Indices in Asia opened the week with losses as market participants await macro data including South Korea's rate hike decision and minutes of Australian central bank's August meeting.
In addition, the market will closely watch the inflation data of Japan and Singapore to be released Friday. The US Federal Reserve Chair Jerome Powell will speak at Kansas City Fed’s annual Jackson Hole symposium, Friday, which investors will monitor for clues on the policy outlook.
The Nikkei 225 was 5.89 points or 0.02% lower at 38,056.78, and the Kospi index was 5.77 points or 0.21% down at 2,691.46 as of 06:39 a.m.
The US stock market is poised for its strongest week of 2024 as traders digest the latest economic data to gauge future Federal Reserve policy. On Friday, the S&P 500 was trading 0.19% higher as of 12:59 p.m., maintaining its streak of gains for the seventh consecutive day. The S&P 500 and Dow Jones Industrial average ended 0.20% and 0.24% higher, respectively on Friday. The Nasdaq Composite ended 0.21% higher at 17,631.72.
Brent crude was trading 0.34% lower at $79.41 a barrel as of 6:59 a.m. Gold fell 0.43% to $2,497.27 an ounce.
The GIFT Nifty was trading 0.17% or 42 points higher at 24,671.50 as of 6:57 a.m.
Indian benchmark equity indices ended with weekly gains after two consecutive weeks of losses. Both the Nifty and Sensex recorded their highest closing since Aug. 2 on Friday as shares of financial and technology companies led the gains.
Only three out of the 50 Nifty stocks ended with losses and 47 ended higher. Both the Nifty and Sensex closed at their highest levels since Aug. 2.
The Nifty ended 1.64% or 396.80 points, higher at 24540.55, while the Sensex rose 1.68% or 1,330.96 points, to end at 80436.84. Intraday, the Nifty rose 1.74% and the Sensex rose 1.79%.
Overseas investors snapped a three-session selling streak as they turned net buyers on Friday. Foreign portfolio investors mopped up equities worth Rs 766.5 crore, while domestic investors remained net buyers for the 10th consecutive session and mopped up equities worth Rs 2,606.2 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.94 against the US dollar on Friday.
Stocks to Watch
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Escorts Kubota: The company has submitted an investment intent to the Uttar Pradesh government to acquire land in the state to set up a greenfield facility. The company intends to invest Rs 4,500 crore through direct and indirect investment in multiple phases. Annual production revenue is estimated at over Rs 10,000 crore at full capacity.
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Hindustan Zinc, Vedanta: Vedanta will exercise the oversubscription option for an additional 0.29% stake in the ongoing offer for sale. Vedanta’s total offer size now represents 1.51% of the company’s total stake.
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SBI and Punjab National Bank: The Karnataka state government has put the circular ordering all departments to close their accounts with the State Bank of India and Punjab National Bank on hold for 15 days. The banks have written to the government, requesting a 15-day period to resolve the matter.
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Jubilant Pharmova: The company’s unit, Jubilant Biosys, will add drug discovery and preclinical development capabilities. Capabilities to be added via a new company incorporated in France, which will acquire Pierre Fabre’s R&D Centre in the country. The company is to invest up to €14.4 million over seven years, including €4.4 million for an 80% stake in the new company.
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DCX Systems: The company gets Rs 107 crore orders from domestic and overseas customers.
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KPI Green Energy: The company raised Rs 100 crore via QIP and allotted 1.06 crore shares to QIBs at Rs 935 per share.
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Techno Electric & Engineering Company: The company partnered with IndiGrid to develop greenfield transmission projects.
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URJA Global: The company announced the pre-launch of its new high-speed electric scooter, CHETNA.
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Bata India: Anil Somani resigned as CFO effective Sept. 5.
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Mphasis: Aravind Viswanathan to replace Manish Dugar as CFO, effective immediately.
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Samvardhana Motherson International: The company incorporated a new unit in Abu Dhabi for auto component manufacturing.
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Tamilnad Mercantile Bank: The RBI approved the appointment of Salee Sukumaran Nair as MD and CEO for three years.
Escorts Kubota Plans To Invest Rs 4,500 Crore In Uttar Pradesh
IPO offering
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Interarch Building Products: The company will offer its shares for bidding on Monday. The price band is set from Rs 850 to Rs 900 per share. The Rs 600.29 crore IPO is a combination of a fresh issue of Rs 200 crore and the rest of the offer for sale.
Block Deals
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Canara Bank: BNP Paribas Financial Markets bought 86.6 lakh shares (0.47%) at Rs 105.65 apiece, while Marshall Wace Investment Strategies: Eureka Fund sold 86.6 lakh shares (0.47%) at Rs 105.65 apiece.
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Ashapura Minechem: Griffin Growth Fund VCC bought 34.67 lakh shares (3.79%) at Rs 340 apiece, while LTS Investment Fund sold 34.67 lakh shares (3.79%) at Rs 340 apiece.
Bulk Deals
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Electronics Mart India: Karan Bajaj, Pavan Kumar Bajaj sold 1.50 crore shares (3.89%) each at Rs 229.77 apiece. On the other hand, Ftif – Templeton Asian Smaller Companies Fund bought 32.06 lakh shares (0.83%), Norges Bank – Government Pension Fund Global bought 67.35 lakh shares (1.75%) at Rs 230.75 apiece and SBI Mutual Fund bought 1.51 crore shares (3.92%) at Rs 229.75 apiece.
Electronics Mart India Promoters Sell Rs 689 Crore Stake To FTIF, SBI
Trading Tweaks
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Price band change from 10% to 5%: Akums Drugs and Pharmaceuticals.
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Price band change from 20% to 10%: OLA Electric Mobility,
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Ex/record dividend: Action Construction Equipment, Man Infraconstruction, Reliance Industries.
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Ex/record AGM: Action Construction Equipment, Latent View Analytics.
F&O Cues
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Nifty August futures up by 1.75% to 24,585 at a premium of 44 points.
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Nifty August futures open interest down by 2%.
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Nifty Bank August futures up by 1.34% to 50,624 at a premium of 108 points.
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Nifty Bank August futures open interest down by 13%.
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Nifty Options Aug. 22 Expiry: Maximum call open interest at 25,000 and Maximum put open interest at 23,000.
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Bank Nifty Options Aug. 21 Expiry: Maximum call open Interest at 53,000 and maximum put open interest at 50,000.
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Securities in ban period: Aaarti Industries, Aditya Birla Fashion, Bandhan Bank, Biocon, Chambal Fertilizers, Granules, India Cements, India Mart Intermesh, LIC Housing Finance, Manappuram, NMDC, PEL, PNB, RBL Bank, Sail, and Sun TV.
Money Market Update
The Indian rupee closed little changed against the US dollar on Friday amid an easing oil price, even as a widening trade deficit weighed on the local currency. New economic data that alleviated recessionary fears in the US and led to a global market recovery may support the rupee.
The rupee closed at Rs 83.94 against the US dollar, according to Bloomberg. It had closed at Rs 83.95 on Wednesday.
Vedanta To Exercise Oversubscription Option In Hindustan Zinc OFS, Adding 1.21 Crore Shares. Read more on Markets by NDTV Profit.