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Sensex closes at 57,552, Nifty at 17,132 on metal surge; all eyes on GDP data

Market Closing: Indian indices closed at new record highs on Tuesday. (Mint) Premium
Market Closing: Indian indices closed at new record highs on Tuesday. (Mint) 

Market Closing: The Sensex closed at 57,552.39, up 662.63 points, or 1.16%, while Nifty was at 17,132.20, up 201.15 points, or 1.19%. Metals, IT financials were top gainers. Media top drag

Indian indices closed over 1.13% higher on Tuesday. Emerging market stocks jumped 1.4% on Tuesday, following a record close on Wall Street overnight, although weak data from China fed caution about slowing economic growth. EM stocks were at near four-week peaks, with Asian stocks erasing early losses. The index was set to finish August more than 1% higher after two months of falls. All eyes will be on India's GDP data due 5:30 pm IST today.

31 Aug 2021, 04:01:07 PM IST

Rupee rises 29 paise to close at 73.00 against US dollar

The rupee strengthened further by 29 paise to close at 73.00 (provisional) against the US dollar on Tuesday, marking the fourth straight session of gain following a firm trend in domestic equities and foreign fund inflows. At the interbank forex market, the local unit opened at 73.26 against the greenback and later gained strength to settle at 73.00, higher by 29 paise over its previous close of 73.29.

31 Aug 2021, 03:59:27 PM IST

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

"Nifty made another lifetime high today. It has been showing strength since the last four trading sessions. It closed today at 17,130, up by 200 points. Today's increase in Nifty was with good volumes, which indicates the strength may continue. We may see 17,200 and 17220 in the next few trading sessions. 16,950 to 16,900 will act as support for Nifty. Any correction in Nifty can be used as a buying opportunity with strict stop loss." 

31 Aug 2021, 03:56:32 PM IST

Market closing

The Sensex closed at 57,552.39, up 662.63 points, or 1.16%, while Nifty was at 17,132.20, up 201.15 points, or 1.19%. Metals, IT financials were top gainers. Media top drag. On the 30-share Sensex, Airtel, Bajaj twins, and 23 other stocks closed in green, while Nestle india, IndusInd Bank, RIL, and Power Grid closed in red.

Sensex at close
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Sensex at close
31 Aug 2021, 03:30:25 PM IST

Stocks set new records as August ends in buoyant mood

Stock markets set new record highs on Tuesday as investors ended August in a buoyant mood, confident of an ongoing economic recovery and that the Federal Reserve's eventual paring back of its stimulus would not knock asset prices anytime soon. European stocks are on course for their seventh straight month of gains. The pan-European STOXX 600 index gained 0.2%, with Asian stocks reversing earlier losses as fresh signs of a slowdown in China's economy spurred hopes of more stimulus. The MSCI world equity index, which tracks shares in 50 countries, rose 0.28%.

31 Aug 2021, 03:28:15 PM IST

Google,Apple Hit In South Korea By Law Ending Their Dominance Over App-Store Payments - WSJ

31 Aug 2021, 03:27:45 PM IST

Sun Pharma gets exclusive right to commercialise Winlevi acne cream in US, Canada

Sun Pharma and specialty pharma firm Cassiopea SpA on Tuesday announced consummation of their exclusive licence and supply agreements for Winlevi cream used for treatment of acne vulgaris in patients 12 years and older.

The agreements are effective from August 31, 2021, according to a joint statement. Sun Pharma now has the exclusive right to commercialise Winlevi in the US and Canada. Cassiopea will be the exclusive supplier of the product, which is expected to be available in the US in the fourth quarter of 2021, it added.

31 Aug 2021, 03:27:11 PM IST

Hero Electric partners with Wheels EMI to offer easy financing options to customers

Hero Electric has partnered with two-wheeler life cycle management company Wheels EMI for offering easy financing options to customers buying electric two-wheelers, a release said on Tuesday. Besides vehicle financing, the partnership also offers extra benefits to Hero Electric customers such as attractive interest rates, flexible tenure options and affordable equal monthly instalments (EMIs) as per customer eligibility, it said.

