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Sensex closes 29 pts lower, Nifty at 17,354; IT, auto, pharma top drags

Market closing: Indian indices closed flat on Wednesday. (Reuters) (REUTERS)Premium
Market closing: Indian indices closed flat on Wednesday. (Reuters) (REUTERS)

Market Closing: The Sensex closed at 58,250.26, down 29.22 points or 0.05%, whil;e Nifty was at 17,353.50, down 8.60 points, or 0.05%. Banks, financials, and metals were top gainers

Sensex, Nifty closed flat on Wednesday. The Union cabinet has approved a 10,683 cr PLI scheme for India's textile sector. Equity mutual funds saw net inflows of 8,666.68 crore in August compared to 22,583.5 crore in July. Asian markets mostly fell Wednesday as a tepid lead from Wall Street and worries about the impact of the Delta variant on the global recovery tempered investor appetite, though hopes for more stimulus helped Tokyo extend its recent rally.

08 Sep 2021, 03:49:47 PM IST

Rupee falls 18 paise to close at 73.60 (provisional) against US dollar

08 Sep 2021, 03:48:15 PM IST

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

"After correcting over 100 points in intraday , Nifty bounced from its support level of 17,250. It closed at 17,368 up by 5 points since yesterday's close. In the last few days Nifty has shown some healthy corrections. There is a high probability that tomorrow Nifty may retest it's all time high and close above those levels. Nifty is in a strong bullish trend and all corrections in it can be used as a buying opportunity with strict stop loss." 

08 Sep 2021, 03:45:21 PM IST

Market closing

The Sensex closed at 58,250.26, down 29.22 points or 0.05%, whil;e Nifty was at 17,353.50, down 8.60 points, or 0.05%. Banks, financials, and metals were top gainers.

Sensex at close
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Sensex at close
08 Sep 2021, 03:27:19 PM IST

Ola Electric to get new rival as LML announces comeback with a ‘disruptive product'

LML scooters were very popular in the Indian market, right from the 1980s to the early 2000s. The company made scooters, mopeds and even motorcycles. Now, the brand is planning a comeback in a hotly contested but relatively new product segment, electric scooters. The Kanpur-based company is planning to make a comeback by entering the EV two-wheeler market. LML plans to enter the market with an extensive strategy for India’s EV two-wheeler sector. (Read more)

08 Sep 2021, 03:24:10 PM IST

Bitcoin’s latest plunge brings key technical levels into play

Bitcoin’s slump following El Salvador’s troubled rollout of the largest cryptocurrency as legal tender has put several key technical levels into focus that could point to greater losses ahead. The virtual coin was trading at about $44,900 as of 9:15 a.m. in London, having slid as much as 17% a day earlier before paring some of the losses while El Salvador was working through some first-day technical glitches. Even with today’s recovery Bitcoin is looking more vulnerable to further drawdowns.

08 Sep 2021, 03:19:55 PM IST

Oyo in talks with i-banks for IPO: report

Oyo may be in talks with investment banks JP Morgan, Citi and Kotak Mahindra Capital to manage its IPO, Business Standard reported citing people familiar with the matter.

08 Sep 2021, 03:03:17 PM IST

Crude oil commentary: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking

On Tuesday, WTI Crude prices ended lower by 1.4 percent to close at $68.4 per barrel whereas Oil prices on the MCX ended lower by 0.42 percent to close at Rs.5013 per barrel. Oil Prices remained under pressure as delay in resumption of operations in the U.S. Gulf of Mexico following the massive hurricane, Ida. About 79 percent of the Oil producing capacity remained offline as on Tuesday. The Gulf’s offshore wells account for about 17 percent of the US oil output. That, coupled with strengthening of the US Currency weighed on the Dollar priced Commodities like Crude. Also, slow growth in China’s economy, widening impact of the pandemic amid OPEC’s plan to increase output raised worries of excess of Crude in the global markets.

08 Sep 2021, 03:01:10 PM IST

India considering foreign institutional investment of up to 20% in LIC IPO

Indian government is considering allowing foreign institutional investment of up to 20% in Life Insurance Corporation, Reuters reported citing a government official. The listing of LIC is set to be India's biggest ever IPO, with the government aiming to raise up to 900 billion I($12.24 billion) from its stake sale.

