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Sensex closes 214 pts lower, Nifty above 17K; realty surges; factory PMI slips

Market Closing: Indian indices closed lower on Wednesday. (Reuters) (REUTERS)Premium
Market Closing: Indian indices closed lower on Wednesday. (Reuters) (REUTERS)

Market Closing: The Sensex was at 57,338.21, down 214.18 points, or 0.37%, while Nifty was at 17,076.25, down 55.95 points, or 0.33%. IT, metals top drags. Realty outperforms

Sensex, Nifty shed past two days' gains on Wednesday. Indian's Manufacturing PMI stood at 53.2 in August, down from 55.3 in July.  Maruti Suzuki, M&M, Bajaj Auto, among other vehicle makers reported year-on-year drop in their total sales in August. Meanwhile, Tata Motors witnessed a year-on-year pickup in total August sales. All eyes will be on US jobs data due on Friday.

01 Sep 2021, 03:55:04 PM IST

Rupee slips 8 paise to close at 73.08 (provisional) against US dollar

01 Sep 2021, 03:45:21 PM IST

Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

"Nifty saw some profit booking after making a new all-time high of 17,225 today. It closed at 17,076 down by 55 points. The trend in Nifty remains bullish as long as it trades above 16,900, below which long traders should be cautious. Nifty has support at 17,050 and 16,980 levels. If Nifty manages to close above today's high we can see levels of 17,300 and 17,320 in the coming sessions."

01 Sep 2021, 03:39:03 PM IST

Market closing

The Sensex was at 57,338.21, down 214.18 points, or 0.37%, while Nifty was at 17,076.25, down 55.95 points, or 0.33%. IT, metals top drags. Realty outperforms

Sensex at close
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Sensex at close
01 Sep 2021, 03:31:41 PM IST

India unemployment rate rises in August as covid hits hiring activity

India’s unemployment rate rose in August due to a hit to hiring activity from the covid-19 pandemic. Unemployment in August rose to 8.32% from a four-month low of 6.95% in July, data from private research firm Centre for Monitoring Indian Economy Pvt. showed Wednesday. A separate survey of factory managers by IHS Markit pointed to companies pausing hiring efforts amid a softer growth in sales during the month. “There is some hesitancy in the growth and that’s the reason we see this fatigue in employment numbers," CMIE managing director Mahesh Vyas said by phone. “We are still recovering from a sharp fall in employment." (Bloomberg)

01 Sep 2021, 03:28:29 PM IST

India to offer indemnity to Air India bidder over Cairn claim

India is set to absolve bidders for its loss-making flag carrier Air India from any liability arising out of a lawsuit filed by Cairn Energy Plc, which has claimed the state-run airline’s assets over a long-running tax dispute with the government, according to people familiar with the matter. (Bloomberg)

01 Sep 2021, 03:24:24 PM IST

Newgen Software Technologies names Tarun Nandwani As COO

01 Sep 2021, 03:23:12 PM IST

Indian Bank says Padmaja Chunduru retires as managing director

01 Sep 2021, 03:21:16 PM IST

Gold bides time with focus on US jobs data

Gold prices were caught in a tight range on Wednesday as investors held off from making large bets as they prepared for key U.S. jobs data that could influence the Federal Reserve's stimulus tapering strategy. Spot gold was flat at $1,813.36 per ounce, as of 0933 GMT, while U.S. gold futures eased 0.2% to $1,814.50. The dollar index edged up from a one-month low, making gold more expensive for holders of other currencies. The U.S. non-farm payrolls report for August is due on Friday. Economists polled by Reuters predicted payrolls increased by 750,000 in August.

01 Sep 2021, 03:19:08 PM IST

Ashok Leyland posts sales 48% growth in Aug

Commercial vehicle maker Ashok Leyland on Wednesday reported 48% growth in its total sales, including exports, at 9,360 units in August over the same month last year. The Hinduja Group's flagship had sold 6,325 vehicles in both domestic and overseas markets in August 2020, according to a company statement. Domestic sales rose 44% to 8,400 units in the previous month as compared to 5,824 vehicles sold in August 2020, it said.