31 Aug 2021, 03:26:36 PM IST

Bank of India announces closure of QIP issue; raises ₹2,550 cr

Bank of India on Tuesday announced the closure of its QIP issue and said that it has raised 2,550 crore by issuing more than 40.5 crore shares to the qualified institutional buyers. The capital issue committee at its meeting held on August 31, 2021 has approved the issue and allotment of 40,54,71,866 equity shares to eligible qualified institutional buyers (QIBs) at an issue price of 62.89 per share, aggregating to 2,550.01 crore, Bank of India said in a regulatory filing on Tuesday. The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to 3,000 crore equity capital through this issue.

31 Aug 2021, 03:25:19 PM IST

FinMin releases ₹13,386 cr to 25 states as grant to RLBs

The Finance Ministry on Tuesday said it has released about 13,386 crore to 25 states for providing grants to rural local bodies (RLBs). Tied grants are released to the rural local bodies (RLBs) for improving two services -- Sanitation and maintenance of open-defecation free (ODF) status and supply of drinking water, rainwater harvesting and water recycling. “The Department of Expenditure, Ministry of Finance, has on Monday released an amount of 13,385.70 crore to 25 States for providing grants to the Rural Local Bodies," the ministry said in a statement. This grant-in-aid is the first instalment of Tied grants of the year 2021-22. The grants have been released as per the recommendations of the 15th Finance Commission.

31 Aug 2021, 03:24:33 PM IST

Dr Reddy's launches generic stomach ulcer drug in US market

Pharma major Dr Reddy's Laboratories on Tuesday said it has launched generic Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules used for treatment of stomach ulcers, irritable bowel syndrome and inflammation of the colon, in the US market. The company has launched Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules USP, 5 mg/2.5 mg in the US market, Dr Reddy's Laboratories said in a regulatory filing. The product is a generic version of Librax capsules, it added.

31 Aug 2021, 03:21:39 PM IST

Abbott introduces single-dose formulation of carbetocin in India

Drug major Abbott on Tuesday said it has launched room-temperature-stable, single-dose formulation of carbetocin in India to help in the prevention of postpartum haemorrhage (PPH). PPH refers to excessive blood loss of 500 ml or more after vaginal delivery and 1,000 ml or more after a caesarean procedure, within 24 hours of childbirth. Although preventable, PPH is associated with almost 20 per cent maternal mortality in the country.

31 Aug 2021, 03:20:53 PM IST

Crude oil futures dip on weak spot demand

Crude oil prices on Tuesday fell by 61 to 5,010 per barrel after participants cut their positions. On the Multi Commodity Exchange, crude oil for September delivery dropped by 61, or 1.2 per cent, to 5,010 per barrel with a business volume of 4,204 lots. Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid a weak spot demand.

Globally, West Texas Intermediate crude oil was trading 1.23 per cent lower at USD 68.36 per barrel.

31 Aug 2021, 03:17:33 PM IST

Airtel, Bajaj Finance, TCS drive Sensex gains

Index contribution
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Index contribution
31 Aug 2021, 02:56:36 PM IST

As Nifty crosses 17,000, here is a word of caution for new retail investors

Indian stock markets continued to soar to new highs today with Nifty crossing the 17,000 mark. Skeptics been proved wrong, till now. But the strong rally in Indian markets since April last year, without any significant correction, has made some analysts cautious. They suggest partial profit-taking at the current juncture, particularly for new retail investors. (Read more)

31 Aug 2021, 02:35:12 PM IST

Divi's Lab, Torrent pharma drive gains

Nifty pharma index
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Nifty pharma index
31 Aug 2021, 02:26:26 PM IST

Honda Cars joins hands with IndusInd Bank for vehicle financing

Honda Cars India Ltd (HCIL) on Tuesday said it has tied up with IndusInd Bank to offer a gamut of finance schemes to its customers, addressing their varied financing and payment needs. The partnership will facilitate customers to avail custom-built financing solutions on purchase of Honda Amaze and Honda City such as low EMI, flexi term, up to 100 per cent ex-showroom funding and customised schemes for specific customer groups. "The partnership with IndusInd Bank is an extension of our efforts towards making personal mobility more accessible and affordable to a diverse set of customers, both salaried and self-employed.

