a pact to buy Tata Steel industrial gas assets at the Kalinganagar Phase 2 expansion project.
Canara Bank: The company will issue five-year $300 million medium-term notes through the IFSC Banking unit. The bonds are to be issued at a coupon rate of 4.896% to be paid semi-annually.
Suzlon Energy: Executes conveyance deed with OE Business Park for the sale of office space for Rs 440 crore. The company will lease One Earth Property back for five years.
General Insurance Corp.: The government of India will exercise the oversubscription option in its current offer for sale, which will include an additional 50.49 lakh equity shares. The overall offer size will, therefore, increase to 6.45 crore shares or 3.68% stake.
Century Textiles: The arm will buy Hindalco land in Kalwa, Thane. The company will give a Rs 400 crore corporate guarantee for the land to Hindalco.
Exide Industries: Arun Mittal tenders resignation from the position of managing director and chief executive officer of its arm, EESL, effective Oct. 31. Mittal's resignation is for personal reasons.
Indostar Capital Finance: The company announced a public issue of NCD of the face value of Rs 1,000 each, aggregating up to Rs 300 crore. The issue is scheduled to open on Sept 6, 2024, and close on Sept 19, 2024.
Allied Blenders and Distillers: The board approves the acquisition of a majority stake in the target entity to be formed in collaboration with film star Ranveer Singh, represented by Oh Five Oh Talent Ltd. Liability Partnership. The company will undertake manufacturing, distribution, licensing, and marketing of various types of luxury and premium spirits comprising owned and third-party brands. The company appoints Anil Somani as chief financial officer and key managerial personnel effective Sept 5.
TARC: The company gets a registration certificate from the Haryana Real Estate Regulatory Authority for TARC ISHVA, a luxury group housing development in Gurugram.
Satin CreditCare: The company completes its first PTC transaction worth Rs 119 crore with HSBC India.
Kaynes Technology India: The company clarified that it has received no formal letter from the government to build a semiconductor unit.
Kalpataru Projects International: The board approved the conversion of the outstanding loan granted to Kalpataru Power Do Brasil Participações, a Brazil-based wholly-owned subsidiary of the company, into equity shares of KPBPSA.
Godrej Properties: The company approved the issuance of 6,460 unsecured, redeemable, rated, listed, non-convertible debentures of the face value of Rs 1 lakh, aggregating to Rs 64.60 crore.
Ganesha Ecosphere: The company approves the incorporation of a joint venture with Race Eco Chain to set up washing plants.
Apollo Hospitals: Apollo Healthco Ltd., an unlisted material wholly owned subsidiary of the company, incorporated a wholly owned subsidiary named Apollo 2417 Insurance Services Ltd. on Sept. 3.
Borosil Renewables: The company will acquire a 49% stake in Clean Max Prithvi Pvt Ltd from Clean Max Enviro Energy Solutions Private Ltd. The acquisition is to be completed in two months.
Interarch Building Products: The meeting of the Board of Directors is scheduled to be held on Sept. 12, 2024. The company will consider and approve the financial results of the company for the quarter ended June 30, 2024.
Listing
Raymond Lifestyle: Shares of Gautam Singhania's consumer lifestyle business, Raymond Lifestyle Ltd., to list on stock exchange today. As per NDTV Profit calculations, the share price of Raymond Lifestyle would be priced between Rs 3,100 and Rs 7,800 apiece, depending on how the street values the business.
IPO Offering
Gala Precision Engineering: The IPO bags the second largest subscription in 2024. The IOP has been subscribed 201.41 times on the third and final day. The bids were led by non-institutional investors (414.62 times), employee reserved (259 times), institutional investors (232.54 times), and retail investors (99.95 times).
Shree Tirupati Balajee Agro: The IPO will open for its first day of subscription on Sept. 5. The total issue size of the initial public offering stands at Rs 169.65 crore shares. The IPO consists of a fresh issue of up to 1.47 crore equity shares and an offer for sale of up to 56.90 lakh equity shares. The price band set for the IPO is in the range of Rs 78 to Rs 83 per share at a face value of Rs 10. The company raised Rs 50 crore from anchor investors on Wednesday, ahead of its initial public offering.
Block Deals
Shanti Educational Initiatives: Albula Investment Fund Ltd bought 47.2 lakh shares (2.93%) at Rs 122.85 apiece, while Lts Investment Fund Ltd sold 47.2 lakh shares (2.93%) at Rs 122.85 apiece.
Trent: Siddhartha Yog bought 1.21 lakh shares (0.03%) at Rs 6,966 apiece, while Dodona Holdings Limited sold 1.21 lakh shares (0.03%) at Rs 6,966 apiece.
Bulk Deals
Mastek: Patronus Tradetech Llp bought 5.06 lakh shares (1.64%) at Rs 2,767.51 apiece, while ICICI Prudential Mutual Fund bought 5 lakh shares (1.62%) and Ghisallo Master Fund Lp bought 2.27 lakh shares (0.73%) at Rs 2,751 apiece. On the other hand, Europacific Growth Fund sold 17.19 lakh shares (5.57%) at Rs 2,766.36 apiece and Patronus Tradetech Llp sold 217 shares at Rs 2,845.23 apiece.