08 Sep 2021, 02:58:17 PM IST

Bank of Maharashtra keeps MCLR unchanged across all tenors

08 Sep 2021, 02:53:44 PM IST

Oil climbs on slow return of US supply after Hurricane Ida

Oil prices rose on Wednesday, supported by a slow production restart in the U.S. Gulf of Mexico and resumption of refining activities, although the gains were capped by a stronger dollar and concerns about the impact of rising coronavirus infections. Brent was up 27 cents, or 0.4%, to $71.96 a barrel, at 0845 GMT, and US West Texas Intermediate (WTI) crude rose 32 cents, or 0.5%, to $68.67 a barrel.

08 Sep 2021, 02:52:07 PM IST

India raises wheat purchase price by 2% amid farmers protest

India has raised the price it will pay to buy new-season wheat from local farmers by 2% to 2,015 rupees per 100 kg, the government said on Wednesday, in a move to placate protesting farmers and encourage them to step up planting. (PTI)

08 Sep 2021, 02:44:26 PM IST

MFs see decline in net equity inflows

Equity mutual funds saw net inflows of 8,666.68 crore in August compared to 22,583.5 crore in July.

08 Sep 2021, 02:40:46 PM IST

Kerala puts 68 persons under observation for Nipah virus

Nipah virus in Kerala: Another 20 samples have tested negative for the Nipah virus in Kozhikode, Kerala Health Minister Veena George informed on Wednesday. Currently, 68 persons are under isolation in the Nipah ward of government Medical College, Kozhikode, their health is stable, George said as per ANI. (Read more)

08 Sep 2021, 02:30:24 PM IST

Govt approves ₹10,683 cr PLI scheme for textiles

The cabinet on Wednesday approved the production-linked incentive (PLI) scheme worth 10,683 crore for textiles sector with an aim to boost domestic manufacturing and exports, Union Minister Anurag Thakur said on Wednesday. The decision was taken in a meeting which was chaired by Prime Minister Narendra Modi here. The cabinet has approved the PLI scheme for textiles for MMF (man-made fibre) apparel, MMF fabrics and ten segments/products of technical textiles with a budgetary outlay of 10,683 crore. PLI scheme for textiles is part of the overall announcement of the scheme for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of 1.97 lakh crore.

08 Sep 2021, 02:12:59 PM IST

India's fintech market to triple to ₹6.2 lakh cr by 2025: MoS Finance Karad

The government's various initiatives have led to fast growth in the fintech sector, which is likely to triple to 6,20,700 crore in value terms by 2025, minister of state for Finance Bhagwat K Karad said on Wednesday. Highlighting that India is a leader in adopting financial technology among emerging markets, he said, the country had an adoption rate of 87% in March 2020, as compared to the global average of 64%.

08 Sep 2021, 01:53:01 PM IST collaborates with AkzoNobel India to connect painters with hyper-local opportunities, a professional networking and jobs platform has signed a memorandum of understanding with AkzoNobel India Limited to provide a dedicated online platform for painters, paint contractors and allied workers. Under this alliance, apna will onboard painters linked to AkzoNobel on its platform with the aim to provide access to hyper-local job opportunities.

08 Sep 2021, 01:42:15 PM IST

RIL, Infy top drags

Index contribution
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Index contribution
08 Sep 2021, 01:37:52 PM IST

Sensex heatmap

Banks top gainers
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Banks top gainers
08 Sep 2021, 01:35:10 PM IST

ByteDance in talks with banks to borrow over $3 bn

ByteDance, the Chinese owner of short-video platform TikTok, is in talks with Wall Street banks to borrow more than $3 billion to refinance its debt, according to two people with the knowledge of the matter. The company plans to take advantage of currently low interest rates to repay its debt, one of the people said, adding that terms and the loan size are still subject to changes. The people declined to be identified citing confidentiality constrains. ByteDance declined to comment. (Reuters)

08 Sep 2021, 01:34:21 PM IST

India cabinet did not take up proposal for telecoms relief measures

India's federal cabinet on Wednesday did not take up the proposals for providing financial relief to the country's debt-laden telecom sector, a government source said. The cabinet was widely expected to take a decision on a so-called relief package for the telecoms industry, which would have helped all wireless carriers but especially the embattled Vodafone Idea. (Reuters)

08 Sep 2021, 01:26:51 PM IST

Saudi Aramco inks new pacts in sustainability, technology, industrial and energy services sectors

As part of its diversification drive, world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco) signed 22 new pacts and a joint venture agreement with leading global firms in sector such as sustainability, technology, industrial and energy services. This comes amid a growing focus on environmental, social and governance (ESG) investing. “Aramco targets value creation opportunities in sustainability, technology, industrial and energy services, and advanced materials," the firm said in a statement on Tuesday, and added, “Program aims to drive economic growth and diversification in Saudi Arabia."

