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