 

01 Sep 2021, 03:17:33 PM IST

Petrol demand continues to rise in Aug, diesel lags

India's fuel demand recovery remained patchy in August as petrol consumption continued to rise but diesel sales fell, preliminary data from state fuel retailers showed on Wednesday. While petrol sales are already above pre-COVID levels, diesel continues to lag. State-owned fuel retailers sold 2.43 million tonne of petrol in August, up 13.6 per cent from the year-ago period. It was 4.1 per cent higher than pre-COVID petrol sales of 2.33 million tonne in August 2019. Sales of diesel - the most used fuel in the country - rose 15.9 per cent to 4.94 million tonne during August 2021 over the previous year, but was down 9.8 per cent from August 2019. August diesel sale was also 9.3 per cent lower than the previous month, mostly because of lower mobility due to monsoon. Diesel consumption was 8 per cent lower than pre-COVID levels in first half of August.

01 Sep 2021, 03:16:12 PM IST

NLC India trades lower

NLC India's stock wa strading at 51.85 each, down 1.43% at 3:15 pm. The company on Wednesday said it has raised 600 crore by issuing commercial papers. "...12,000 nos of commercial paper of a face value of 5,00,000 each, aggregating to 600 crore have been issued and allotted on August 31, 2021," the company said in a filing to BSE. NLC India, a Navratna company under the Ministry of Coal, is into coal and lignite mining and power generation

01 Sep 2021, 02:56:30 PM IST

RIL gains

Reliance Industries' stock was trading at 2,271.10 each, up 0.52% at 2:55 pm. The oil to telecom conglomerate plans to acquire REC Group, Europe’s largest solar panel maker, from state-run China National Chemical Corp (ChemChina) for a tentative consideration of $1-1.2 billion, according to media reports.

01 Sep 2021, 02:54:29 PM IST

Rupee's big gains over three days leave traders surprised

Rupee has rallied 1.6% in the last three sessions, breaching the 73 per dollar mark, settling at its highest level since June 11 on Tuesday. The Indian rupee’s big gains over the last three trading sessions is making traders speculate that the Reserve Bank of India (RBI) may have loosened its grip over the domestic currency. (Read more)

01 Sep 2021, 02:50:07 PM IST

BHEL gains

BHEL's stock was trading at 53.55 each, up 1.90% at 2:49 pm. The state-owned entity has secured its largest ever order worth 10,800 crore from NPCIL for EPC of Turbine Island for 6 units of 700 MWe.

01 Sep 2021, 02:37:18 PM IST

Axis Bank launches offshore AT1 bond offer to raise up to $1 bn

Private sector lender Axis Bank Ltd has launched an offshore additional tier 1 (AT1) bond offering to raise as much as $1 billion, according to deal terms seen by Mint. Axis Bank will use the proceeds for green and social projects. The bank has set an initial price guidance of 4.4% for the bonds. HSBC, BNP Paribas, BofA Securities, Citigroup, J.P. Morgan, Standard Chartered Bank are managing the bond offering. (Read more)

01 Sep 2021, 02:21:49 PM IST

Equitas SFB gains

Equitas SFB's stock was trading at 61.45 each, up 3.28% at 2:21 pm. The lender announced the launch of digital fixed deposits on Google Pay by connecting APIs built by fintech infrastructure provider Setu.

01 Sep 2021, 02:21:49 PM IST

GST collection in August at over ₹1.12 tn: finance ministry

01 Sep 2021, 02:13:51 PM IST

Hot India property stocks seen extending run on demand surge

Recent weakness in India’s red-hot property stocks could be short-lived as record low interest rates and an economic recovery from the pandemic fuel demand from an increasingly affluent middle class. That’s the view from market watchers, who see large listed firms emerging as the biggest beneficiaries amid an ongoing consolidation in the $200 billion sector. While the S&P BSE Realty Index slid 3.1% in August, the 10-member gauge is up 24% this year and on track for a sixth straight quarterly gain—the longest run in Bloomberg-compiled data going back to 2007.

