Stocks in the Asia-Pacific region kicked off the week mixed as concerns about the worsening Chinese economy weighed on investors. All eyes will be on the US GDP print to ascertain if the Federal Reserve was late in slashing its lending rates.
Equity benchmark in Australia led the decline while that of South Korea was marginally higher. Japan's Nikkei will be closed for a public holiday.
The South Korean Kospi was up 0.3% at 2,602, while Australia's S&P ASX 200 was down 0.7% at 8,157as of 6:02 a.m.
On Friday, stocks on Wall Street saw volatile trade to end lower as the euphoria over the rate cut by the Central Bank faded out. The S&P 500 and Nasdaq Composite slipped 0.19% and 0.36%, respectively. The Dow Jones Industrial Average rose by 0.09%.
The GIFT Nifty was trading 26.50 points or 0.10% higher at 25,860.50 as of 06:33 a.m. Brent Crude was up 0.4% at $74.76 a barrel and gold traded 0.1% lower at $2,619.55.
India's benchmark equity indices logged gains for a second consecutive week and hit new highs in four out of five sessions this week. On Friday, they tracked the gains in the US as well as other Asian markets and recorded fresh closing highs again.
The NSE Nifty 50 ended 375.15 points or 1.48% higher at 25,790.95, while the S&P BSE Sensex closed 1,359.51 points or 1.63% up at 84544.31.
Overseas investors turned net buyers after a day and bought Rs 14,064 crore worth of Indian equities on Friday, the largest buying from foreign portfolio investors so far this year. Domestic institutional investors turned net sellers after five days of buying and selling equities worth approximately Rs 4,427 crore, the NSE data showed.
The Indian rupee closed twelve paise stronger at 83.57 against the US dollar on Friday, up from its previous close of 83.69.
Stocks To Watch
Vodafone Idea: The company has signed a $3.6 billion deal with Nokia, Ericsson and Samsung for the supply of network equipment over a period of three years. This is the first step in the company's Rs 55,000-crore capex plan.
SpiceJet: The airline's board approved issuance of 48.7 crore equity shares at an issue price of Rs 61.60 per share to raise Rs 3,000 crore via QIP.
Adani Total Gas: The company secured funding of $375 million from international lenders to expand its city gas distribution network.
Bharat Heavy Electricals: The company received an order worth Rs 6,100 crore from NTPC for an EPC package for the 1x800 MW Sipat Supercritical Thermal Power Project.
Dr Reddy's: USFDA inspected the Hyderabad R&D centre and closed with zero observations.
Tata Steel: The company successfully commissioned a blast furnace at Kalinganagar, Odisha. The company would invest Rs 27,000 crore in Kalinganagar's Phase II expansion, increasing the site's overall capacity from 3 MTPA to 8 MTPA.
Ramco Cements: The capacity of the company's cement grinding debottlenecking operations at its Andhra and Tamil Nadu plants has increased from 1.5 MTPA to 2 MTPA and 1.6 MTPA to 2 MTPA, respectively.
Samvardhana Motherson: The company raised Rs 4,938 crore via QIP.
Style Baazar: The company has opened a new store of the company in Dhubri, Assam.
Matrimony: The company will launch a new job business called 'ManyJobs' to focus exclusively on the grey-collar jobs market. The company is planning an initial launch for the Tamil Nadu market in both English and Tamil.
Glenmark Pharmaceuticals: USFDA inspected the Aurangabad facility and closed with zero observations.
Signature Global: Gaurav Malik resigned as CFO.
Piccadily Agro: The company’s Indri single malt whisky made available at Tesco stores across England.
Mankind Pharma: The company approved raising up to Rs 10,000 crore via NCDs and commercial papers.
Godfrey Phillips India: The company will seek appropriate clarification from RBI regarding the issue of bonus shares to non-resident shareholders. FDI is currently prohibited to invest in the cigarettes and tobacco products industry.
AstraZeneca Pharma: The company will launch Tremelimubab (Imjudo) concentrate in India in October.
JM Financial: The board approved appointment of Vishal Kampani as MD for 5 years effective Oct. 1 and approved re-appointment of Adi Patel as MD for 3 years effective Oct. 1.
