PremiumSensex Today Live | Share Market updates: Indian indices ended higher in on Wednesday driven by banking stocks, ahead of the release of the Reserve Bank of India's (RBI) policy meeting minutes and a key global central bankers' gathering.
Global, too, shares were largely higher ahead of Federal Reserve Chair Jerome Powell's highly anticipated speech later in the week.
Investors are looking for more hints on the outlook for interest rates from policy makers when Federal Reserve officials and policy makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, for their annual central bank conference later this week.
Indian indices ended higher in on Wednesday driven by banking stocks, ahead of the release of the Reserve Bank of India's (RBI) policy meeting minutes and a key global central bankers' gathering.
Global, too, shares were largely higher ahead of Federal Reserve Chair Jerome Powell's highly anticipated speech later in the week.
At the end of the day today, Sensex rose 213 points to settle at 65,433.30, while the Nifty added 47.55 points to 19,400.
On the Nifty, Adani Enterprises, HDFC Life, ITC, NTPC and Hero MotoCorp were the top gainers on the Nifty, while Adani Enterprises, Adani Ports, Jio Financial, Sun Pharma and Tech Mahindra were the worst hit.
BSE midcap and smallcap rose 0.5% each.
Reliance Industrial Investments and Holdings Limited (RIIHL) has become a promoter entity of Reliance Industries Limited, following the acquisition of a 3.56% stake in Petroleum Trust, another promoter entity, according to exchange filings. The shares were obtained through an off-market transaction.
Petroleum Trust, a part of the promoter group of the target company, has distributed its holdings. Following this distribution, RIIHL is now recognized as a member of the promoter group. This shift does not affect the overall shareholding percentage of the promoter and its group in RIL, which remains constant before and after RIIHL's acquisition. (Read here)
Billionaire Gautam Adani's conglomerate clocked a 42% year-on-year growth in pre-tax profit, as businesses ranging from airports to power and sea ports registered impressive growth, the group said on Wednesday.
All-time high EBITDA of ₹23,532 crore in April-June was almost equal to the full-year FY19 (April 2018 to March 2019 fiscal year) EBITDA of ₹24,780 crore, Adani group said in a statement.
The conglomerate that spans 10 listed companies ranging from flagship incubator Adani Enterprises Ltd to ports business (Adani Ports & SEZ Ltd), renewable unit (Adani Green Energy Ltd), power utility (Adani Power Ltd), electricity transmission firm (Adani Energy Solutions), and city gas business (Adani Total Gas Ltd), had a net debt of ₹18,689.7 crore after accounting for a cash balance of ₹42,115 crore.
Core infrastructure and utility platform, which generates stable and assured cash flows, generated EBITDA of ₹20,233 crore, accounting for 86% of the total portfolio EBITDA.
The US FDA has approved JB Pharma’s Abbreviated New Drug
Application (ANDA) for Doxepin Hydrochloride Capsules USP, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, the generic version of Sinequan (Pfizer), which is indicated for treatment of anxiety, depression, and other target symptoms of psychoneurosis.
The drug will be manufactured at JB Pharma’s formulation manufacturing facility in Panoli, Gujarat.
Doxepin Hydrochloride Capsules had an estimated annual sales of $23.90 million in the United States, as per IQVIA MAT data.
The New Development Bank of the BRICS group of nations is registering an Indian rupee bond programme worth $2.5 billion over 5 years, its Chief Financial Officer Leslie Maasdorp said on Wednesday during a panel discussion.
A total of 37 companies' pre-listing shareholder lock-ins are set to conclude in the coming four months, potentially prompting anchor investors to reduce their positions. Many of these firms have seen substantial price surges in the last three months. The ending of these lock-ins could amplify trading volumes, leading to price fluctuations.
Key companies to watch out for one-month lock-in expiries include Netweb Tech, with a lock-in on 3% of its outstanding shares ending on 23 August; SBFC Finance, with 3% lock-in ending on 11 September; Yatharth Hospital, with 4% lock-in ending on 1 September; and Concord Biotech, with 3% lock-in concluding on 13 September, as per data from Nuvama Institutional Equities. (Read here)
TVS Supply Chain Solutions Ltd, part of TVS Mobility Group, listed at 5% premium to the issue price of ₹197 on the stock exchanges on Wednesday.
The stock listed at ₹206.30 on the BSE, and later rose to ₹208.50.
On the NSE, shares began trade at ₹207.05, rising to ₹208.60 thereafter.
Sebi on Tuesday restrained two Brightcom Group officials, M Suresh Kumar Reddy and Narayan Raju, from holding any managerial position in the company or its subsidiaries until further orders.
Reddy is the promoter-cum-Chairman and MD of Brightcom Group Ltd (BGL) while Raju is the chief financial officer. Besides, the regulator also banned Reddy from the securities market until further orders.
The regulator has also prohibited market veteran Shankar Sharma and 21 other entities and individuals from disposing off shares of the company.