31 Aug 2021, 02:06:55 PM IST

PNB cuts interest rates on savings account deposits. Details here

Public sector lender, Punjab National Bank or PNB has announced to lower interest rate on savings account deposits by 10 basis points (bps). The new interest rate of 2.90% per cent per annum will be applicable to both existing and new savings accounts holders, the lender mentioned on its website. The rate of interest on savings account deposits has been reduced with effect from 1 September 2021, Punjab National Bank noted. (Read more)

31 Aug 2021, 01:58:21 PM IST

Donear acquires Mayur Fabrics, PV Suiting Global distribution network from RSWM

Donear Group on Tuesday announced the acquisition of Mayur Fabrics and PV Suiting Global distribution network from RSWM, in a move to solidify its comprehensive product basket and global augmented geographical footprint.

The textile firm, however, did not disclose the terms of the transaction. This acquisition, which is the third by the group in the last three years, will help Donear in scaling up the Mayur brand exponentially by focusing on the group’s inherent strength of manufacturing and distribution of premium quality branded fabrics, said a release.

31 Aug 2021, 01:46:05 PM IST

Sector Watch: Aluminium

Nalco, Hindalco top gainers
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Nalco, Hindalco top gainers
31 Aug 2021, 01:44:02 PM IST

London aluminium hits 10-year high on supply concerns

London aluminium jumped on Tuesday to a more than 10-year high and was on track for its seventh straight monthly gain as output curbs in top producer China stoked concerns over tight supply. Aluminium prices have been supported by production curbs in Chinese smelting regions often aimed at easing the strain on the power grid. The government in southern China's Guangxi region, an aluminium and alumina production hub, called on Monday for tougher controls on energy consumption, according to a statement issued after a teleconference it gave, sparking fears of more output cuts. Three-month aluminium on the London Metal Exchange advanced as much as 2.9% to $2,726.50 a tonne, its highest since May 2011, before easing to $2,693 a tonne, still up 1.6% at 0753 GMT.

31 Aug 2021, 01:23:32 PM IST

Oil heads for biggest monthly loss this year before OPEC+ meet

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. West Texas Intermediate was steady above $69 a barrel after rising 0.7% on Monday. While Gulf of Mexico crude producers are expected to gradually resume service after Ida crashed ashore in Louisiana, local refineries may be slower. The Organization of Petroleum Exporting Countries and its allies will meet on Wednesday to assess the global market and prospects for demand as the pandemic grinds on. With expectations the hit to consumption from the delta variant will fade, they are on course to restore another 400,000 barrels a day.

31 Aug 2021, 01:16:38 PM IST

Bharti Airtel surges; Tata motors drags

Nifty top gainers and losers
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Nifty top gainers and losers
31 Aug 2021, 01:14:37 PM IST

Sobha Developers commentary: Yash Gupta, equity research analyst, Angel Broking

"Sobha Developers limited operates in Residential & Commercial real-estate along with Contractual business. Companies 65%-70% of residential pre-sales come from the Bangalore market which is one of the IT hubs in India, we expect new hiring by the IT industry will increase residential demand in Bangalore, Pune and Chennai. We have seen a strong consolidation in top-10 cities in India towards organized players post Demon, RERA, IL&FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue. Company having very strong pipeline in key geographic area, company expected to launch 17 new projects/phase spread over 12.56mn sqft across various geographies. Majority of launches will be coming from existing land banks. Company having land bank of approx. 200mn Sqft of salable area. Customers are now having preference for ready to move property or about to complete. As of June 2021, the company has a total unsold inventory of 14.37mn Sqft. We have a buy rating on sobha developers at 625 with targets of 770."