01 Sep 2021, 02:13:51 PM IST

Opec+ meets with no sign of deviating from planned output hikes

OPEC+ meets today for the first time since July, with delegates expecting the group to stick to its planned production increase. With crude prices mostly recovered from their mid-August slump and the supply outlook relatively tight for the rest of the year, the group has little reason to change the established schedule of gradual monthly supply hikes. The delegates, who spoke on condition of anonymity, predicted ministers would ratify October’s 400,000 barrel-a-day supply increment at Wednesday’s online meeting.

01 Sep 2021, 02:13:51 PM IST

SoftBank Group plans giant yen bond sale as funding costs drop

SoftBank Group Corp. is planning to sell what could be Japan’s biggest yen corporate bond so far this year, tapping strong demand for its debt from individual investors as borrowing costs drop. The technology investment company plans to price 450 billion yen ($4.1 billion) of subordinated bonds due in 2028 on Sept. 10, and the debt will target retail investors, according to a regulatory filing. That would follow a 405 billion yen junior debt sale to individuals in June that was the nation’s largest company note this year. SoftBank is coming to the market as falling funding costs help prompt a rush among Japanese firms to sell bonds, with deals last month surging to the most for an August on record, according to Bloomberg-compiled data. Yield premiums on Japanese corporate notes have dropped to the least since 2015, Nomura BPI data show.

01 Sep 2021, 02:00:04 PM IST

Didi creates union, setting a precedent for Xi’s workers agenda

Didi Global Inc. is helping workers establish their first union, a groundbreaking decision its fellow tech giants may soon follow as China imposes rules to curb excessive work and protect millions of blue-collar workers from exploitation. The Beijing-based ride-hailing giant announced the creation of the union on an internal forum last week without specifics, according to people familiar with the matter. Didi drivers -- mostly part-time and lacking full employee benefits—will likely be invited to join, one of the people said, requesting anonymity discussing private information. Peers including food delivery leader Meituan are also studying the feasibility of internal labor rights organizations, another person said. And employees from Alibaba Group Holding Ltd. have posted calls for the formation of a union on their own company forum, a third person said.

01 Sep 2021, 01:46:42 PM IST

Shakti Pumps gains

Shakti Pumps' stock was trading at 737.85 apiece, up 2.81% at 1:43 pm. The company says it is eyeing 2,000 crore topline in FY22 based on significant demand revival. 

01 Sep 2021, 01:40:28 PM IST

Delhi HC to hear IDBI Trusteeship in Oct in Amazon vs FRL case 

IDBI Trusteeship is seeking protection of third party rights created prior to the arbitral award in the Amazon versus Future Retail case. The trusteeship holds pledged shares of Future Retail, CNBCTV18 reported.

01 Sep 2021, 01:28:30 PM IST

Amazon tries to crack India’s produce market by wooing farmers

Amazon.com Inc. is taking the first steps toward cracking India’s outmoded agricultural sector, hoping to secure the farm produce that yields two-thirds of the country’s $1 trillion in annual retail spending. The Seattle-headquartered giant has begun offering real-time advice and information through a dedicated mobile app to help farmers make decisions on crops and even deploy machine learning technology. The program—which Amazon dubs Reactive and Proactive Crop plans—promises to provide growers with cutting-edge technology and insights. (Bloomberg)

01 Sep 2021, 01:21:04 PM IST

Fitch gives thumbs up to Bharti Airtel's deleveraging plan

Telecom service provider Bharti Airtel's planned $2.8 billion equity issuance will improve its funds from operations (FFO) net leverage to around 2x and provide funds to strengthen its market position, according to Fitch Ratings. Bharti will raise equity in three tranches, a quarter of the proceeds to be received upfront and the balance in two instalments within three years. (Read more)

01 Sep 2021, 01:04:32 PM IST

Maruti Suzuki trades lower

Maruti Suzuki's stock was trading at 6,781.80 down 0.91% at 1 pm. The carmaker reported total sales of 130,699 units in August, compared to 124,624 units a year ago.

01 Sep 2021, 01:00:18 PM IST

Tata Motors gains

Tata Motors' stock was trading at 137.35 each, up 0.66% at 12:55 pm. The company's August total domestic sales stood at 54,190 units compared to 51,981 in July, and 35,420 a year ago. 