IPO Offering
Manba Finance: The company will offer its shares for bidding on Monday. The price band is set from Rs 114 to Rs 120 per share. The Rs 150 crore IPO issue is entirely a fresh issue. The company raised Rs 45 crore from anchor investors.
Bulk Deals
Arvind Fashions: The Vanguard Group bought 6.71 lakh shares (0.5%) at Rs 588.68 apiece.
Concord Biotech: The Vanguard Group obtained 12.74 lakh shares or a 1.05% stake for Rs 331 crore, while UBS Principal Capital Asia sold 7.4 lakh shares (0.7%).
Five-Star Business Finance: The Vanguard Group mopped up 37.8 lakh shares or a 1.28% stake for Rs 304.7 crore. UBS Principal Capital Asia sold 15.8 lakh shares (0.54%) at Rs 804.74 apiece.
Genus Power Infrastructure: The Vanguard Group bought 15.19 lakh shares (0.5%) at Rs 416.31 apiece.
IIFL Securities: UBS Principal Capital Asia sold 17.1 lakh shares (0.55%) at Rs 309.84 apiece.
Marksans Pharma: UBS Principal Capital Asia sold 34.01 lakh shares (0.75%) at Rs 317.22 apiece while the Vanguard Group acquired 50 lakh shares or a 1.09% stake for Rs 158.4 crore.
Sansera Engineering: The Vanguard Group bought 3.19 lakh shares (0.59%) at Rs 1669.38 apiece.
VA Tech Wabag: The Vanguard Group bought 3.13 lakh shares (0.5%) at Rs 1516.23 apiece.
Insider Trades
Wardwizard Innovations & Mobility: Promoter Wardwizard Solutions India sold 6 lakh shares on Sept 16 and 9.9 lakh shares on Sept. 17.
Pledge Share Details
Lloyds Metals and Energy: Promoter Thriveni Earthmovers created a pledge for 25.5 lakh shares on Sept. 19.
360 ONE WAM: Promoter Karan Bhagat created a pledge for 96,716 shares and promoter Shilpa Bhagat created a pledge for 11.03 lakh shares on Sept. 16.
Trading Tweaks
Ex/record AGM: Caplin Point Laboratories.
Ex/record dividend: Caplin Point Laboratories.
Moved into short term ASM: BSE, Reliance Infrastructure.
Moved out of short term ASM: Sterling Tools, Stove Kraft.
Who’s Meeting Whom
Maharashtra Seamless: To meet analysts and investors on Sept. 25.
S.J.S. Enterprises: To meet analysts and investors on Sept. 25.
Nuvoco Vistas Corporation: To meet analysts and investors on Sept. 24.
Sula Vineyards: To meet analysts and investors on Sept. 26.
F&O Cues
Nifty September futures up by 1.18% to 25,767 at a discount of 23 points.
Nifty September futures open interest up by 5.65%.
Nifty Bank September futures up by 0.8% to 53,550 at a discount of 243 points.
Nifty Bank September futures open interest down 9%.
Nifty Options Sept 26 Expiry: Maximum call open interest at 27,000 and maximum put open interest at 25,000.
Bank Nifty Options Sept. 25 Expiry: Maximum call open Interest at 54,000 and maximum put open interest at 52,000.
Securities in ban period: Aarti Industries, Biocon, Chambal Fertilizer, GNFC, Granules, LIC Housing Finance, National Aluminium, Oracle Financial Services, PNB, RBL Bank, Sail.
Money Market Update
The Indian rupee closed twelve paise stronger at 83.57 against the US dollar on Friday, up from its previous close of 83.69.
The currency gained early momentum following the release of US jobless claims data on Thursday, which showed a decline to 2.19 lakh in September, the lowest since May and below the estimated 2.3 lakh claims.
Research Reports
Adani Ports - Temporary Volume Hit In H1; Growth Outlook Intact: Motilal Oswal
Gillette India - Seeing Positive Consumption Trends; Maintain Neutral: Yes Securities
LTIMindtree - Key Beneficiary Of The U.S. Banking Recovery: Motilal Oswal
Aavas Financiers - Rate Cut To Support Improvement In Spreads: IDBI Capital
Disclaimer: NDTV is a subsidiary of AMG Media Networks Ltd., an Adani Group Company.
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