31 Aug 2021, 01:12:52 PM IST

AU Small Finance Bank drags

AU SFB was trading at 1,222.55 each, down 5.53% at 1:08 pm. Sumit Dhir, head of internal audit at Jaipur Head Office at AU Small Finance Bank may have resigned, CNBC TV18 reported, citing people familiar with the matter. Dhir was seen as a replacement for Nitin Gupta, who resigned as chief audit officer in March.  

31 Aug 2021, 01:04:06 PM IST

India Q1 GDP numbers today: Here's what to expect

The Gross Domestic Product (GDP) numbers, expected later today, will signal the trajectory of India’s economic recovery as the country comes out of the second wave of the coronavirus pandemic. Would it be encouraging? (Read more)

31 Aug 2021, 01:01:50 PM IST

Apple’s AR glasses may be Tim Cook’s last major product launch

Technology giant Apple’s rumoured augmented reality (AR) glasses may take almost five more years. According to a report by Bloomberg’s Mark Gurman, the long awaited AR glasses will apparently be released in the “middle of the decade". They will also be the final major product category that Apple’s current chief executive, Tim Cook, oversees. The report also said that the company is working on the Apple Car, which is expected to launch around the same time as the AR glasses. The company usually holds three big product launches, during the first, second and third quarter of the financial year, which means that the AR glasses may be part of Apple’s roadmap sometime in 2025.

31 Aug 2021, 12:51:04 PM IST

SC verdict on Tuesday on Supertech's plea against HC’s demolition order of twin 40-storey towers

The Supreme Court is likely to pronounce its verdict on Tuesday on a plea of realty major Supertech Ltd against the order of Allahabad High Court directing the demolition of twin 40-storey towers in the Emerald Court project in Noida for violation of building norms. The top court will also pronounce its verdict on several other petitions moved by homebuyers for and against the April 11, 2014 verdict of the high court. A bench headed by Justice DY Chandrachud is scheduled to pronounce the verdict on the batch of pleas.

31 Aug 2021, 12:49:14 PM IST

GSK, SK Bioscience to test covid-19 vaccine against AstraZeneca shot

Britain's GSK and South Korea's SK Bioscience said on Tuesday the drugmakers have begun a late-stage trial of their covid-19 vaccine candidate to assess immune response when compared with AstraZeneca's approved shot.

The trial will enrol around 4,000 candidates globally and test SK's covid-19 vaccine candidate, GBP510, in combination with GSK's vaccine booster following positive early-stage data earlier this month.

31 Aug 2021, 12:46:55 PM IST

Subex

Subex's stock was trading at 52.75 each, up 3.74% at 12:46 pm.  The company has extended its strategic partnership with Robi.

31 Aug 2021, 12:42:38 PM IST

Shilpa Medicare gains

Shilpa Medicare's stock was trading at 586.95 each, up 2.20% at 12:41 pm. The company has received regulatory nod for 2-Deoxy- 2-Glucose covid treatment.

31 Aug 2021, 12:16:27 PM IST

Tesla inches closer to entering India with 4 models approved

Tesla Inc. is closer to making its official debut in India after it received approval to make or import four models in the South Asian nation. Tesla has had its vehicles certified as being roadworthy in India, a posting on the website of the nation’s ministry of road transport and highways showed. “The tests ensure the vehicle matches the requirements of the Indian market in terms of emission and safety and road worthiness," according to the site. A Tesla fan club earlier tweeted about the development, saying the cars were probably Model 3 and Model Y variants. (Bloomberg)

31 Aug 2021, 12:15:23 PM IST

REC gains

REC Ltd's stock was trading at 151.05 each up 0.80% at 12:15 pm. The board of directors has approved amendments in the joint venture agreement of Energy Efficiency Services Ltd, a JV of REC, PFC, Power Grid and NTPC, concerning the company's shareholding pattern among other matters.

31 Aug 2021, 12:07:34 PM IST

Bharti Airtel surges

Bharti Airtel's stock was trading at 636.00 each, up 2.52% at 12:06 pm. The telco has refused to comment on a news item suggesting Google's interest in the telco saying it does not comment on speculation. The exchange had sought clarification from Airtel about the news report.