01 Sep 2021, 12:54:42 PM IST

India's monsoon rains forecast to be above average in September

India is likely to receive above average rainfall in September, the state-run weather office said on Wednesday, helping millions of farmers who had to endure patchy rains in July and August. Monsoon rains were 10% above average in June. "According to critical weather parameters, rains are most likely to be above normal in September this year," Mrutyunjay Mohapatra, Director General of the India Meteorological Department (IMD), told a news conference. The IMD defines average, or normal, rainfall as between 96% and 104% of a 50-year average of 88 cm (34 inches) for the four-month season beginning in June.

01 Sep 2021, 12:53:45 PM IST

NCC secures new order worth ₹8.77 bn

01 Sep 2021, 12:52:42 PM IST

India's Aug coal-fired power output up 23.7%, utilities asked to import fuel

India's coal-fired power generation rose 23.7% in August due to a steep increase in electricity demand, an analysis of power grid data showed, pushing the government to ask utilities to import coal despite having the world's fourth largest reserves. Data from the Central Electricity Authority showed over half of the 135 coal-fired power plants had less than a week's supply of coal left, of which 50 plants had less than three days of coal left. Six plants had run out of coal. Overall electricity generation rose 16.1% in August from a year earlier, a Reuters analysis of daily load despatch data by federal grid regulator POSOCO showed.

01 Sep 2021, 12:40:49 PM IST

M&M trades lower

M&M's stock was trading at 780.35 each, down 1.60% at 12:39 pm. The company reported August auto total sales of 30,558 units vs 30,426 a year ago, and 42,983 units a month ago. Total tractor sales in August were at 21,360 units compared to 23,503 a year ago, and 27,230 in July 2021. 

01 Sep 2021, 12:28:29 PM IST

Oberoi realty, Sobha drive sectoral gains

Nifty Realty index
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Nifty Realty index
01 Sep 2021, 12:21:33 PM IST

MG Motor reports 51% rise in retail sales at 4,315 units for Aug

MG Motor India on Wednesday reported a 51% increase in retail sales to 4,315 units for August. The company had sold 2,851 units in August 2020. The carmaker noted that it recorded the highest-ever bookings of ZS EV last month at over 700 units.

01 Sep 2021, 12:09:39 PM IST

GMR to invest ₹500 cr in metro rail link project to Hyderabad Airport

The GMR group which is operating Rajiv Gandhi International Airport (RGIA) here will be investing over 500 crore in a 5,000 crore metro rail link project being proposed by the Telangana government for connectivity to the aerodrome from various parts of the city. According to a consultation paper on the tariff revision for the third control period (April 2021 to March 2026) proposed by GMR Hyderabad International Airport Ltd, issued by Airports Economic Regulatory Authority the aerodrome operator will be investing 519.52 by 2024.

01 Sep 2021, 12:03:51 PM IST

Ami Organics IPO outlook and valuation: Angel Broking

“Based on FY2021 numbers, the IPO is priced at a Price to Earnings of 35.6 times and EV/EBITDA of 25.7 times at the upper price band of the IPO, which is on the higher side, compared to the listed peer group. Company already has a higher market share of 70%-90% in Key API’s which will limit growth in the near future. Given the expensive valuation, we are assigning a NEUTRAL recommendation to the Ami Organics Limited IPO."

-Yash Gupta, equity research analyst, Angel Broking Ltd

01 Sep 2021, 11:47:35 AM IST

GDP commentary: ICICI Securities

While in Q1FY22 real GDP increased 20.1% to 32.4 tn, the economy is still smaller than its preCovid level. In Q1FY20 and Q1FY19, real GDP stood at 35.6 tn and 33.8 tn, respectively. Hence, in Q1FY22 real GDP is ~9% smaller than in Q1FY20 and even 4% smaller than in Q1FY19. This shows the deep scars left by the pandemic on the economy.