08 Sep 2021, 01:25:53 PM IST

Indian job market records strong recovery in August, grows 89%: Naukri JobSpeak

Hiring activity in India has been on an upswing, with August seeing an 89% year-on-year growth. According to Naukri JobSpeak, hiring index was at 2673 last month, surpassing pre-pandemic levels of August 2019 by 24%. Hiring was led by IT sector companies, growing 79% in August compared to August 2019. Jobs in the education sector also marked strong recovery, growing 102% and surpassing pre-pandemic levels. Other sectors that have now exceeded pre-pandemic numbers are real estate (15%), telecom (13%), medical/healthcare (8%), pharma/biotech (7%), insurance (6%), and BFSI (5%). (Read more)

08 Sep 2021, 01:14:24 PM IST

Cabinet approves PLI scheme for textile industry: report

08 Sep 2021, 01:11:27 PM IST

Sequential improvement continued in high-frequency indicators: ICICI Securities

 Google mobility data exhibited sequential recovery post localized relaxations. Time stayed at home fell significantly at India level and has rebounded to Mar'21 level. The activity level at groceries and pharmacy outlets, too, has revived to a baseline after a restriction-led decline seen in the last two months. Electricity Generation and the E-ways bills continued sequential recovery. Moreover, energy consumption witnessed healthy demand recovery in Aug’21, which was up 17% YoY and 5% higher than mar'21 levels. Strong pick-up in the services PMI is a sign of healthy revival in the economic activities in the services sector and is led by accelerated vaccination and the improvement in the customer footfalls. The pace of expansion in the services PMI is at a one-year high. However, some decline was noticed in the manufacturing PMI on a sequential basis though PMI for Aug 2021 stands still better than the May/Jun 2021 levels signifying the continuation of manufacturing activities.

08 Sep 2021, 01:03:46 PM IST

Sun Pharma gains

Sun Pharma's stock was trading at 773.00 each, up 0.44% at 1:03 pm. The company has forayed into nutrition the bar segment with the launch of Revital NXT.

08 Sep 2021, 12:57:18 PM IST

MAS Financial Services partners BoI for MSME lending

MAS Financial Services Ltd has partnered with Bank of India for lending to micro, small and medium sized enterprises (MSMEs). MAS Financial specialises in MSME financing.

08 Sep 2021, 12:54:25 PM IST

Arun Kumar Singh takes charge as BPCL chairman

Arun Kumar Singh took charge as Bharat Petroleum Corporation Ltd's (BPCL) chairman and managing director of the company and consequently he has taken charge yesterday. Singh was earlier director (Marketing) on BPCL's board, holding additional charge of director (Refineries) and director (Finance). He has previously headed retail, LPG, pipelines, supply chain optimization, etc at BPCL.

08 Sep 2021, 12:30:51 PM IST

Paytm Money launches investment advisory marketplace on platform

Paytm Money, the wealth management division of digital payments major Paytm, on Tuesday said it is creating a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors. (Read more)

08 Sep 2021, 12:25:35 PM IST

DDMA says no to Ganesh Chaturthi celebrations in Delhi 

08 Sep 2021, 12:04:25 PM IST

Caplin Point labs gains

Caplin Point Labs' stock was trading at 842.60 each, up 2.62% at 12:03 pm. The company has received the USFDA's nod for its Labetalol Hydrochloride Injection.

08 Sep 2021, 11:55:17 AM IST

Info Edge: ICICI Securities upgrades Ebit estimates 

"Given the improved growth and margin outlook across segments for Info Edge, we upgrade our FY22E-FY24E EBIT estimates by 23%-35%. However, we trim our other income estimates primarily led by the lower than earlier expected quantum of cash proceeds from Zomato’s IPO ( 3.8bn v/s 7.5bn). Our normalized earnings (ex- gain on sale of Zomato) estimates / TP witnesses 13%-19% / 28% upgrade. We value Naukri at 75x FY23E EPS. We value 99 Acres and Jeevansathi each at 20x FY23E sales. As elaborated in our report (link), our 1-year forward valuation of Zomato stands at US$22bn. We factor in a holding company discount of 15% on the listed / to be listed investments of Infoedge. Impending IPO of an investee firm will be a key catalyst. Covid third wave can be a risk to our estimates / TP."