31 Aug 2021, 12:02:32 PM IST

Sensex heatmap

Airtel, Bajaj twins top gainers
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Airtel, Bajaj twins top gainers
31 Aug 2021, 11:54:40 AM IST

Northern Arc Capital raises $50 mn from JICA to lend to women borrowers

Northern Arc Capital, a debt platform, on Tuesday announced that it has concluded a $50 million (about 365 crore) external commercial borrowing (ECB) transaction with the Japanese International Cooperation Agency (JICA), the company said in a statement. JICA is Japan’s governmental agency that works towards promoting economic and social growth in developing countries. Northern Arc will use the proceeds to cater to the credit demands of women borrowers or towards products that disproportionately benefit women. (Read more)

31 Aug 2021, 11:52:06 AM IST

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

"LME markets were closed on Monday on account of the summer bank holiday in UK. Industrial metals on the MCX ended mixed with Aluminium gaining the most amongst the pack. Mounting supply uncertainties for Aluminium continued to underpin prices across exchanges. Stern energy usage norms imposed forced Chinese smelter to limit out which has kept the Aluminium supply chain under pressure in 2021. Continuation of the accommodative stance by the US Federal Reserve continued to weigh on the US Currency which also supported the Dollar priced industrial metals."

31 Aug 2021, 11:46:45 AM IST

Prosus buys payments company Billdesk for $4.7 bn

Technology investor Prosus NV said on Tuesday it had purchased 100% of the equity in Indian payments platform Billdesk for $4.7 billion. Prosus said Billdesk would complement its own PayU business. (Read more)

31 Aug 2021, 11:42:13 AM IST

Dentsu India CEO Anand Bhadkamkar quits

Anand Bhadkamkar, the chief executive of advertising firm Dentsu India has stepped down from the position, an official statement from the network said on Tuesday. His last day is 31 August 2021. He joined the network in 2008 as its chief financial officer (CFO) and was appointed its chief executive officer (CEO) in September 2019. In a career spanning over two decades, Bhadkamkar worked at firms such as advertising agency Lowe Lintas and consultancy firm Ernst &Young. The company did not disclose Bhadmakar's next move. (Read more)

31 Aug 2021, 11:35:12 AM IST

Zomato issues statement after Hrithik Roshan, Katrina Kaif ads controversy

Zomato's stock was trading at 134.20 each, up 0.60% at 11:34 am. The food delivery app issued a statement on Monday after the company received a lot of criticism over its advertisements featuring Bollywood superstars Hrithik Roshan and Katrina Kaif. Social media users had called out Zomato's 'ill' treatment of its delivery partners. People asked Zomato to start spending more money to improve the monetary condition of its delivery executives, instead of hiring big-ticket Bollywood celebrities for advertisements.

31 Aug 2021, 11:30:22 AM IST

Nine new judges administered oath of office by CJI, strength of SC rises to 33

Nine new judges, including three women, were on Tuesday administered oath of office as judges of the Supreme Court, taking its strength to 33. It is for the first time in the history of the apex court that nine judges took oath of office at one go. Chief Justice of India N V Ramana administered the oath of office to the new judges in a swearing-in ceremony held in the auditorium of the Supreme Court's additional building complex. With the swearing-in of the nine new judges, the strength of the Supreme Court has risen to 33, including the CJI, out of the sanctioned strength of 34.

31 Aug 2021, 11:25:02 AM IST

L&T concludes sale of 99 MW hydropower project to ReNew Power for Rs1,001.5 cr

Larsen & Toubro Ltd (L&T) on Tuesday said it has concluded the divestment of its 100% stake in the 3 x 33 MW (99 MW) hydroelectric power plant at Singoli-Bhatwari in Uttarakhand. (Read more)

31 Aug 2021, 10:49:47 AM IST

Rupee inches 4 paise higher to 73.25 against US dollar in early trade

The Indian rupee appreciated 4 paise to 73.25 against the US dollar in opening trade on Tuesday, tracking a positive trend in domestic equities. At the interbank foreign exchange, the rupee opened at 73.26 against the dollar, then inched higher to 73.25, up 4 paise over its previous close. On Monday, the rupee had settled at 73.29 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.12 per cent at 92.54.