01 Sep 2021, 11:42:06 AM IST

Shoppers Stop shares jump nearly 6% as co sells Crossword Bookstores

Shares of Shoppers Stop on Wednesday jumped nearly 6% after the company said it has closed the sale of a controlling stake in its wholly-owned subsidiary Crossword Bookstores at a valuation of 41.62 crore. The stock climbed 5.71% to 254.55 on BSE. On NSE, it gained 5.89% to 254.90. Retail chain Shoppers Stop on Tuesday said it has closed the sale of a controlling stake in its wholly-owned subsidiary Crossword Bookstores at a gross business valuation of 41.62 crore.

01 Sep 2021, 11:40:11 AM IST

Dhanuka group to set up ₹1,250 cr poly film factory at Panagarh

The city-based Dhanuka group announced the setting up of a 1,250 crore packaging poly film factory at Panagarh Industrial Park in Paschim Bardhaman district. The project is being implemented by Dhunseri Poly Films, a wholly owned subsidiary of Dhunseri Ventures Limited to manufacture flexible packaging films that go into FMCG packaging like chips and tea. The plant is spread over 38 acres, the first phase of the plant will manufacture polyester films i.e, BOPET with a production capacity of 45,000 TPA. At an overall investment of over 400 crore.

01 Sep 2021, 11:38:08 AM IST

GDP commentary: Indranil Pan – chief economist, YES Bank.

-India’s Q1 FY22 Real GDP at 20.1% and GVA at 18.8% no doubt are stellar numbers but are more optical due to the large base effect from the last year when in Q1 FY21 GDP had contracted by 24.4%.

-Importantly, Q1 FY22 GDP at Rs. 3238 trn falls short of GDP in Q4 FY21 as also in Q1 FY20, signifying that the economy is yet to revert back to the pre-pandemic levels.

-Private consumption expenditure quantum in Q1 FY22 also fall short of Q4 FY21 numbers, implying the pushback to the consumption from the 2nd COVID wave.

-Incorporating today’s print, FY22 real GDP and GVA growth are respectively expected to be at 8.7% and 8.0%.

01 Sep 2021, 11:10:03 AM IST

India's factory PMI slipped to 52.3 in Aug from 55.3 in July

Registering 52.3 in August, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index® (PMI®) pointed to an improvement in overall operating conditions for the second straight month. That said, the headline figure was down from 55.3 in July, indicating a softer rate of growth that was subdued in the context of historical survey data. Manufacturing production increased for the second straight month in August amid reports of improved sales and demand. However, growth was curbed by the pandemic and elevated price pressures. The overall rate of expansion was modest and below its long-run average.

01 Sep 2021, 11:07:22 AM IST

ICICI Bank becomes second lender to cross ₹5 trillion in mcap

ICICI Bank Ltd on Wednesday crossed 5 trillion in market capitalisation as its shares have surged over 38% so far this year. At 11am, the scrip was at a record high of 734 a share, up 2% from its previous close. Its mcap stood at 5.10 trillion.

01 Sep 2021, 11:02:57 AM IST

Toyota Kirloskar domestic sales surge over two-fold to 12,772 units in August

Toyota Kirloskar Motor (TKM) on Wednesday reported over two-fold increase in domestic wholesales in August at 12,772 units as compared with August 2020. The company had sold 5,555 units in the same month last year.

01 Sep 2021, 10:42:03 AM IST

Escorts  trades lower

Escorts Motors' stock was trading at 1,335.05 each, down 0.79% at 10:41 am. The company reported a 21.7% decline in August tractor sales to 5,693 units from 7,268 units a year ago.

01 Sep 2021, 10:23:27 AM IST

Bajaj Auto gains

Bajaj Auto's stock was trading at 3,800.00 each, up 1.99% at 10:22 am. The company reported a 5% rise in August to 338,310 units in two-wheeler sales from 321,058 a year ago. Commercial vehicle sales slipped 1% to 34,960 units in August from 35,141 units a year ago.

01 Sep 2021, 10:17:06 AM IST

Healthium acquires CareNow, strengthens R&D capabilities and portfolio

Healthium Medtech, a global player in medical devices, today announced the successful acquisition of CareNow Medical Private Limited, strengthening its product portfolio with patented and differentiated products in the advanced wound management and infection prevention segments.