In today’s trading session, domestic markets are expected to open marginally lower with GIFT Nifty indicating a positive open and mixed sentiments in the global markets. On the global front, banking stocks succumbed to make losses yesterday, following the S&P Global ratings agency revising the outlook for multiple banks citing 'tough' operating conditions. Additionally, the release of existing home sales data in the US slumped more than expected to 2.2% to an annual rate of 4.07 million in July after plunging by 3.3% to an annual rate of 4.16 million in June. Looking at the increasing volatility in the bond market, our focus would remain on the economic symposium in Jackson Hole which will feature meetings by global central bank leaders as well as a speech by Federal Reserve Chair Jerome Powell that could impact the outlook for interest rates.
Nifty witnessed a muted opening in the previous trading session and dithered in a narrow trading range of 62 points. The upside remained capped with 10 DEMA acting as overhead resistance trading near 19439 and the overall volume remain subdued. On the derivative front, the strikes of 19400 saw the addition of call open interest. Going forward it will be crucial that the index reclaims the 19400 mark on a closing basis to attract bullish strength.
Supp: 19365-19300-19240
Res: 19400-19480-19520
Liquidity in the Indian banking system slipped into deficit for the first time this fiscal on the back of the Reserve Bank of India’s (RBI) temporary liquidity withdrawal, coupled with tax outflows.
Liquidity stood at a deficit of ₹23,644 crore as of 21 August, according to RBI data, prompting banks to borrow a whopping ₹89,813 crore from the RBI’s Marginal Standing Facility (MSF) window on Monday, the most in a decade.
On 28 June, banks had borrowed nearly ₹71,050 crore through the MSF window at 6.75%. The repo rate is currently at 6.5%. MSF is a window for banks to borrow from the central bank in an emergency when interbank liquidity dries up.
On Tuesday, the overnight call money market rate—at which banks borrow or lend to each other for a day—also hardened above the MSF rate. Banks are facing a shortage of liquidity after the RBI ordered them to set aside 10% of their incremental deposits—known as the incremental cash reserve ratio (ICRR)— garnered between 19 May and 28 July. (Read here)
Gold prices gained on Wednesday, as a slight pullback in U.S. dollar and Treasury yields helped bullion stabilise near a key $1,900 level ahead of a central bankers' gathering that would likely provide cues on interest rates outlook.
Spot gold was up 0.2% at $1,900.30 per ounce, while U.S. gold futures rose 0.2% to $1,929.40.
India stocks will trade only modestly higher at year-end, according to a Reuters poll of equity analysts who said a correction was likely before then, citing tightening global financial conditions as a risk.
Driven by positive foreign and domestic investment inflows, the benchmark BSE Sensex Index touched an all-time high of 67,619.2 on July 20, up around 18% from the year's low of 57,084.9 set only four months earlier.
One of the best performers among emerging market peers, Indian equities are up over 7% for the year, but concerns over U.S. interest rates remaining higher for longer along with China's slow economic recovery has halted the rally.
The median forecast in the Aug. 9-22 poll of 29 analysts showed the Sensex gaining 1.2% from Monday's close of 65,216 to 66,000 by year-end, slightly higher than predicted three months ago.
The Nifty 50, which also hit a record high last month, was forecast to gain 2.1% from Monday's close of 19,393.6 to 19,800 by end-2023, and 20,500 by mid-2024, when the world's largest democracy will hold general elections.
NIFTY50 trades in a narrow range and ends flat in an inside range of the previous day candle, an either side breakout could be expected in the next few days.
On the higher side crossover of 19,500 would give a breakout levels for the sustained positive trend.
On the downside if we breach the intermediate lows of 19,250 there could be sharp selloff in midcaps and small caps which are outperforming in the corrective action.
Highest call OI is at 19,400 strike, has witnessed significant addition in near the money strikes while on the downside the highest put OI is at 19,200 for the weekly expiry.
Crude oil prices eased in early trade on Wednesday, weighed down by fears that U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand.
Brent crude dipped 17 cents, or 0.2%, to $83.86 a barrel, while U.S. West Texas Intermediate crude was at $79.56 a barrel, down 8 cents, or 0.1%.
Both benchmarks lost about 0.5% on Tuesday.
Jio Financial, Vodafone Idea, Adani Energy, Hindalco, Piramal, TVS Supply Chain are among stocks likely to be in focus today
Asian markets traded on a mixed note on Wednesday as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore. A flat end on the Wall Street also weighed on sentiment.
Traders are now awaiting Nvidia Corp.’s results later Wednesday, which are set to test the fervor around the artificial-intelligence hype, while wider markets are marking time ahead of a speech from Federal Reserve Chair Jerome Powell on Friday.
MSCI's broadest index of Asia-Pacific shares outside Japan were up 0.1%, hovering not far away from its nine-month trough hit just two sessions ago. Japan's Nikkei rose a meagre 0.2%.
A comeback rally in global stocks fizzled on Tuesday as benchmark Treasury yields hit a near 16-year high on concerns that interest rates could stay higher for longer, which kept the safe-haven dollar firm near 10-week highs.
The MSCI All Country stock index gave up earlier gains to finish flat, pulling further from Friday's 2-1/2 month trough.
Overnight, the S&P 500 lost 0.28%, the Dow Jones Industrial Average fell 0.51%, and the Nasdaq Composite Index was little changed.
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