31 Aug 2021, 10:46:41 AM IST

Google removes 95,680 content pieces in July in India: Compliance report

Google received 36,934 complaints from users and removed 95,680 pieces of content based on those complaints in July, the tech giant company said in its monthly transparency reports released on Tuesday. In addition to reports from users, Google also removed 5,76,892 pieces of content in July as a result of automated detection. The US-based company has made these disclosures as part of compliance with India's IT rules that came into force on May 26. On Tuesday, Google said it had received 36,934 complaints in July from individual users located in India via designated mechanisms, and the number of removal actions as a result of user complaints was 95,680 - the highest so far.

31 Aug 2021, 10:44:29 AM IST

Airtel, ICICI Bank drive Sensex gains

Index contribution
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Index contribution
31 Aug 2021, 10:38:08 AM IST

Kajaria Ceramics, Somany to gain as firms in Morbi go on month-long shutdown

The Indian tile sector has a large presence of unorganised companies operating in Morbi district of Gujarat. Unlike in the past, this time around these companies are undertaking a longer shutdown during Janmashtami.

A dealers channel check by JM Financial Institutional Securities Ltd showed that Morbi tile makers usually take a week-long production shutdown during the festival, but this time the companies, involved in manufacturing of polished vitrified tiles, double-charged and wall tiles, have decided to go on a month-long shutdown during August-September. (Read more)

31 Aug 2021, 10:17:56 AM IST

Ami Organics IPO: GMP see a big jump ahead of subscription opening date

Ami Organics IPO GMP: After trading in the range of 50 to 60 for near one week, shares of Ami Organics are trading today at a premium of 125 in the grey market — more than double of Ami Organics IPO grey market premium of 50 on yesterday. According to market observers, this is a good sign for the public issue as it is going to open for subscription on tomorrow. Market observers went on to add that yesterday mostly all the recently listed IPOs performed well, which improved the sentiments, resulting in increasing premium of Ami organics shares in the grey market. (Read more)

31 Aug 2021, 10:02:46 AM IST

Gold price today inches higher after sharp fall, down ₹9000 from record highs

Gold and silver prices inched today in Indian market after a sharp fall in the previous session. On MCX, gold futures were up 0.25% to 47,171 per 10 gram, following a 400 fall on Tuesday. Silver futures rose 0.35% to 63,801 per kg. (Read more)

31 Aug 2021, 09:59:16 AM IST

Single day rise of 30,941 new covid-19 infections: govt

31 Aug 2021, 09:58:15 AM IST

TVS Motor launches 'Built To Order' (BTO) platform

TVS Motor Company launched TVS ‘Built To Order’ (BTO) platform, marking its foray into the factory customisation and personalisation platform, the company announced in a regulatory filing on Monday. (Read more)

31 Aug 2021, 09:45:52 AM IST

TCS, Airtel drive Sensex gains

Index contribution
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Index contribution
31 Aug 2021, 09:31:12 AM IST

IT, realty top gainers

Nifty sectoral indices
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Nifty sectoral indices
31 Aug 2021, 09:29:38 AM IST

Market opening

The Sensex crossed the 57,000 mark soon after opening at 56,995.15, up 105.39 points or 0.19%, while Nifty was at 16,947.50, up 16.45 points, or 0.10%. IT, FMCG, and pharma opened in green

Sensex at open
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Sensex at open
31 Aug 2021, 09:10:21 AM IST

Market pre-opening

At market pre-opening, the Sensex was at 56,999.83, up 110.07 points or 0.19%, while Nifty was at 16,931.05, up 225.85 points, or 1.35%.

Sensex at pre-open
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Sensex at pre-open
31 Aug 2021, 08:59:45 AM IST

Stocks to Watch

Axis Bank, Airtel, L&T, NTPC, Shriram City, among other stocks, may be in the news today. (Read more)

31 Aug 2021, 08:44:39 AM IST

Market pre-opening quote: Gaurav Udani, Founder and CEO, ThincRedBlu Securities

"Nifty is expected to open around 16935 down by 30points. 17000 to 17050 will act as a psychological resistance zone for Nifty while 16890 to 16850 will act as a support zone. Nifty gave a very strong breakout yesterday. All dips can be used for buying with strict stop-loss."