01 Sep 2021, 10:16:21 AM IST

Aptech gains

Aptech Ltd's stock was trading at 310.55 each, up 2.31% at 10:14 am. The company's board on Tuesday considered and approved the launch of online education by the company from 16 September.

01 Sep 2021, 10:13:26 AM IST

Cadila trades lower

Cadila healthcare's stock was trading at 553.30, down 0.05% at 10:08 am. The company's covid vaccine ZyCoV-D will be as affordable as its other products, group managing director Sharvil Patel said, adding that the vaccine may be rolled out by September end.

01 Sep 2021, 10:05:45 AM IST

Active covid-19 cases in country increase to 3,78,181: govt

01 Sep 2021, 10:04:17 AM IST

Gold price today falls to lowest in 2 weeks, silver rates drop

Gold prices edged lower today in Indian markets amid a strengthening of the rupee. On MCX, gold futures dipped to 47,095 per 10 gram, extending losses to the third day, while silver futures dropped 0.33% to 63,156 per kg. Continuing with its recent upsurge, the rupee on Tuesday strengthened further by 29 paise to close at a nearly 12-week high of 73 against the US dollar. Gold prices in India include 10.75% import duty and 3% GST. A stronger rupee makes imports of the dollar-denominated precious metal cheaper. (Read more)

01 Sep 2021, 10:02:14 AM IST

Nifty Bank index surges 500 pts

Nifty Bank index
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Nifty Bank index
01 Sep 2021, 10:00:26 AM IST

India sets record, administers 1.33 crore covid vaccine doses in single day

India on Tuesday administered 1.33 crore (1,04,42,184) doses of covid-19 vaccine, setting a world record, as per government data released on Wednesday. (Read more)

01 Sep 2021, 09:59:31 AM IST

Petrol, diesel prices cut today in Delhi, Mumbai. Check latest rates here

After remaining unchanged for several days, petrol & diesel prices have been reduced on the first day of September by 13-15 paise across metro cities. Petrol is now retailing at 101.34 in Delhi, whereas diesel at 88.77. In India's financial capital Mumbai, petrol is being sold at 107.39 per litre, and diesel at 96.33 per litre. (Read more)

01 Sep 2021, 09:43:06 AM IST

Steel Strips Wheels gains

The company's stock was trading at 1,933.55, up 1.93% at 9:41 am. The company recorded highest ever monthly sales growth by volume and value in August, it said in a regulatory filing.

01 Sep 2021, 09:40:39 AM IST

Axis Bank, RIL drive Sensex gains

Index contribution
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Index contribution
01 Sep 2021, 09:38:31 AM IST

Banks, realty surge

Nifty sectoral indices
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Nifty sectoral indices
01 Sep 2021, 09:16:52 AM IST

Market opening

The Sensex opened at a new record high of 57,763.53, up 211.14, or 0.37%, while the Nifty was at 17,185.60, up 53.40 points or 0.31%.

Sensex at open
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Sensex at open
01 Sep 2021, 09:07:12 AM IST

Market pre-opening

The Sensex was at 57,779.92, up 227.53 points or 0.40%, while Nifty was at 17,132.20, up 201.15 points or 1.19% at market pre-opening.

Sensex at pre-open
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Sensex at pre-open
01 Sep 2021, 09:03:21 AM IST

Coal India ramps up supplies to address shortage at utilities

State-run Coal India Ltd has ramped up supply of coal over the last five days to address a coal shortage at utilities across the country, the federal coal ministry said on Tuesday. Coal-fired power accounts for more than 70% of India's electricity generation, with state-run Coal India Ltd accounting for more than four-fifths of its total production. (Read more)

01 Sep 2021, 09:01:56 AM IST

India’s April-July fiscal deficit at ₹3.2 tn

Aided by a healthy rise in revenues, India’s fiscal deficit, or the gap between receipts and spending met through borrowing, stood at 3.2 trillion at the end of July, accounting for 21.3% of the full year target. (Read more)

01 Sep 2021, 08:45:29 AM IST

Market outlook

Markets are likely to be steady on Wednesday while trends in SGX Nifty suggest a flat opening. On Tuesday, the Sensex closed at 57,552.39, up 662.63 points or 1.16% and the Nifty was at 17,132.20, up 201.15 points or 1.19%.