08 Sep 2021, 11:49:04 AM IST

Gold commentary: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking

On Tuesday, Spot Gold ended lower by 1.6 percent to close at $1794.1 per ounce. Spot Gold prices slipped below the 1800 level as the Dollar and the US Treasury yield strengthened. The US Treasury yield rose to the highest levels in over a month which increased the opportunity cost of holding the precious metal whereas the Dollar hovered near its highest level in a week. The bullion metal remained elevated in the earlier session as expectation of a delay in the tapering of the expansionary policy by the US Federal Reserve kept the Dollar under pressure. However, signs of evident slowdown in China’s economy, mounting geopolitical tension and the recent outbreaks of the new variant of Covid19 virus might continue to levy some support for the safe haven Gold.

08 Sep 2021, 11:40:51 AM IST

VAHDAM India raises ₹174 cr from IIFL AMC, others

Premium tea and wellness products maker VAHDAM India has raised 174 crore from investors, including IIFL AMC's private equity fund, to expand its business globally and enter new categories. The series D round of funding also saw participation from existing investors, which include a consortium of Sixth Sense Ventures affiliates, the Mankind Group Family Office, Infosys Founder Kris Gopalkrishnan's Family Office, Urmin Group and White Whale Ventures. With this round, VAHDAM India has raised over 290 crore.

08 Sep 2021, 11:40:51 AM IST

PSP Projects gains

PSP Projects' stock was trading at 450.15 apiece, up 1.39% at 11:23 am. The company received a letter of intent for projects worth 1.33 billion.

08 Sep 2021, 11:22:35 AM IST

Rupee plunges 23 paise to 73.65 against US dollar in early trade

The Indian rupee plunged 23 paise to 73.65 against the US dollar in opening trade on Wednesday, tracking a strong American currency and muted trend in domestic equities. At the interbank foreign exchange, the rupee opened at 73.48 against the dollar, then fell to 73.65, registering a decline of 23 paise from the last close. In the previous session, the rupee had settled at 73.42 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 92.53.

08 Sep 2021, 11:22:35 AM IST

11 states raise ₹14,500 cr through SDL auctions

Eleven state governments raised 14,500 crore through state development loans (SDLs) on Tuesday, 38% lower than the initially indicated 23,300 crore, and 7.6% lower than the year-ago level of 15,700 crore, Icra said in a report. Initially, 22 state governments and union territories (UT) had indicated that they would borrow 23,300 crore in the auction. Eleven of them, which had initially indicated that they would borrow 10,900 crore, did not participate in the auction. (Read more)

08 Sep 2021, 11:22:10 AM IST

This specialty chemical stock surges 24% in 5 days. HDFC Securities has 'Buy'

The shares of Neogen Chemicals Ltd (NCL) were trading over 8% higher to 1,190 per share on the BSE in early deals, with the stock registering a surge of nearly 24% in the last five trading sessions. (Read more)

08 Sep 2021, 11:19:06 AM IST

Ramkrishna Forgings gains

Ramkrishna Forgings' stock was trading at 994.10 each, up 1.57%) at 11:17 am. The company has secured an export order worth 130 crore from an OEM in a CIS country.

08 Sep 2021, 10:58:34 AM IST

Edelweiss Wealth Management promotes Ashish Kehair to MD & CEO

Edelweiss group on Wednesday said it has promoted Ashish Kehair as managing director and chief executive officer of Edelweiss Wealth Management, the group said in a statement. In this role, Kehair will lead the strategic initiatives and business operations for Edelweiss Wealth Management, reporting to the board of directors, the statement said. The appointment is subject to regulatory approvals. (Read more)