31 Aug 2021, 08:28:02 AM IST

UNSC adopts resolution on Afghanistan; demands territory not be used to attack other countries

The United Nations Security Council, under the current Presidency of India, on Monday adopted a resolution on the situation in Afghanistan, demanding that the war-torn country not be used to threaten or attack any nation or shelter terrorists. The resolution was put forward by the US, the UK, France. It was adopted after 13 Council members voted in favour, while permanent members Russia and China abstained from the voting. The resolution demands that Afghan territory at no cost be used to threaten or attack any other country or to shelter or train terrorists. The Taliban seized power in Afghanistan on August 15, two weeks before the US was set to complete its troop withdrawal after a costly two-decade war. This forced Afghan President Ashraf Ghani to flee the country to the UAE.

31 Aug 2021, 08:16:42 AM IST

Market outlook

Indian markets may open marginally lower on Tuesday tracking losses in SGX Nifty and Asian equities. On Monday, the BSE’s benchmark Sensex rose 1.36% to a record 56,889.76, while the NSE Nifty index advanced 1.35% to 16,931.05, also an all-time high. The rupee climbed 0.6% to 73.27 a dollar, the highest since 15 June.

31 Aug 2021, 08:02:55 AM IST

Amazon asks Sebi to order withdrawal of Future-RIL deal approval

Amazon.com Inc has asked India's market regulator to order withdrawal of conditional approval given to its warring partner Future Group's $3.4 billion retail assets sale, citing a court ruling in the U.S. company's favour, a letter seen by Reuters showed. Amazon has for months been locked in a dispute with Future, accusing India's second-largest retailer of violating some pre-existing contracts by selling its retail assets to market leader Reliance Industries last year. Future denies any wrongdoing. (Read more)

31 Aug 2021, 07:43:23 AM IST

Asian stocks dip

Most Asian stocks dipped Tuesday as traders assessed weaker economic activity in China and the latest escalation in Beijing’s crackdown on private industries. Equities slipped in Japan and Hong Kong and were steady in China, where the latest purchasing managers’ indexes showed the economy took a knock amid an outbreak of the delta virus variant. U.S. contracts fluctuated after the S&P 500 hit a record and the Nasdaq 100 climbed. Stepped up curbs on Chinese video-gaming firms also hampered sentiment by putting the spotlight back on the clampdown on technology companies. Separately, China’s securities regulator said it plans to rein in the country’s private equity and venture capital funds.

S&P 500 futures were steady as of 10:46 a.m. in Tokyo. The S&P 500 rose 0.4%

Nasdaq 100 futures were steady. The Nasdaq 100 rose 1.1%

Japan’s Topix index fell 0.2%

Australia’s S&P/ASX 200 index rose 0.2%

South Korea’s Kospi fell 0.3%

Hong Kong’s Hang Seng index fell 0.6%

China’s Shanghai Composite index fell 0.1%

31 Aug 2021, 07:31:12 AM IST

US stocks end at record highs as oil prices gain

US and global equity benchmarks hit all-time highs on Monday, as the Federal Reserve appeared in no rush to step away from its massive stimulus, and U.S. oil prices finished higher. MSCI's benchmark for global equity markets hit a record. The S&P 500 .SPX and Nasdaq also rose to all-time highs as dovish remarks from the Fed last week bolstered optimism in an economic rebound and eased fears of a sudden tapering in monetary stimulus. The S&P 500 gained 0.43%, to 4,528.76 and was on track to finish the month up more than 3%, and the Nasdaq Composite added 0.9% to 15,265.72 as investors jumped into technology stocks. High-growth tech stocks tend to benefit from expectations of lower rates because their value rests heavily on future earnings. The Dow Jones Industrial Average fell 0.16% to 35,399.84.

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