EFC (I): Miv Investment Services Pvt. bought 3.76 lakh shares (0.76%) at Rs 473.21 apiece, while Aegis Investment Fund sold 3 lakh shares (0.6%) at Rs 474 apiece.
Thangamayil Jewellery: Custody Bank Of Japan Ltd. Re Rb Amundi India Small Cap Equity Mother Fund bought 6.81 lakh shares (2.48%) at Rs 2,090 apiece and F3 Advisors Pvt. bought 2.22 lakh shares (0.8%) at Rs 2,121.56 apiece. Balusamy Ramesh sold 4.33 lakh shares (1.57%) at Rs 2,123.4 apiece, Narayanan Balusamy Kumar sold 4.33 lakh shares (1.57%) at Rs 2,091.2 apiece and Das Balarama Govinda sold 4.33 lakh shares (1.57%) at Rs 2,090.32 apiece.
Morepen Laboratories: Hrti Private Ltd bought 82.89 lakh shares (1.62%) at Rs 89.41 apiece and Graviton Research Capital Llp bought 47.32 lakh shares (0.92%) at Rs 88.16 apiece.
Rama Steel Tubes: Hrti Private Limited bought 421.92 lakh shares (2.71%) at Rs 11.67 apiece and Graviton Research Capital Llp bought 75.15 lakh shares (0.48%) at Rs 11.4 apiece.
Camlin Fine Sciences: Infinity Portfolio Holdings bought 13.38 lakh shares (0.79%) at Rs 102.98 apiece, while Infinity Direct Holdings sold 13.38 lakh shares (0.79%) at Rs 102.98 apiece.
DCW: Baron Emerging Markets Fund bought 15.39 lakh shares (0.52%) at Rs 88.66 apiece.
Hinduja Global Solutions: Aviator Global Investment Fund sold 3 lakh shares (0.64%) at Rs 887.56 apiece.
RattanIndia Enterprises: The Great International Tusker Fund sold 82.05 lakh shares (0.59%) at Rs 81.52 apiece.
ECOS (India) Mobility & Hospitality: Matthews India Fund bought 1.45 lakh shares at Rs 400.28 apiece, Plutus Wealth Management bought 10.70 lakh shares at Rs 443.33 apiece and TNTBC AS The Trustee of Nomura India Stock Mother Fund bought 22.80 lakh shares at Rs 439.11 apiece.
Insider Trades
Usha Martin: Promoter Stuti Raghav Agarwalla bought 28 thousand shares on Sept. 2.
Suryoday Small Finance Bank: Promoter Savita Surendra Pai sold 68 thousand shares between Sept 2 and Sept 3.
Goldiam International: Promoter Rashesh Manhar Bhansali sold 10 lakh shares on Sept. 3 and Sept. 4.
Pidilite Industries: Promoter Shri Harish Himatlal Parekh sold 50 thousand shares and Promoter Shri Harish Himatlal Parekh sold 1 lakh shares on Sept. 2 and Sept. 3, respectively.
Roto Pumps: Promoter Rajeeta Gupta sold 1 lakh shares and Promoter Rolly Gupta sold 1 lakh shares on Sept 2.
Trading Tweaks
Ex/record dividend: Chaman Lal Setia Exports, Sunteck Realty and Mrs Bectors.
Ex/record AGM: Clean Science & Technology, Gandhar Oil Refinery, Dynamatic Technologies, Honda India Power Products, Jamna Auto Industries and Roles Rings.
Who's Meeting whom
Samvardhana Motherson: Meeting analysts and investors between Sept. 9 and Sept. 12.
Can Fin Homes: Attended Elara India Dialogue 2024 on Sept. 4.
One97 Communications: Meeting investors between Sept. 9 and Sept. 12 in Singapore.
Gravita: Met Institutional Investor’s on Sept 4.
Adani Wilmar: Will meet various analysts in Sept 2024
ICICI Pru Life: Meetings with investors and analysts arranged by CLSA India to be held on Sept. 9 and Sept. 10.
F&O Cues
Nifty September futures down by 0.41% to 25,247.8 at a premium of 149.1 points.
Nifty September futures open interest up by 1.21%.
Nifty Bank September futures down by 0.46% to 51,607.6 at a premium of 207.35 points.
Nifty Bank September futures open interest up by 1.98%.
Nifty Options Sept. 5 Expiry: Maximum call open interest at 25,300 and maximum put open interest at 25,000.
Bank Nifty Options Sept. 11 Expiry: Maximum call open interest at 51,500 and maximum put open interest at 51,500.
Securities in ban period: Aditya Birla Fashion And Retail, Balrampur Chini Mills, Hindustan Copper, RBL Bank.
Money Market
The Indian rupee closed flat against the US dollar on Wednesday as crude oil prices declined along with a weak dollar index.
The rupee closed at Rs 83.97 after opening stronger by two paise at Rs 83.95 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.97 against the greenback on Tuesday.
Research Reports
Here Are The Top Stock Picks For September 2024 By Axis Securities
IT Services - Poised To Come Out Strongly From Macro Troubles: Nirmal Bang's Thematic View
Godrej Consumer Products - Building Blocks; Outperformance To Sustain: Motilal Oswal
JK Lakshmi Cement - Levers In Place To Improve Performance: Nirmal Bang
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
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