08 Sep 2021, 10:41:34 AM IST

Why Bharti Airtel, Vodafone Idea stocks are surging

Stock market today: On speculations of relief in AGR (adjusted gross revenue) dues payment ahead of the cabinet meeting today, telecom stocks have been rallying for the last two days. Telecom major Bharti Airtel share price shot up around 5 per cent in the last two days while Vodafone Idea shares have skyrocketed around 40 per cent in the last 5 trade sessions. According to experts, if the relief package for the sector is announced then it will be a big positive trigger for the entire telecom sector. (Read more)

08 Sep 2021, 10:27:18 AM IST

IPO-bound OYO increases authorised share capital to ₹901 cr

Oravel Stays Pvt Ltd, that operates hospitality firm OYO, has approved an increase in the authorised share capital of the company from 1.17 crore to 901 crore, according to a regulatory filing by the hospitality firm. The development comes ahead of proposed initial public offering (IPO) by OYO, for which a draft red herring prospectus (DRHP) is likely to be filed in the next few months, people with knowledge of the matter said. An extraordinary general meeting of Oravel Stays Pvt Ltd (OYO), on September 1, approved the resolution to increase its authorised share capital, as per a Registrar of Companies (RoC) filing by the company. (PTI)

08 Sep 2021, 10:25:07 AM IST

Starbucks, Pizza Hut and McDonald’s Take Bitcoin in El Salvador

Food and drink franchises including Starbucks Corp. and Pizza Hut Inc. are receiving payments in Bitcoin after El Salvador adopted the cryptocurrency, according to President Nayib Bukele. Twitter users also reported being able to pay for breakfast at McDonald’s with Bitcoin on Tuesday, the first day on which it became legal tender in the Central American nation. Businesses are required to accept Bitcoin in exchange for goods and services, though merchants who are technologically unable to receive the e-currency are exempt from the law.

08 Sep 2021, 10:23:34 AM IST

PayPal heats up buy now, pay later race

U.S. payments giant PayPal Holdings Inc said it would acquire Japanese buy now, pay later (BNPL) firm Paidy in a $2.7 billion largely cash deal, taking another step to claim the top spot in an industry witnessing a pandemic-led boom. The deal tracks rival Square Inc's agreement last month to buy Australian BNPL success story Afterpay Ltd for $29 billion, which experts said was likely the beginning of a consolidation in the sector. (Reuters)

08 Sep 2021, 10:01:54 AM IST

Asian Paints' grip on waterproofing segment gets tighter. Should Pidilite

Leader in decorative paints segment Asian Paints Ltd is making its mark in the waterproofing segment. According to analysts at Credit Suisse, the waterproofing market in India is led by Pidilite Industries Ltd, which is estimated to have around 50% market share. However, paint companies have made a significant dent into this market, said the foreign brokerage house in a report. "In our estimate, Asian Paints has around 25% share in the water proofing market now and has been gaining share consistently. Initially Asian Paints played mainly in remedial water proofing, as in this segment the painter is the main applicator and thus Asian Paints had a stronger right to win. However in the past couple of years, Asian Paints is also pushing strongly in the new construction water proofing segment," said the Credit Suisse report.

08 Sep 2021, 10:01:02 AM IST

Union Cabinet meeting to start soon, MSP of Rabi crops on agenda: Report

The meeting of the Union Cabinet is scheduled to be held at 11 am on Wednesday. The meeting will be chaired by Prime Minister Narendra Modi at his office in the South block. (Read more)

08 Sep 2021, 09:59:18 AM IST

Maruti Suzuki trades lower

Maruti Suzuki's stock was trading at 6,832.50 apiece, down 0.64% at 9:57 am. The company's production in August 20221 climbed to 1,23,769 units compared to 1,13,937 units in August 2020.

08 Sep 2021, 09:53:28 AM IST

Index outlook: ICICI Direct

Indian markets are scaling new highs primarily driven by swift economic recovery post abating of second Covid wave and increasing pace of vaccination domestically. Corporate earnings were also resilient in Q1FY22 (April-June 2021). At the Nifty index level, excluding financials, net sales decline was limited to 7.5% on a QoQ basis with PAT decline at 14.5% QoQ. The management commentary, however, was optimistic and hopeful of a strong rebound in rest of the year (FY22E). Other macroeconomic indicators in terms of GST collection, e-way bill generation, peak power demand also point to better-than-anticipated economic rebound. With growth capex on the anvil both by the public as well as private enterprises, we expect a broad based economic recovery, going forward. We expect the present market up move to continue, with small caps, midcaps leading the gains going forward. As a structural bet in the market, sectorally, our preference would be towards IT (driven by increasing digital spends), capital goods (capex-linked) and CRAMs oriented pharmaceuticals/chemical space.