01 Sep 2021, 08:25:02 AM IST

India's GDP growth surges 20.1% in June quarter on low base

India's gross domestic product (GDP) surged 20.1% in the April-June quarter of FY22, its best-ever fiscal-quarter numbers, according to the data released by the government's statistics office on Tuesday. “GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at 32.38 lakh crore, as against 26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1 percent as compared to a contraction of 24.4 percent in Q1 2020-21," the data from MoSPI stated. (Read more)

01 Sep 2021, 08:11:42 AM IST

India's macroeconomic fundamentals strong, all set for robust growth: CEA K Subramanian

Chief Economic Advisor (CEA) Krishnamurthy Subramanian on Tuesday said that India's macroeconomic fundamentals are stronger, and the country is all set for robust growth on the back of structural reforms, the government's capex push and rapid vaccination. (Read more)

01 Sep 2021, 08:00:51 AM IST

Stocks to Watch

BHEL, Maruti Suzuki, L&T, RIL, Shoppers Stop, among other stocks may be in focus today. (Read more)

01 Sep 2021, 07:52:13 AM IST

Biden says Afghanistan exit marks the end of US nation-building

Facing sharp criticism over the tumultuous US withdrawal from Afghanistan, President Joe Biden said on Tuesday it was the best available option to end both the US' longest war and decades of fruitless efforts to remake other countries through military force. Biden portrayed the chaotic exit as a logistical success that would have been just as messy even if it had been launched weeks earlier, while staying in the country would have required committing more American troops. "I was not going to extend this forever war," he said in a speech from the White House.

01 Sep 2021, 07:40:28 AM IST

Asian markets witness mixed opening

Asian stocks were mixed Wednesday as traders evaluated the outlook for central bank stimulus and the global recovery’s resilience to the delta virus variant. A gauge of the dollar ticked up. Shares rose in Japan but slipped in Hong Kong and wavered in China. S&P 500 futures were modestly higher after U.S. stocks edged back from a record amid mixed data, including weaker consumer confidence and a jump in home prices. Hawkish comments from some European Central Bank officials highlighted the prospect of a reduction in the monetary-policy support that has helped financial markets. Treasury yields advanced following losses in European sovereign debt. Australian and New Zealand government bond yields rose. In China, President Xi Jinping chaired a meeting that backed a range of steps, particularly fighting monopolies, a push that is weighing on the nation’s technology stocks. Meanwhile, China Evergrande Group warned it could default on borrowings, rattling bond investors in the world’s most indebted developer.

S&P 500 futures rose 0.2% as of 10:40 a.m. in Tokyo. The S&P 500 fell 0.1%

Nasdaq 100 futures were flat. The Nasdaq 100 fell 0.1%

Japan’s Topix index climbed 0.7%

South Korea’s Kospi lost 0.2%

Australia’s S&P/ASX 200 slid 0.7%

Hong Kong’s Hang Seng index fell 0.3%

China’s Shanghai Composite index was 0.1% lower

01 Sep 2021, 07:28:49 AM IST

Wall Street's subdued finish fails to detract from strong August

Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities. Having all posted lifetime highs in the second half of the month, including four record closings in five sessions for the S&P 500 prior to Tuesday, the three benchmarks were weighed by technology stocks on the final day. For the S&P, which rose 2.9% in August, it was a seventh straight month of gains, while the Dow and the Nasdaq advanced 1.2% and 4%, respectively, since the end of July. The performance reflects the level of investor confidence in U.S. equities derived from the Federal Reserve's continued dovish tone toward tapering its massive stimulus programme. On Tuesday, the Dow Jones Industrial Average fell 39.11 points, or 0.11%, to 35,360.73, the S&P 500 lost 6.11 points, or 0.13%, to 4,522.68 and the Nasdaq Composite dropped 6.66 points, or 0.04%, to 15,259.24.

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