Sectoral Earnings

Going forward, double digit earnings growth (25.7% CAGR) for the index over FY21-23E will be led by the auto space (low base), capital goods domain, metals space (firm product realisations and healthy profitability) and index heavy BFSI space, which also includes the insurance sector.

08 Sep 2021, 09:50:00 AM IST

Amazon Pay India partners with mutual fund platform Kuvera

Direct mutual fund investment platform has partnered with Amazon Pay India to provide services, products and technology know-how for the latter's users. The partnership will facilitate investments in mutual funds, fixed deposits, and more over time. (Read more)

08 Sep 2021, 09:47:07 AM IST

Ola’s GMV drives past pre-covid levels: CEO

Ola chief and co-founder Bhavish Aggarwal took to Twitter on Tuesday to announce a recovery for his ride-hailing platform from the impact of the pandemic. “India is moving again! Our Ola cabs GMV crossed pre-covid levels last week. Recovery from the second wave is three times faster. Clearly, India is up and about!" tweeted Aggarwal. GMV is gross merchandise value. (Read more)

08 Sep 2021, 09:39:56 AM IST

Industry Watch: Telcos

The Union cabinet may meet today to discuss a relief package for the troubled telecom sector, according to multiple media reports citing people with knowledge of the matter.

Telco stocks gain
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Telco stocks gain
08 Sep 2021, 09:30:37 AM IST

SoftBank surges for second day as hopes for buybacks grow

SoftBank Group Corp. surged for a second day in Tokyo as investors’ hopes grew for another share repurchase program, following the announcement of a complex deal with Deutsche Telekom AG. Shares rose as much as 11% in Tokyo trading, the most since Dec. 10. That took its two-day gain to almost 22%, amid a recent broader rally in Tokyo markets. SoftBank was the biggest contributer to gains on the Nikkei 225 Stock Average, adding nearly half of the gauge’s 0.8% advance.

08 Sep 2021, 09:29:58 AM IST

Coinbase gets Wells notice from SEC on its Lend product

Coinbase Global Inc., the U.S.’s biggest cryptocurrency exchange, has received a Wells notice from the Securities and Exchange Commission, saying the agency will bring an enforcement action if Coinbase launches its Lend product. Lend, which is yet to be launched, would allow consumers to earn interest on their crypto holdings. Coinbase is planning to delay the launch of its Lend product at least until October, according to the company. The exchange has been working with the SEC, and asking for feedback on the Lend product, for about six months, Coinbase said on its blog.

08 Sep 2021, 09:26:57 AM IST

Banks, financials drag

Nifty sectoral indices
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Nifty sectoral indices
08 Sep 2021, 09:26:06 AM IST

Covid Update

08 Sep 2021, 09:16:43 AM IST

Market opening

Sensex at open
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Sensex at open
08 Sep 2021, 09:08:01 AM IST

Market pre-opening

At market pre-opening, the Sensex was at 58,362.82, up 83.34 points or 0.14%, while Nifty was at 17,362.10, down 15.70 points or 0.09%.

Sensex at pre-open
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Sensex at pre-open
08 Sep 2021, 09:02:02 AM IST

Biocon to produce cancer drug Revlimid

Biocon has settled with Celgene for the production of the cancer drug Celgene.

08 Sep 2021, 09:00:36 AM IST

Pre-market opening quote: .Gaurav Udani, CEO and founder, ThincRedBlu Securities.

"Nifty is expected to open positive at 17,410, up by 40 points. Nifty is in a strong bullish trend and we may see levels of 17,480 and 17,520 in the next few trading sessions. 17,300 and 17,250 are strong support for Nifty. Buying on dips with strict stoploss loss can be a good strategy in the current markets."

08 Sep 2021, 08:59:20 AM IST

Gangavaram Port logs multiple records in handling of various cargo 

08 Sep 2021, 08:49:53 AM IST

Sansera Engineering IPO fixes price band at ₹734-744 per share

Bengaluru-based auto-component maker Sansera Engineering Ltd's initial public offering has fixed its price band of 734-744 a share. Earlier the firm said its IPO will open on 14 September and close on 16 September. (Read more)

08 Sep 2021, 08:35:17 AM IST

Market outlook

Markets are likely to be volatile on Wednesday while trends in SGX Nifty indicate a mild opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 58,279.48, down 17.43 points while the Nifty was at 17,362.10, down 15.70 points. (Read more)

08 Sep 2021, 08:18:31 AM IST

Ami Organics IPO share allotment today: How to check application status

Ami Organics IPO allotment date: Share allotment of Ami Organics may get finalised today. 569.64 crore public issue got subscribed 64.54 times during the 3 days bidding from 1st September to 3rd September 2021. Ahead of share allotment, grey market is also signaling about the promising listing gains from this public issue as Ami Organics IPO GMP today is 168 — indicating listing premium to the tune of 27.5 per cent. So, those who bid for Ami Organics IPO must be eagerly waiting for the finalisation of share allotment process. (Read more)

08 Sep 2021, 08:04:24 AM IST

Why Bitcoin, ether, other crypto prices are crashing

Bitcoin prices plummeted from more than $52,000 per coin, over 17% to $42,000, before recovering about half of that loss after El Salvador became the first country to adopt Bitcoin as legal tender on Tuesday. However, the rollout stumbled in its first hours and El Salvador President Nayib Bukele said the digital wallet used for transactions was not functioning. (Read more)

08 Sep 2021, 07:49:40 AM IST

HDFC Life seeks shareholders approval for share issue to Exide Industries

HDFC Life Insurance Company Ltd (HDFC Life) will seek shareholders' approval later this month for the issuance of preference shares to Exide Industries in the 6,687-crore deal to acquire Exide Life, according to a regulatory filing. HDFC Life has convened an extra-ordinary general meeting (EGM) of the company's shareholders on September 29 to seek their approval for share issue, the company said in a filing on Tuesday.

08 Sep 2021, 07:39:40 AM IST

Asian stocks  off to a steady start

Asian stocks were mixed Wednesday after a dip in U.S. shares on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic. Japanese shares edged up but Australia and South Korea retreated. U.S. futures fluctuated after the S&P 500 fell and the Nasdaq 100 climbed to a record as investors sought more defensive areas of the market. Chinese technology equities listed in the U.S. jumped on bets that the worst of Beijing’s regulatory crackdown has passed. A selloff across bond markets has intensified in part due to a flood of debt sales. The 10-year U.S. Treasury yield trimmed an advance but remained above 1.36%. Strategists are now evaluating how long a recent bout of yield-curve steepening might last. The dollar held a rally. Crude oil steadied after a two-day decline. Bitcoin nursed losses amid El Salvador’s rocky implementation of a law that makes the cryptocurrency legal tender.

S&P 500 futures were steady as of 9:20 a.m. in Tokyo. The S&P 500 fell 0.3%

Nasdaq 100 futures were little changed. The Nasdaq 100 rose 0.2%

Japan’s Topix index added 0.2%

Australia’s S&P/ASX 200 index slid 0.5%

South Korea’s Kospi dropped 0.6%

Hang Seng Index futures advanced 0.4% earlier

08 Sep 2021, 07:22:04 AM IST

US stocks close mostly lower, but Nasdaq still inches higher

Stocks indexes on Wall Street closed mostly lower Tuesday, though solid gains by Apple, Facebook and other tech heavyweights helped nudged the Nasdaq to another all-time high.

The S&P 500 slipped 0.3%, losing some ground after two straight weekly gains. Roughly 80% of companies in the benchmark index fell. Industrial and health care stocks were among the S&P 500's biggest decliners. Household goods makers also weighed on the index, offsetting gains in communication services firms, technology stocks and a mix of companies that rely on consumer spending.

Small company stocks also fell broadly. Treasury yields rose, while energy futures and the price of gold fell.

The pullback in stocks came as traders returned from the Labor Day holiday weekend to a relatively light week of economic data. The last big economic snapshot, the August jobs report, came in weaker than expected last Friday, but stocks only slipped modestly on the news.

The S&P 500 fell 15.40 points to 4,520.03. The index remains within 0.4% of the all-time high it set last Thursday. The Dow Jones Industrial Average dropped 269.09 points, or 0.8%, to 35,100, while the technology-heavy Nasdaq composite rose 10.81 points, or 0.1%, to 15,374.33 it's fourth consecutive record high.

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